Polystyrene Foam Market Forecasts to 2030 – Global Analysis By Foam Type (Expanded Polystyrene and Extruded Polystyrene Foam), Process Type (Vacuum Formed, Injection Moulded , Extruded and Other Process Types), Application, End User and By Geography

Polystyrene Foam Market Forecasts to 2030 – Global Analysis By Foam Type (Expanded Polystyrene and Extruded Polystyrene Foam), Process Type (Vacuum Formed, Injection Moulded , Extruded and Other Process Types), Application, End User and By GeographyAccording to Stratistics MRC, the Global Polystyrene Foam Market accounted for $29.31 billion in 2023 and is expected to reach $44.81 billion by 2030 growing at a CAGR of 6.3% during the forecast period. Polystyrene foam is a semi-finished product made from Styrene monomer. It is a type of cellular plastic material developed from polystyrene beads. Polystyrene foam is, commonly referred to as Styrofoam and it is widely used as single-use consumer goods. Approximately 5% plastic and more than 95% air make up the majority of polystyrene foam. Foam made of polystyrene is lightweight, water resistant, and simple to stack. Produce is shielded from temperature fluctuations by its superior insulation. Customers find it more visually appealing due to its dimensional stability, which is ideal for hydro cooling.

According to Japan Packaging Institute (JPI), the Japanese packaging industry was valued at JPY 6,147.7 billion in 2021, over JPY 6,010.9 billion in 2020, which is likely to enhance the demand for polystyrene foam in respective application.

Market Dynamics:

Driver:

Raising awareness on recycling process

Insulation and packaging materials made of polystyrene foam are non-toxic and inert. It is produced without using CFCs (chlorofluorocarbons). Compared to other comparable materials, it has a less negative environmental impact. However, it is very unbreakable, and the wasted EPS takes hundreds of years to biodegrade. Additionally, it is photolysis-resistant. Post-consumer and post-commercial EPS recycling has expanded. EPS garbage was formerly disposed of in landfills, but this trend is currently changing. The market's expansion has been fuelled by this recycling factor.

Restraint:

Environmental hazards

Polystyrene foam takes hundreds of years to decompose, if it decomposes at all, polystyrene foam is effectively not biodegradable. According to research, plastic foam may persist in our environment for thousands of years, endangering the health of wildlife for a very long period. Foam may release toxins into the environment if it is not properly disposed of, affecting water supplies. The production of polystyrene generates a lot of hazardous waste. Furthermore, producing polystyrene has a significant impact on global warming. These factors are impeding the expansion of the market.

Opportunity:

Rising construction applications

Polystyrene foam is a popular choice in the building and construction industry, due to its chemical inertness, insulation properties, and bacterial & pest resistance properties. It is utilized in green building projects because it has several environmental advantages, such as recycled content, lower energy usage, higher interior air quality, and localized distribution. Polystyrene foam is used in a variety of insulated panel systems for building walls, facades, floors, and roofs. Additionally, it is utilized as a flotation material in the building of pontoons and marinas as well as a lightweight fill in road construction, which is projected to support market expansion.

Threat:

Fluctuating raw material prices

Prices for styrene are influenced by its raw materials, and benzene has a significant impact on the cost of styrene and polystyrene foam. Since the price of benzene and crude oil are partially tied, significant fluctuations may have unknowable losses or effects. Price fluctuations can have an effect on the overall profitability of producers since the cost of polystyrene foam depends on the cost of styrene and its raw components. Therefore, such fluctuations hinders the production of the market.

Covid-19 Impact

COVID-19 had a detrimental effect on the market for polystyrene foam worldwide. The market's supply chain was disrupted by the lockdown that was implemented in some nations as a result of the COVID-19 epidemic. Due to limitations on both people and materials, the supply of raw resources was impacted. 2020 saw a decline in crude oil prices as a result of low demand and excess supply. Due to limits on non-essential operations, the product's use in the building and construction and automobile industries also dramatically decreased. However, a rise in the development of cold chain packing containers significantly reduced the pandemic's effects on the market. The increase in greenhouse structures and online packing fuelled back the market expansion.

The expanded polystyrene segment is expected to be the largest during the forecast period

The expanded polystyrene segment is estimated to have a lucrative growth. Since its compressive strength can be adjusted for certain systems, such as beam and block construction, under floor heating systems, and beneath concrete floor slabs, EPS is frequently utilized in walls, roofs, and floors. EPS insulation stands out from other insulation materials because to its uniformity and stability as well as its superior thermal resistance. Because EPS materials are stable and consistent, they last longer than other insulation solutions and won't need to be replaced as frequently, resulting in long-term savings.

The building & construction segment is expected to have the highest CAGR during the forecast period

The building & construction segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its growing use in thermal insulation in residential and commercial construction. In commercial, industrial, and residential structures, polystyrene foam is commonly utilized as a flooring insulation. It is utilized in green building projects because it has several environmental advantages, such as recycled content, lower energy usage, higher interior air quality, and localized distribution. As a result, the demand for the segment is being fuelled by increasing building and construction activities.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The region has the presence of major players such as DuPont, Arkema, BASF SE, and TotalEnergies The major players in the Asia Pacific polystyrene foam market are concentrating on expanding their capacities. Rapidly growing construction, packaging, and automotive sector in India, China, and Japan are propelling demand for polystyrene foam. Furthermore, Asia Pacific is experiencing a rapid expansion of the non-residential construction industry due to the region's strong demand for projects like hospitals, office buildings, and colleges.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. In Germany, the demand for EPS is significantly influenced by the construction industry. The country has experienced an increase in new residential construction permits, and this growth trend is likely to continue during the projected period due to the rising demand for real estate, cheap financing rates, and growing population. Over the projection period, it is anticipated that favourable government support for the construction of green buildings in a number of nations, including the U.K., Germany, Italy, and France, will drive product demand.

Key players in the market

Some of the key players in polystyrene foam market include Wuxi Xingda Group, Jiangsu Leasty Chemicals Co., Ltd., DuPont de Nemours, Inc., Chevron Phillips Chemical Company LLC, Synthos S.A., Alpek, S.A.B. de C.V., ACH Foam Technologies, LLC, Dow Chemical Company, Kaneka Corporation, JSP Corporation, Sunpor Kunststoff GmbH, Nova Chemicals Corp, Alpek, Carpenter Co., Flint Hills Resources, AFP-sealed air, Taita Chemical Co., Ltd., Agilyx, StyroChem Canada, Ltd and Epsilyte LLC.

Key Developments:

In October 2021, StyroChem Canada, Ltd., one of the leading producers of expandable polystyrene (EPS) was acquired by Epsilyte Holdings LLC. This acquisition is likely to strengthen Epsilyte’s ability to enhance its portfolio through StyroChem’s operational technology and expected to create one of the largest manufacturers of EPS in the North America.

In October 2021, Epsilyte LLC, has increased the prices of its expanded polystyrene grades by USD 110 per ton. The decision has been taken as an effort to stay up with the high supply chain expenses and operational difficulties arising from country’s limited availability of feedstocks.

Foam Types Covered:
• Expanded Polystyrene
• Extruded Polystyrene Foam

Process Types Covered:
• Vacuum Formed
• Injection Moulded
• Extruded
• Other Process Types

Applications Covered:
• Packaging
• Architecture & Infrastructure
• Other Applications

End Users Covered:
• Building & Construction
• Packaging
• Construction & Industrial Insulation
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements