Market Size of Polystyrene Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
