Polystyrene-Plastic Material And Resins Global Market Report 2024

The polystyrene-plastic material and resins market size has grown rapidly in recent years. It will grow from $45.72 billion in 2023 to $52.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth observed during the historical period can be ascribed to the contributions of the packaging industry, the construction and insulation sector, consumer goods and electronics industries, as well as the food service industry.

The polystyrene-plastic material and resins market size is expected to see rapid growth in the next few years. It will grow to $85.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The anticipated growth in the forecast period can be linked to a focus on sustainability and recycling, the implementation of circular economy initiatives, continued development in construction and infrastructure projects, and ongoing innovation within the consumer goods and electronics sectors.

The recent surge in demand for packaged products, particularly in emerging economies like China and India, has been a significant driver of growth in the polystyrene market. As the middle-class population in these countries expanded, there was a notable increase in the consumption of processed foods, poultry, meat, and agricultural products. In 2020, China had a Gross Domestic Product per capita of $10,430.73 US dollars, while India's GDP per Capita reached $1,947.417 USD in March 2021, compared to $2,140.396 USD in March 2020. The rise in per-capita income within these economies led to increased consumption of packaged goods, consequently boosting the demand for polystyrene in their packaging.

The primary product categories of polystyrene include expandable polystyrene (EPS), general-purpose polystyrene (GPPS), high-impact polystyrene (HIPS), and extruded polystyrene (XPS). Extruded polystyrene is produced through an extrusion process that involves the melting of plastic resin and other additives. Polystyrene's applications encompass HVAC insulation, rigid packaging, seating materials, and flexible packaging. It serves various end-use industries, including the automotive industry, electronics, thermal insulation, pharmaceuticals, the consumer sector, packaging, and the construction industry.

The polystyrene market research report is one of a series of new reports that provides polystyrene market statistics, including polystyrene industry global market size, regional shares, competitors with a polystyrene market share, detailed polystyrene market segments, market trends and opportunities, and any further data you may need to thrive in the polystyrene industry. This polystyrene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growth of the polystyrene-plastic material and resins market is expected to be driven by the increasing demand for medical devices. Medical devices encompass a wide array of instruments, apparatuses, machines, implants, or similar articles designed for diagnosing, treating, monitoring, or preventing medical conditions in humans. Polystyrene (PS) plastic finds utility in various diagnostic devices, especially those requiring transparency and the ability to view samples or reagents. For example, lateral flow test strips used in pregnancy tests and rapid diagnostic tests often employ PS as a substrate. In the UK market, there are nearly 600,000 different medical devices, as per the Government Digital Service's data in January 2021. This upsurge in demand for medical devices is a driving force behind the growth of the polystyrene-plastic material and resins market.

The polystyrene market faces significant constraints due to stringent regulations governing plastic materials. Many products within this market involve potentially hazardous manufacturing processes that require careful control. Government agencies and regulators are rigorously assessing and managing the associated risks. Some cities in the USA have already banned the use of polystyrene products in schools and civic buildings. For instance, in June 2022, the US Interior Department announced its intent to ban the sale of single-use plastics on public lands and national parks by 2032. The Integrated Waste Management Authority has passed an ordinance banning polystyrene throughout San Luis Obispo County. Polystyrene manufacturers are under instruction to comply with complex regulations governing labeling, handling, manufacturing, shipping, and storage, leading to increased compliance costs.

Developing countries are increasingly adopting Expanded Polystyrene (EPS) in the construction and packaging sectors. EPS provides structural integrity and insulation properties essential for construction projects. Its closed-air structure, low thermal conductivity, resistance to water absorption, light weight, mechanical strength, and sound insulation properties make it an ideal choice in the construction industry. EPS offers favorable weight and volume characteristics compared to other construction materials, simplifying construction processes.

Key players in the polystyrene-plastic material and resins market are engaging in strategic partnerships to enhance their market competitiveness. For example, in February 2022, UBQ Materials, an Israeli cleantech company, partnered with Resirene to create the world's first Polystyrene. This collaboration allows UBQ Materials to enhance its sustainability efforts by incorporating climate-friendly thermoplastics into Resirene's polystyrene products. Resirene is a chemical plant based in Mexico, specializing in the production of polystyrene-plastic materials and resins.

In October 2021, Epsilyte Holdings LLC, a US-based chemicals company, acquired StyroChem Canada Ltd for an undisclosed sum. This acquisition solidified Epsilyte's position as one of the leading producers of expandable polystyrene (EPS) in North America. StyroChem Canada Ltd is a Canadian manufacturer of expandable polystyrene (EPS).

Major companies operating in the polystyrene-plastic material and resins market include A.Schulman Inc., ACH Foam Technologies Inc., Alpek SAB de CV, Americas Styrenics LLC, Atlas Roofing Corporation, Austrotherm GmbH, BASF SE, BEWiSynbra Group AB, CHIMEI Corporation, DuPont de Nemours, Inc., Flint Hills Resources LLC, Formosa Chemicals & Fibre Corporation, Formosa Plastic Corporation, HIRSCH Servo AG, INEOS Styrolution Group GmbH, Kaneka Corporation, Knauf Gips KG, Korea Kumho Petrochemical Co. Ltd., LG Chem Ltd., Loyal Group, NexKemia Petrochemicals Inc., NOVA Chemicals Corporation, Owens Corning Inc., Penoplex SPB LLC, Ravago SA, Saudi Arabia's Basic Industries Corporation, Saint-Gobain Isover SA, RTP Company Inc., Colour Image Plastic Compound Sdn Bhd, Cossa Polimeri S.r.L., CRP Technology, Denka Company Limited

Asia-Pacific was the largest region in the polystyrene market in 2023. North America was the second-largest region in the global polystyrene market. The regions covered in the polystyrene-plastic material and resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the polystyrene-plastic material and resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The polystyrene market consists of the sales of regular polystyrene plastic, polystyrene foam, and polystyrene film. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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