Polystyrene (PS) & Expanded Polystyrene (EPS) Market Size By Product (Polystyrene, Expanded Polystyrene), By Application (Building & Construction, Electrical & electronics, Packaging), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: August 2017 | 124 Pages | Report ID: GMI2063 | Report Format:
Polystyrene & Expanded Polystyrene Market size was more than USD 34 billion in 2016 and will witness 5.0% CAGR during the projected timespan.
Europe polystyrene & EPS market size, by product, 2013 - 2024 (USD Million)
Robust growth indicators in building & construction industry shall be responsible for propelling polystyrene & EPS market size in the coming years. The global construction industry is likely to grow to USD 13 trillion by 2030, which will be mainly led by the U.S., China and India. Rising consumer spending power accompanied with government initiatives towards strengthening public infrastructure shall be driving the building & construction industry over the forecast timeframe. Polystyrene (PS) & Expanded Polystyrene (EPS) are widely used in thermal insulation, water proofing and plumbing applications in construction industry. Apart from this, it is also used in void forming, road foundations, modular construction elements, impact sound insulation and various other applications.
Growing food packaging industry, especially in Asia Pacific and Latin America, shall be a major factor propelling polystyrene & EPS market size over the next few years. PS due to its lightweight and durability is an indispensable part when it comes to fragile products and food packaging. It is used in food packaging industry for making containers, plastic cups & bowls, plastic cutlery, etc.
The raw materials in polystyrene & EPS market are crude oil from which it is derived through mass polymerization. The only major hurdle for industry growth is its non-biodegradability, which is be a major environmental concern for product manufacturers in the coming years. Its disposal in environment creates land pollution when not recycled properly. This shall pose a substitution threat to polystyrene & EPS market in the coming years. In addition, oscillating raw material prices will be a major challenge for polystyrene & EPS market size growth by 2024.
Polystyrene & EPS Market, By Product
Polystyrene led the overall market in 2016 and accounted for more than half of the total market share. It is widely used in refrigerator lining, packaging and construction industry. It is lightweight, cost effective and can be recycled conveniently. Its characteristics such as shatterproof and low conductivity makes it highly desirable in electrical insulation. Moreover, growing demand for disposable and reusable containers in food industry shall fuel product usage for packaging applications over the forecast period.
EPS is a type of polystyrene which is gaining popularity among food packaging and construction companies, as it provides higher benefits when compared to standard polystyrene. The segment shall witness immense growth in the coming years, expanding at a CAGR of more than 5% due to its 100% recyclability, lightweight and compressive resistance. EPS applications is penetrating in safety wear manufacturing such as helmets, as it provides superior shock resistance along with long time durability.
Polystyrene & EPS Market, By Application
Packaging segment led the overall polystyrene & EPS market size in 2016 and accounted for more than 40% of total industry share. The global packaging industry shall witness a considerable growth rate over next few years due to its increasing demand in processed food packaging, consumer durables and other electronic items as this provides superior barrier properties, spill-proof, shock resistance, etc.
Global polystyrene & EPS market size for building & construction shall grow at a CAGR of close to 4% in the coming years due to heavy product demand in residential and non-residential construction projects, as the product provides excellent water resistance with cost effective thermal insulation.
Polystyrene & EPS Market, By Region
Asia Pacific led the overall polystyrene & EPS market size in 2016. This is attributed to the growing infrastructure industry in Asia Pacific. For instance, the infrastructure spending in Asia Pacific shall exhibit growth close to 7% over the next few years. Countries in this region are largely concentrating on developing public infrastructure, as these act as catalysts to country’s economic growth.
Middle East & Africa will show promising growth by 2024. Huge capital investments from governments of Saudi Arabia and other Gulf countries for expanding their infrastructure will complement polystyrene & EPS market size by 2024. For example, according to the U.S.- Saudi Arabian Business Council, budget allotted for infrastructure and transport is roughly USD 13.9 billion for the year 2017-18. This massive investment shall drive the construction business, which will eventually accelerate product demand in this region.
Competitive Market Share
Key polystyrene & EPS market players are The Dow Chemical Company, Total S.A., BASF SE, Alpek S.A.B. de C.V., ACH Foam Technologies Inc., Kaneka Corporation, Synbra Holding BV, Synthos S.A., SABIC, Kumho Petrochemical and Flint Hills Resources LLC. The Polystyrene & EPS market is highly competitive as it has players which have multinational presence and those operating at local levels. Major industry share contributors are involved in R&D in order to enhance their product offerings. For example, The Dow Chemical Company has patented polystyrene foam under the name ‘Styrofoam’.
Polystyrene is a naturally transparent thermoplastic which is made from monomer styrene and available in both, rigid foam and solid plastic material. It is widely used in consumer products applications and particularly for commercial packaging. The material is slow to biodegrade but can be recycled easily. Expanded Polystyrene (EPS) is a rigid cellular plastic, containing an expansion agent. It is 100% recyclable with versatile properties such as superior thermal insulation and prevention of microorganism growth, that makes it highly desirable in food packaging and construction applications. Both the polymers are widely used in construction and packaging applications. Technological advancements and continuous R&D have introduced various new application areas for both the polymers, where the product properties can be harnessed for new product development.
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