Polystyrene Foam Market

Polystyrene Foam market was valued at USD 25 billion in 2020, growing at a robust CAGR of 4.5% during forecast period.

Introduction of the Polystyrene Foam Market Report

Polystyrene refers to a synthetic polymer that has thermoplastic properties. Polystyrene is a lightweight, but sturdy, closed-cell foam derived from the petroleum-based monomer known as styrene. Polystyrene foam is used for a wide range of applications, including construction, insulation, and packaging.

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Market Dynamic

Key Drivers and Emerging Trends

The increasing application of polystyrene foams in the construction of floors, walls, and roofs of buildings, electric appliances for insulation and energy saving, in the automobile industry, and the rising demand for bio-based and environmentally friendly products in the packaging industry is expected to drive the growth of the polystyrene foam market size over the forecast period. In addition, polystyrene foam has a wide range of applications that includes home and appliance insulation, lightweight protective packaging, food packaging, automobile parts, child protective seats, road bank stabilization systems, and others, which is expected to propel the market growth. Moreover, the rising healthcare industry together with the uses of polystyrene foam in medical applications, including tissue culture trays, test tubes, Petri dishes, diagnostic components, housings for test kits, and medical devices is projected to escalate the growth of the market.

Restraint in the Polystyrene Foam Market

However, fluctuation in raw material prices and stringent government regulation regarding the use of polystyrene foam including the ban on single-use foam products are expected to restraint the growth of the market during the forecast period.

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Type – Segment Analysis

Based on the type, expanded polystyrene (EPS) is expected to account for a prominent market share over the forecast period owing to its wide range of applications including food packaging, energy-efficient insulation in building construction, as cushion packaging material for shock-sensitive goods transportation, and others. Moreover, expanded polystyrene is recyclable at many stages of its life cycle and EPS materials can be reprocessed and molded into new packaging products and other durable goods, this is further expected to escalate to the market growth.

Application – Segment Analysis

Based on the application, building and construction are anticipated to grow at a significant CAGR over the forecast period primarily due to its increasing application in thermal insulation in residential and commercial construction owing to its lightweight foam, durability, versatility, ease of installation, and resistance to water damage. In addition, EPS is highly used in designing green buildings owing to the advantage of controlling indoor air temperature, effectively seal gaps and close air leaks, and reduce a building’s energy usage, which is expected to contribute to the market growth.

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Regional – Segment Analysis:

Asia Pacific is expected to grow at a significant CAGR during the forecast period owing to the growing economy, rising construction for energy-efficient buildings, and growing industry for automotive parts manufacturing. The presence of leading vendors including Loyal Group, Wuxi Xingda Group, and Jiangsu Leasty Chemicals Co., Ltd. is further expected to contribute to the growth of the market.

Top Market Players

Several leading Polystyrene Foam companies operating in the market, include, Loyal Group, Wuxi Xingda Group, Jiangsu Leasty Chemicals Co., Ltd., BASF SE, DuPont de Nemours, Inc., The Dow Chemicals Company, Chevron Phillips Chemical Company LLC, Kaneka Corporation, Synthos S.A., and Alpek, S.A.B. de C.V., among others.

Key Developments:

• In 2020, Alpek, S.A.B. de C.V. partnered with NOVA Chemicals Corporation to acquire their expandable styrenics business by purchasing all the stake in BVPV Styrenics LLC, which operates a facility located in Pennsylvania, USA, with an annual capacity of 123,000 tons of expandable polystyrene (EPS), and another one in Ohio, USA with an annual capacity of 45,000 tons of EPS.

Segments covered in the Report:

The global Polystyrene Foam market has been segmented on the basis of type, application, and key regions. Based on component, the market is segmented into expandable polystyrene foam and extruded polystyrene foam. Based on the application, the market is segmented into building & construction, packaging, and others.

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Key questions answered in this research report:

• • At what pace is global Polystyrene Foams market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Polystyrene Foam Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Polystyrene Foam Market?
  • Which type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What are the various applications of global Polystyrene Foam Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Polystyrene Foam Market by Type

• • Expandable Polystyrene Foam
  • Extruded Polystyrene Foam

Global Polystyrene Foam Market by Application

• • Building & Construction
  • Packaging
  • Others

Global Polystyrene Foam Market by Region

• • North America Polystyrene Foam Market (Option 1: As a part of the free 25% customization)
    • North America Polystyrene Foam Market by Type
    • North America Polystyrene Foam Market by Application
    • US Polystyrene Foam Market All-Up
    • Canada Polystyrene Foam Market All-Up
  • Europe Polystyrene Foam Market (Option 2: As a part of the free 25% customization)
    • Europe Polystyrene Foam Market by Type
    • Europe Polystyrene Foam Market by Application
    • UK Polystyrene Foam Market All-Up
    • Germany Polystyrene Foam Market All-Up
    • France Polystyrene Foam Market All-Up
    • Spain Polystyrene Foam Market All-Up
    • Rest of Europe Polystyrene Foam Market All-Up
  • Asia-Pacific Polystyrene Foam Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Polystyrene Foam Market by Type
    • Asia-Pacific Polystyrene Foam Market by Application
    • China Polystyrene Foam Market All-Up
    • India Polystyrene Foam Market All-Up
    • Japan Polystyrene Foam Market All-Up
    • Rest of APAC Polystyrene Foam Market All-Up
  • RoW Polystyrene Foam Market (Option 4: As a part of the free 25% customization)
    • RoW Polystyrene Foam Market by Type
    • RoW Polystyrene Foam Market by Application
    • Brazil Polystyrene Foam Market All-Up
    • South Africa Polystyrene Foam Market All-Up
    • Saudi Arabia Polystyrene Foam Market All-Up
    • UAE Polystyrene Foam Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Polystyrene Foam Market All-Up

Major Players Operating in the Polystyrene Foam Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Loyal Group
  • Wuxi Xingda Group
  • Jiangsu Leasty Chemicals Co., Ltd.
  • BASF SE
  • DuPont de Nemours, Inc.
  • The Dow Chemicals Company
  • Chevron Phillips Chemical Company LLC
  • Kaneka Corporation