The global Polystyrene market reached a value of about USD 24.25 billion in 2021. The industry is projected to grow at a CAGR of around 1.9% in the forecast period of 2022-2027 to reach a value of about USD 27.10 billion by 2027.
The global Polystyrene industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is driven by the growing demand for packaging goods, particularly food packaging and non-food packaging. In the industry report, the key demand indicator is the highest category spender by region— Asia Pacific.
Polystyrene is a synthetic aromatic hydrocarbon polymer manufactured from the monomer styrene. It comes in two forms: solid and foamed, is transparent, rigid, and brittle plastic. In terms of its unit weight, polystyrene is a low-cost resin. It is one of the most frequently used polymers that may be used in a wide range of consumer goods. It is commonly used in items that require clarity, such as food packaging and laboratory gear because it is robust and solid plastic. The Polystyrene industry report comprises segments by application (Packaging & Onetime use, Consumer & Institutional, Electrical & Electronics, Building & Construction, Resellers & Others) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
The Asian region is the largest market for polystyrene. Because of the rapid expansion of the construction sector, Asia Pacific leads the polystyrene market. Currently, the Asia Pacific area accounts for a substantial portion of the entire material trade market. While the region's import and export of high-impact polystyrene (HIPS) and general-purpose polystyrene (GPPS) are balanced, the region's expanded polystyrene (EPS) resin is a net exporter.
The industry is being propelled by the developing packaging and construction industry. The growing consumer spending on e-commerce and meal delivery apps has raised the demand for packaging items, particularly food packaging and non-food packaging, favourably affecting polystyrene demand. The growing use of expanded polystyrene for insulation and construction fuels the polystyrene market's expansion. To minimise energy usage and greenhouse gas (GHG) emissions, expanded polystyrene (EPS) is utilised in the construction segment. Green buildings have become more prevalent in recent years as green buildings provide benefits such as enhanced air quality, lower operating costs, lower total strain on metal frames, and more efficient energy and water usage. Furthermore, the rise in R&D in polystyrene recycling is propelling the market forward.
However, concerns over the material's disposal are likely to hamper the market growth.
The global Polystyrene industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Polystyrene regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Polystyrene is an additional polymer formed when styrene monomers are joined together (polymerisation). The vinyl group's carbon-carbon connection is broken during polymerisation, and a new carbon-carbon bond is produced, which attaches to the carbon of another styrene monomer in the chain. It is a homopolymer since only one kind of monomer is employed in its production. Because the freshly created link is stronger than the broken one, depolymerising polystyrene is difficult. A polystyrene chain generally consists of a few thousand monomers, with a molecular weight of 100,000–400,000 g/mol. The backbone's carbons have tetrahedral geometry, and those with a phenyl group (benzene ring) attached are stereogenic. Each phenyl group would be slanted forward or backwards to the plane of the backbone if it were put out as a flat elongated zig-zag chain. The tacticity of a material is determined by the relative stereochemical connection of successive phenyl groups, which influences various physical aspects.
The industry is being driven by the rising demand for products in the electronics market. The growing usage of high-impact polystyrene and general-purpose polystyrene in consumer electronics boosts the industry's growth. The rise in expandable polystyrene (EPS) in HVAC insulation solutions is likely to propel the polystyrene market forward. Furthermore, the polystyrene market is expected to rise as the need for thermal insulation grows. It's primarily used to make model vehicles, aeroplanes, and foams, augmenting the market demand. It is utilised in injection moulding and is crack-resistant. HIPS is dimensionally stable as well. It's simple to paint and glue, and it's inexpensive. Housing and coverings, low-strength structural components, printed graphics, models and prototypes, fittings, etc., employ the material. As a result, the market is set to witness growth.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The broad product range and substantial investment in R&D activities for expanded polystyrene, revenue, capital expenditure, staff strength, and geographic presence of these enterprises indicate their market dominance. The bulk of market participants is expanding their production facilities, merging, and acquiring other companies, and vertically integrating across the value chain. These activities assist businesses to meet rising global demand, maintain competitiveness, improve sales and operations planning, create innovative goods and technologies, reduce manufacturing costs, and increase their client base.
1. Executive Summary
2. Global Polystyrene Market Snapshot
2.1. Polystyrene Market Outlook
2.2. Polystyrene Industry Analysis by Application
2.2.1. Packaging & One time use
2.2.2. Consumer & Institutional
2.2.3. Electrical & Electronic
2.2.4. Building & Construction
2.2.5. Resellers & Others
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
3. Impact of Recent Events
4. Polystyrene Value Chain Analysis
5. Polystyrene Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Polystyrene Cost Structure
9. Polystyrene Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Polystyrene Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing Strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. Americas Styrenics LLC
15.2. INEOS Styrolution
15.3. TotalEnergies Petrochemicals & Refining USA, Inc.
15.4. Unigel Quimica S/A
15.5. Videolar-Innova SA
The global Polystyrene market size was valued at USD 24.25 billion in 2021.
As per the application provided, the Packaging & One-time use segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for the product in the packaging and construction segment is one of the essential drivers of the Polystyrene market growth.
Americas Styrenics, INEOS Styrolution, Total Petrochemicals, Unigel Quimica S/A, and Videolar-Innova SA are some of the leading companies in the market.
The Asia region of the Polystyrene industry holds a significant share in the market.
The global Polystyrene market attained a value of USD 24.25 billion in 2021, driven by the rising demand for polystyrene in the packaging and construction sector. The market is being propelled by the increasing construction trend of green buildings paired with increased R&D initiatives. In addition, the employment of materials in the automotive and electronics sector is likely to impact the market positively. The market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 1.9%. The market is projected to reach USD 27.10 billion by 2027.
Procurement Resources’ detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise thus, delivering its customers with market insights that are accurate, actionable, and help them remain ahead of their competition. Some of the leading players in the industry are Epiroc AB, Sandvik AB, Caterpillar Inc., Komatsu Ltd., Liebherr-International Deutschland GmbH, and Hitachi Construction Machinery Co, Ltd.
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