Global Polystyrene Market Size, Share & Industry Trends Analysis Report By Form Type (Foams, Injection Molding, Films & Sheets, and Others), By End-Use, By Resin Type, By Regional Outlook and Forecast, 2023 - 2030

Global Polystyrene Market Size, Share & Industry Trends Analysis Report By Form Type (Foams, Injection Molding, Films & Sheets, and Others), By End-Use, By Resin Type, By Regional Outlook and Forecast, 2023 - 2030

The Global Polystyrene Market size is expected to reach $54.8 billion by 2030, rising at a market growth of 4.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 16,991.8 Kilo Tonnes, experiencing a growth of 3.3% (2019-2022).

EPS is widely used as a thermal insulation material in construction. Excellent thermal insulation qualities are provided by its closed-cell structure, which helps control indoor temperature and lower energy use for heating and cooling. Therefore, the building & construction segment captured $6,202.5 million revenue in the market in 2022. The use of EPS insulation contributes to energy-efficient and sustainable building practices. These materials can be easily shaped and customized to fit specific construction requirements. This flexibility allows architects and builders to design and create unique architectural elements, decorative moldings, and customized insulation solutions, contributing to the versatility of this in construction.

The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2023, INEOS Styrolution Group GmbH formed a partnership with TOMRA Systems ASA, and EGN Group A/S, to convert post-consumer waste materials into recycled products for use in food packaging. In May, 2023, SABIC collaborated with Stella McCartney Beauty, TEXEN SAS, Leygatech, and STTP Emballage to utilize the renewable polymers in the TRUCIRCLE product portfolio of SABIC and developed skin and eye care refill containers.

Based on the Analysis presented in the KBV Cardinal matrix; SABIC is the forerunners in the market. In July, 2023, SABIC joined hands with TotalEnergies SE, a French multinational integrated energy and petroleum company, and Saudi Arabian Oil Company, a state-owned petroleum and natural gas company. Under this collaboration, the companies created a domestic value chain for the conversion of the oil extracted from plastic waste into circular polymers in the Kingdom of Saudi Arabia. Additionally, this collaboration helped to achieve a petrochemical value chain to solve the upstream and downstream challenges. Companies such as TotalEnergies SE, LG Chem Ltd. (LG Corporation), Alfa, S. A. B. de C. V. are some of the key innovators in market.

Market Growth Factors

Innovations in material technology

Ongoing innovations in material technology, including the development of advanced formulations and the integration of nanotechnology, contribute to the expansion of the market. These innovations enhance the material's properties and open new possibilities for applications. The integration of nanotechnology into these formulations is a notable innovation. Nanoparticles can be incorporated to enhance specific properties, such as mechanical strength, barrier properties, and flame resistance. The market is expanding significantly due to the innovations in material technology.

Increasing consumer electronics manufacturing

Due to its versatility, clarity, and cost-effectiveness, the consumer electronics industry relies on this for casings and components. The proliferation of electronic devices and the constant innovation in the electronics sector contribute to the continued growth of the market. Polystyrene, especially GPPS, is a versatile material that can be easily molded into intricate shapes. This makes it ideal for manufacturing casings and enclosures for various electronic devices such as smartphones, laptops, tablets, and audio equipment. As a result of the increasing consumer electronics manufacturing, the market is anticipated to increase significantly.

Market Restraining Factors

Environmental concerns are a significant challenge

One of the most significant challenges facing the market is its environmental impact. Traditional polystyrene is not easily biodegradable and can persist in the environment for extended periods. The accumulation of its waste, particularly in marine environments, has raised environmental concerns and led to calls for more sustainable alternatives. Environmental concerns contribute to a negative public perception of this as a material. The challenges associated with recycling polystyrene contribute to environmental concerns. Environmental concerns are a significant challenge that hampers the growth of market.

