Polystyrene Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The report covers Global Polystyrene Market Size and is segmented by Resin Type (General Purpose Polystyrene, High Impact Polystyrene, and Expandable Polystyrene), Form Type (Foams, Films, and Sheets, Injection Molding, and Other Form Types), End-user Industry (Packaging, Building, and Construction, Electrical and Electronics, Consumer Goods, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers the market size and forecasts for polystyrene in terms of revenue (USD million) for all the above segments.

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Polystyrene Market Size

Polystyrene Market Summary
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Study Period 2017-2027
Base Year For Estimation 2022
CAGR > 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Polystyrene Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Need a report that reflects how COVID-19 has impacted this market and its growth?

Polystyrene Market Analysis

The polystyrene market size is projected to register a CAGR of over 4% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. The global residential home construction revenue witnessed a decline of 7% in 2020, owing to lockdowns, unavailability of raw materials, and shortage of laborers. However, demand for packaging products, including food packaging and non-food packaging, has increased owing to the rising trend of consumer spending on e-commerce and food delivery applications, thereby positively impacting the demand for polystyrene.

  • Over the short term, major factors driving the market studied are recycling in the polystyrene industry and the growing consumer electronics market. The global consumer electronics industry has been growing rapidly across the world over the years, owing to the consistently increasing demand for cellular phones, portable computing devices, gaming systems, and other personal electronic devices.
  • On the flip side, increasing the ban on polystyrene across North America and Europe and the availability of high-performance substitutes will likely hinder the market.
  • The development of bio-based polystyrene is expected to act as a market opportunity in the forecast period.
  • Asia-Pacific dominated the market across the world, with the largest consumption in countries such as India and China.

Polystyrene Market Trends

This section covers the major market trends shaping the Polystyrene Market according to our research experts:

High Impact Polystyrene (HIPS) Type to Dominate the Market

  • High-impact polystyrene contains rubber. It is less transparent than GPPS. It is mainly used for products that require high-impact resistance.
  • HIPS has a standard flow but is less glossy than GPPS. It is crack-resistant and is used in injection molding. HIPS also has good dimensional stability. It is easy to paint and glue and has a low cost. It is used for housing and covers, low-strength structural components, printed graphics, models and prototypes, fixtures, etc. Majorly, HIPS are sold in high and medium grades. Other grades include ignition resistance, high-gloss grades, and environment stress crack-resistant grades.
  • Packaging is the largest segment for HIPS. It is used for food packaging (meat trays, egg cartons, fruit trays, dairy packaging, etc.), industrial packaging, and consumer packaging (cassettes, CD covers, etc.). The food and beverages industry accounts for ~3% of India's GDP and is the single largest employer in the country, with more than 7.3 million workforces. In 2021, Nestle India Chairman said that the Indian packaged food market is expected to double and grow up to USD 70 billion in the next 5-10 years, led by factors that include economic growth, demographic dividend, and growing e-commerce.
  • Driven by the rise in population, demand for packaged food and beverage is set to witness further growth during the forecast period. The unprecedented shift from rural to urban living is a major demographic that is impacting the global consumption of packaged food.
  • However, the United States has banned the use of polystyrene in food packaging products such as boxes, containers, and carry bags, which is likely to impact the market growth negatively.
  • HIPS are also used majorly in electronic and appliance applications, such as in computer housings, TV housings, and freezer and refrigerator liners appliances housings. As per data published by JEITA, the electronics products revenue increased significantly in 2021 as a compared pandemic period of 2020.
  • Asia-Pacific is the largest consumer of high-impact polystyrene. It also produces about half of the world's HIPS. Europe and North America follow Asia-Pacific in consumption. Asia-Pacific is forecasted to be the fastest-growing region during the forecast period.
Polystyrene Market : Display Devices Production Revenue, in USD billion, Global, 2020-2023

Asia Pacific region to Dominate the Market

  • Asia Pacific region consists of various emerging economies such as India and China. The demand for different end-user industries, such as construction and healthcare, is expected to rise significantly in the upcoming years.
  • As per the forecast given by the Ministry of Housing and Urban-Rural Development, China’s construction sector is expected to maintain a 6% share of the country’s GDP going into 2025. Keeping in view the given forecasts, the Chinese government unveiled a five-year plan in January 2022 focused on making the construction sector more sustainable and quality-driven.
  • India is gearing up to embrace urbanization by leveling up its existing infrastructure in cities. To support the same, the country has overhauled its reforms, such as the Real Estate Act, GST, REITs, etc., to eliminate unnecessary lags in construction targets. Industrial and commercial infrastructure in the country has emerged as one of the high-growth sectors. The Indian government has been formulating initiatives like easing the rules to attract FDI inflow in the construction sector to expedite development across the nation.
  • The Vietnam construction industry is one of the best-performing countries in the Asia-Pacific (APAC) region. Despite losing momentum due to COVID-19, it has continued to grow strongly in 2021.
  • China is the world’s largest electronics production base and offers tough competition to the existing upstream producers, like South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, tablets, and so on, have the highest growth in the market in the consumer electronics segment. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future.
  • Furthermore, the Chinese government has started implementing policies to support and encourage innovations in medical devices. The “Made in China 2025” initiative aims to improve industry efficiency, product quality, and brand reputation. This is expected to increase the number of domestic medical device manufacturers, thus, increasing the competitiveness in the market. Demand for polystyrene exists in the medical device sector, in disposable items, such as tissue culture trays, test tubes, Petri dishes, diagnostic components, and housing for test kits, among many others.
  • The healthcare sector in India is expected to reach USD 372 billion by 2022, mainly driven by increasing health awareness, access to insurance, rising income, and diseases. The medical sector in India is benefiting from the growing population at a rate of 1.6% per year. An aging population of over 100 million, rising incidences of lifestyle diseases, rising incomes, and increased penetration of health insurance are fueling the growth of more sophisticated and accurate medical devices in the industry.
  • Hence, with the growth in the various end-user industries in the country, the demand for polystyrene is estimated to increase during the forecast period.
Polystyrene Market - Growth Rate by Region 2021-2026

