Polystyrene is a synthetic thermoplastic material formed by polymerizing styrene. It is used in modelled products, foams, and sheet materials. Polystyrene can be melted at higher temperature for molding or extrusion, and then be re-solidified, in addition to being generally a solid thermoplastic.

The main product types of polystyrene are expandable polystyrene (EPS), general-purpose polystyrene (GPPS), high-impact polystyrene (HIPS), and extruded polystyrene (XPS). Expandable polystyrene is a rigid, tough, and lightweight thermoplastic product. EPS is good for the packaging and construction industries due to its lightweight, strong, and excellent thermal insulation properties. Polystyrene is used in the automotive industry, electronics, thermal insulation, pharmaceuticals, consumer industry, packaging industry, and construction industry and is applied in HVAC insulation, rigid packaging, seating, and flexible packaging.

The global polystyrene market is segmented -

1) By Product Type: Expandable Polystyrene (EPS), General-Purpose Polystyrene (GPPS), High-Impact Polystyrene (HIPS), Extruded Polystyrene (XPS)

2) By Application: HVAC Insulation, Rigid Packaging, Seating, Flexible Packaging

3) By End User Industry: Automotive Industry, Electronics, Thermal Insulation Industries, Pharmaceuticals, Consumer Industry, Packaging Industry, Construction Industry

The global polystyrene market size will grow from $39.67 billion in 2022 to $44.95 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of polystyrene is expected to grow to $71.91 billion in 2027 at a CAGR of 12.5%.

The demand for packaged products has increased recently, particularly in emerging economies such as China and India. As the size of the middle-class grew in these countries, the consumption of processed foods, poultry, meat, and agricultural products increased. According to the World Bank, China's GDP will grow by 2.3 percent in 2020 over 2019. The increase in per-capita income in these economies resulted in the emerging middle-class purchasing more packaged goods. The demand for packaged goods increased the consumption of polystyrene for their packaging, driving the market.

Major players in the polystyrene market are A.Schulman Inc., ACH Foam Technologies, Inc., Alpek S.A.B. de C.V, Americas Styrenics LLC., Atlas Roofing Corporation, Austrotherm GmbH, BASF SE, BEWiSynbra Group, Brodr. Sunde as and Chi Mei Corporation.

Stringent regulations on plastic materials were a major restraint on the expansion of the polystyrene market. Many of the products in the polystyrene market are potentially hazardous during the manufacturing stages because the manufacturing processes involve reactions that can be dangerous unless controlled carefully. Government agencies and regulators are strictly assessing and managing the risks involved in the production and use of polystyrene. Many cities in the USA have decided to ban polystyrene products from schools and other civic buildings. For instance, in June 2022, the US Interior Department, the executive department of the US federal government announced that it will ban the sale of single-use plastic on public lands, national parks by 2032. In addition, the Integrated Waste Management Authority passed an ordinance to ban polystyrene in the entire San Luis Obispo County. Polystyrene manufacturers are instructed to be compliant with complex regulations that govern labeling, handling, manufacturing, and shipping and storage of the product, leading to an increase in compliance costs for the manufacturers.

The construction and packaging sectors in developing countries are increasingly using Expanded Polystyrene (EPS). EPS provides design and structural cohesion to construction projects and possesses the physical and mechanical properties required for insulation. It is mostly used in the construction sector due to its properties of closed air, low thermal conductivity, low water absorption, lightweight, mechanical resistance, and sound resistance. EPS offers sound weight and volume performances compared to other building materials, making construction simple.

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

Asia-Pacific was the largest region in the polystyrene market in 2022. North America was the second-largest region in the global polystyrene market. The regions covered in the global polystyrene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the polystyrene market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

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.

The polystyrene market research report is one of a series of new reports from The Business Research Company 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.

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