Foam Type Outlook

Based on form type, the market is classified into foams, films & sheets, injection molding, and others. The film & sheets segment acquired a substantial revenue share in the market in 2022. Films & sheets made from these are extensively used in the packaging industry. Their clarity, lightweight nature, and ease of processing make them ideal materials for packaging applications. Films and sheets provide affordable options for various products, including food packaging, blister packs, and protective wrapping. These films and sheets can be easily thermoformed into multiple shapes.

End Use Outlook

On the basis of end-use, the market is divided into packaging, building & construction, electrical & electronics, consumer goods, and others. The electrical & electronics segment garnered a significant revenue share in the market in 2022. HIPS is often used for the insulation of electronic components. Its electrical insulating properties make it a suitable material for casings and housings that protect sensitive electronic circuits from external influences and prevent electrical interference. It is used to produce various electronic components and connectors. Its ease of molding and customization allows manufacturers to create intricate designs for connectors and housings, meeting the specific requirements of electronic devices.

Resin Type Outlook

By resin type, the market is categorized into general purpose polystyrene (GPPS), high impact polystyrene (HIPS), and expandable polystyrene (EPS). In 2022, the high impact polystyrene (HIPS) segment held the highest revenue share in the market. HIPS is easily processed utilizing standard production techniques such as molding by injection, extrusion, and thermoforming. This ease of processing enables manufacturers to efficiently produce various products, contributing to cost-effectiveness and streamlined production processes. HIPS exhibits resistance to chemicals, which enhances its suitability for specific applications.

Regional Outlook

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. Due to rising e-commerce and consumption, the packaging industry is expanding quickly in the Asia-Pacific region. This, with its lightweight nature, transparency, and cost-effectiveness, is widely used in packaging materials in Asia Pacific. This is utilized in the Asia Pacific region for medical and healthcare applications, including producing disposable medical products such as test tubes, petri dishes, and syringes.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SABIC (Saudi Arabian Oil Company), Alfa, S. A. B. de C. V., BASF SE, CHIMEI Corporation, TotalEnergies SE, INEOS Styrolution Group GmbH, Atlas Roofing Corporation (Atlas Molded Products) (Hood Companies, Inc.), Trinseo PLC, LG Chem Ltd. (LG Corporation), and Synthos S.A.

Recent Strategies Deployed in the Polystyrene Market

Partnerships, Collaborations, and Agreements:

Jul-2023: INEOS Styrolution Group GmbH formed a partnership with TOMRA Systems ASA, a Norwegian multinational corporation engaged in manufacturing sorting products, and EGN Group A/S, the world’s largest peer advisory and executive coaching organization. Under this partnership, the companies converted post-consumer polystyrene (PS) waste materials into recycled polystyrene products for use in food packaging.

Jul-2023: SABIC joined hands with TotalEnergies SE, a French multinational integrated energy and petroleum company, and Saudi Arabian Oil Company, a state-owned petroleum and natural gas company. Under this collaboration, the companies created a domestic value chain for the conversion of the oil extracted from plastic waste into circular polymers in the Kingdom of Saudi Arabia. Additionally, this collaboration helped to achieve a petrochemical value chain to solve the upstream and downstream challenges.

May-2023: SABIC collaborated with Stella McCartney Beauty, a company providing skincare products; TEXEN SAS, a company producing multi-material solutions for the beauty and spirits markets; Leygatech, a producer of multilayer tubes and films; and STTP Emballage, a company offering packaging services. Under this collaboration, the companies utilized the renewable polymers in the TRUCIRCLE product portfolio of SABIC and developed skin and eye care refill containers.

Jan-2023: TotalEnergies SE teamed up with Intraplás SA, engaged in the production of packaging solutions. Under this collaboration, the companies introduced sustainable packaging products, keeping in mind their performance and food safety.

Oct-2022: Trinseo PLC teamed up with Japan Steel Works Europe GmbH (JSW EU), a subsidiary of The Japan Steel Works, Ltd. (JSW). Under this collaboration, Trinseo utilized the depolymerization extruder and the technical support of JSW EU to produce recycled MMA (rMMA). Additionally, the rMMA produced by Trinseo will be further used in developing circular PMMA solutions.

