Polystyrene Market Size (2024 - 2029)

The polystyrene market is anticipated to experience growth, driven by factors such as recycling initiatives and the expanding consumer electronics sector. Despite challenges posed by increasing bans in North America and Europe and the availability of high-performance alternatives, the market's expansion is supported by rising demand in packaging due to e-commerce and food delivery trends. The development of bio-based polystyrene presents potential opportunities, while the Asia-Pacific region, particularly India and China, leads in consumption.

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Market Size of Polystyrene Industry

Polystyrene Market Summary
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

Polystyrene Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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 Size Summary

The polystyrene market is poised for growth, driven by increasing demand in packaging and consumer electronics sectors. The market experienced a downturn due to the COVID-19 pandemic, which affected construction activities and disrupted supply chains. However, the rise in e-commerce and food delivery services has bolstered the demand for packaging products, positively impacting the polystyrene market. The industry is also witnessing a shift towards recycling and the development of bio-based polystyrene, presenting new opportunities for growth. Despite these positive trends, the market faces challenges from regulatory bans in North America and Europe, as well as competition from high-performance substitutes.

Asia-Pacific is the dominant region in the polystyrene market, with significant consumption in countries like India and China. The region's growth is supported by expanding end-user industries such as construction, healthcare, and consumer electronics. China's robust construction sector and India's urbanization efforts are expected to drive demand for polystyrene. Additionally, the increasing disposable income in China is fueling the demand for electronic products, further boosting the market. The healthcare sector in India also presents growth opportunities, with rising health awareness and income levels driving the demand for medical devices. The market is partially consolidated, with key players like BASF SE, SABIC, Total, LG Chem, and INEOS Styrolution Group GmbH actively participating in innovation and sustainability initiatives.

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Polystyrene Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Recycling in the Polystyrene Industry

      2. 1.1.2 Growing Consumer Electronics Market

    2. 1.2 Restraints

      1. 1.2.1 Increasing Ban on Polystyrene across North America and Europe

      2. 1.2.2 Availability of High-performance Substitutes

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter Five Forces

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

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

    1. 2.1 Resin Type

      1. 2.1.1 General Purpose Polystyrene (GPPS)

      2. 2.1.2 High Impact Polystyrene (HIPS)

      3. 2.1.3 Expandable Polystyrene (EPS)

    2. 2.2 Form Type

      1. 2.2.1 Foams

      2. 2.2.2 Films and Sheets

      3. 2.2.3 Injection Molding

      4. 2.2.4 Other Form Types

    3. 2.3 End-user Industry

      1. 2.3.1 Packaging

      2. 2.3.2 Building and Construction

      3. 2.3.3 Electrical and Electronics

      4. 2.3.4 Consumer Goods

      5. 2.3.5 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Polystyrene Market Size FAQs

The Polystyrene Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

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

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