Polystyrene Industry Overview

The polystyrene market is partially consolidated in nature. Some of the major players include BASF SE, SABIC, Total, LG Chem, and INEOS Styrolution Group GmbH.

Polystyrene Market Leaders

  1. SABIC

  2. Total

  3. LG Chem

  4. BASF SE

  5. INEOS Styrolution Group GmbH

*Disclaimer: Major Players sorted in no particular order

Polystyrene Market Concentration

Polystyrene Market News

  •  September 2022: INEOS Styrolution introduced the bio attributed polystyrene, which is manufactured from renewable ISCC-certified feedstock, and recycling solutions for polystyrene that make downcycling unnecessary.
  •  April 2022: Sabic announced the manufacturing of circular polymers in Europe by the end of this year to comply with stringent EU regulations and increasing demand for recycled polymers.

Polystyrene Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Recycling in the Polystyrene Industry

      2. 4.1.2 Growing Consumer Electronics Market

    2. 4.2 Restraints

      1. 4.2.1 Increasing Ban on Polystyrene across North America and Europe

      2. 4.2.2 Availability of High-performance Substitutes

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter Five Forces

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Resin Type

      1. 5.1.1 General Purpose Polystyrene (GPPS)

      2. 5.1.2 High Impact Polystyrene (HIPS)

      3. 5.1.3 Expandable Polystyrene (EPS)

    2. 5.2 Form Type

      1. 5.2.1 Foams

      2. 5.2.2 Films and Sheets

      3. 5.2.3 Injection Molding

      4. 5.2.4 Other Form Types

    3. 5.3 End-user Industry

      1. 5.3.1 Packaging

      2. 5.3.2 Building and Construction

      3. 5.3.3 Electrical and Electronics

      4. 5.3.4 Consumer Goods

      5. 5.3.5 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 France

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Atlas Molded Products

      2. 6.4.2 Alpek S.A.B. de CV

      3. 6.4.3 Americas Styrenics LLC (AmSty)

      4. 6.4.4 BASF SE

      5. 6.4.5 CHIMEI

      6. 6.4.6 Formosa Chemicals & Fibre Corp.

      7. 6.4.7 INEOS Styrolution Group GmbH

      8. 6.4.8 Innova

      9. 6.4.9 KUMHO PETROCHEMICAL

      10. 6.4.10 LG Chem

      11. 6.4.11 SABIC

      12. 6.4.12 Synthos

      13. 6.4.13 Total

      14. 6.4.14 Trinseo

      15. 6.4.15 Versalis SpA

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Ongoing Research to Develop Bio-based Polystyrene

**Subject to Availability

Polystyrene Industry Segmentation

Polystyrene is a synthetic hydrocarbon resin made from styrene monomer. The market is segmented on the basis of resin, form, end-user industry, and geography. By resin, the market is segmented into general-purpose polystyrene, high-impact polystyrene, and expandable polystyrene. By form, the market is segmented into foams, films, and sheets, injection molding, and other form types. By end-user industry, the market is segmented into packaging, building, and construction, electrical and electronics, consumer goods, and other end-user industries. The report also covers the market size and forecasts for the polystyrene market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Resin Type
General Purpose Polystyrene (GPPS)
High Impact Polystyrene (HIPS)
Expandable Polystyrene (EPS)
Form Type
Foams
Films and Sheets
Injection Molding
Other Form Types
End-user Industry
Packaging
Building and Construction
Electrical and Electronics
Consumer Goods
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Polystyrene Market Research FAQs

The Polystyrene Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2027).

SABIC, Total, LG Chem, BASF SE and INEOS Styrolution Group GmbH are the major companies operating in the Polystyrene Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).

In 2023, the Asia Pacific accounts for the largest market share in the Polystyrene Market.

Polystyrene Foam Industry Report

Statistics for the 2023 Polystyrene Foam market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polystyrene Foam analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Polystyrene Foam Market Report Snapshots

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