Mar-2022: SABIC teamed up with Kraton Corporation, a producer of styrenic block copolymers. Under this collaboration, the TRUCIRCLE product portfolio of SABIC was used to produce renewable butadiene for use in renewable styrenic block copolymers (SBC).

Mar-2022: BASF SE teamed up with Karl Bachl GmbH & Co. KG, a company engaged in manufacturing construction materials. Under this collaboration, BASF introduced the Neopor F 5 Mcycled to enhance its graphitic expandable polystyrene (EPS) granulate product portfolio. The Neopor F-5 Mcycled contains 10 percent recycled elements and can be used in buildings for facade insulation.

Mar-2021: BASF SE joined hands with Trinseo PLC, a company manufacturing plastics and latex binders. Under this collaboration, the companies released styrene products based on circular feedstock. The new products contribute towards the formation of an economy with an improved CO2 footprint for various other related products.

Feb-2022: TotalEnergies SE came into an agreement with Honeywell International Inc., an American multinational conglomerate corporation. Under this agreement, Honeywell International provided TotalEnergies with recycled polymer feedstock (RPF) produced using UpCycle Process Technology. The new product is converted into virgin-quality polymers for use in food-grade packaging and various other applications.

Dec-2021: TotalEnergies SE came into a partnership with Plastic Omnium SE, a world-leading provider of innovative solutions for sustainable mobility. Under this partnership, the companies launched plastic products developed from recycled polypropylene. Additionally, the new product achieved the safety standards required for the automobile industry.

Product Launches and Product Expansions:

Mar-2023: Atlas Roofing Corporation introduced the Pinnacle Sun shingles to enhance its Pinnacle product portfolio. The new product has the features of 3M Cool Roof Technology, 3M Scotchgard Protector, and 3M Smog-Reducing Granules. Additionally, the new product can lower indoor air temperatures, especially in areas where there is a requirement for year-round cooling.

Acquisition and Mergers:

May-2023: TotalEnergies SE completed the acquisition of Iber Resinas SL, a provider of plastic recycling for sustainability. Through this acquisition, TotalEnergies increased its production capacity of circular polymers in Europe. Additionally, this acquisition helped to enhance the variety of recycled products and the access to feedstock through the suppliers of Iber Resinas.

Jan-2022: Trinseo PLC took over Heathland B.V., a recycling company of PMMA, PC, and other plastic scrap materials. Through this acquisition, Trinseo acquired plastic wastes to be used as feedstock and recycling technologies.

May-2020: Trinseo PLC completed the acquisition of the vinyl pyridine latex businesses of Synthomer PLC, a British-based chemicals business. Through this acquisition, Trinseo enhanced its Latex Binders business in coatings and CASE applications and strengthened its position as a solutions provider in the high-performance tire segment.

Feb-2020: Atlas Roofing Corporation completed the acquisition of StarRFoam, a leading supplier of insulation and materials. Through this acquisition, Atlas Roofing Corporation expanded its geographical footprint and product portfolio. Additionally, this acquisition strengthened the position of Atlas as the greatest manufacturer of moulded polystyrene products in North America.

Scope of the Study

Market Segments covered in the Report:

By Form Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• Foams
• Injection Molding
• Films & Sheets
• Others

By End-Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• Packaging
• Building & Construction
• Consumer Goods
• Electrical & Electronics
• Others

By Resin Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• High Impact Polystyrene (HIPS)
• General Purpose Polystyrene (GPPS)
• Expandable Polystyrene (EPS)

By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• SABIC (Saudi Arabian Oil Company)
• Alfa, S. A. B. de C. V.
• BASF SE
• CHIMEI Corporation
• TotalEnergies SE
• INEOS Styrolution Group GmbH
• Atlas Roofing Corporation (Atlas Molded Products) (Hood Companies, Inc.)
• Trinseo PLC
• LG Chem Ltd. (LG Corporation)
• Synthos S.A

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