Market Size of Polystyrene Foam Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Polystyrene Foam Market Analysis
The Global Polystyrene Foam Market is projected to register a CAGR of over 5% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. Due to the COVID-19 outbreak in the first half of 2020, the construction industry was significantly affected. This, in turn, has unfavorably impacted the consumption of polystyrene foam. The market is projected to grow steadily, owing to increased building and construction activities in 2021.
- Over the short term, development of green construction, coupled with growing demand for polystyrene foam in the protective packaging applications in developed as well as emerging economies worldwide, are some of the driving factors augmenting growth of the market studied.
- However, volatility in raw material prices is a key factor anticipated to restrain growth of the target industry over the forecast period. Further, strict government regulation pertaining to use of polystyrene foam such as the ban on single-use foam products may hinder growth of the studied market.
- Nevertheless, emerging applications for polystyrene foam Emerging Applications in marine floatation and floating decks is likely to create lucrative growth opportunity for the global market soon.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to rise in the consumption of polystyrene foam from infrastructure, construction, and packaging sectors in the counties of this region including China, Japan, and India.
Polystyrene Foam Industry Segmentation
Polystyrene foam is, commonly referred to as styrofoam and it is widely used as single-use consumer goods. Polystyrene foam is primarily composed of mor than 95% of air and around 5% plastic. It is widely used in range of end-use applications, owing to its superior properties including good damping properties, good thermal insulation, and light weight property. Some of the key applications of polystyrene foam includes lightweight protective packaging, home and appliance insulation, automobile parts, foodservice and food packaging, surfboards, roadway and roadbank stabilization systems among others. The polystyrene foam market is segmented by type, application, and geography. By type, the market is segmented into expandable polystyrene foam and extruded polystyrene foam. By application, the market is segmented into building and construction, packaging, and other applications. The report also covers the market size and forecasts for the polystyrene foam market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on value (USD Million).
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Expandable Polystyrene Foam | |
Extruded Polystyrene Foam |
Application | |
Building and Construction | |
Packaging | |
Other Applications |
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Polystyrene Foam Market Size Summary
The global polystyrene foam market is poised for steady growth, driven by increasing demand in the building and construction sectors, as well as protective packaging applications. The market experienced a downturn due to the COVID-19 pandemic, which adversely affected the construction industry and, consequently, the consumption of polystyrene foam. However, the market is expected to recover and expand, supported by the rise in construction activities and the development of green building practices. The Asia-Pacific region is anticipated to lead the market, with significant contributions from countries like China, Japan, and India, where the demand for polystyrene foam is bolstered by infrastructure, construction, and packaging sectors. Despite challenges such as raw material price volatility and regulatory restrictions on single-use foam products, emerging applications in marine flotation and floating decks present new growth opportunities.
The building and construction segment remains the dominant application for polystyrene foam, attributed to its properties such as durability, lightweight, and thermal insulation capabilities. Expanded polystyrene foam (EPS) is particularly favored for its chemical inertness and environmental benefits, making it a staple in green building projects. The material's versatility extends to various applications, including insulated panel systems and flotation materials for marinas. Additionally, extruded polystyrene foam (XPS) is valued for its low water absorption and compressive strength, enhancing its use in thermal insulation for foundations and other structural components. The packaging industry also significantly contributes to market growth, with polystyrene foam being utilized for its shock absorption properties in protecting delicate products. The presence of major industry players in the Asia-Pacific region, along with strategic expansions and acquisitions, further supports the market's growth trajectory.
Polystyrene Foam Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Green Construction
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1.1.2 Growing Demand for Protective Packaging
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1.2 Restraints
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1.2.1 Volatility in Raw Material Prices
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Expandable Polystyrene Foam
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2.1.2 Extruded Polystyrene Foam
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2.2 Application
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2.2.1 Building and Construction
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2.2.2 Packaging
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2.2.3 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Polystyrene Foam Market Size FAQs
What is the current Polystyrene Foam Market size?
The Polystyrene Foam Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Polystyrene Foam Market?
DuPont , Alpek S.A.B. de C.V., BASF SE , Arkema and KANEKA CORPORATION are the major companies operating in the Polystyrene Foam Market.