Pune, 07, Dec, 2022: Maximize Market research, a global Chemical and material market research firm, based out of India, has published a competitive intelligence and market research report on Polystyrene Foam Market The market size reached USD 26.47 billion in 2021 and is expected to reach USD 36.93 billion by 2029 Optical Imaging market is growing at a CAGR of 4.25% during the forecast period.
Polystyrene Foam Market Scope and Research Methodology
Styrofoam, often known as polystyrene foam, is frequently used in single-use consumer goods. More over 95% of the material in polystyrene foam is air, with the remaining around 5% being a plastic. Due to its exceptional qualities, including as good damping capabilities, good thermal insulation and low weight property. Polystyrene foam has several important uses such as lightweight protective packaging, insulation for homes and appliances, automotive parts, foodservice and food packaging, surfboards, and systems for stabilising roads and roadbanks.
Both primary and secondary methods were used for data gathering. The primary methods includes surveys, distributing questionnaires, and conducting telephone interviews with experts in the field, market leaders, business owners, and marketers. Secondary data was collected from a variety of sources. Along with paid databases this also includes the official websites of various organisations and the government, trade publications, annual reports, white papers, and releases.
SWOT analysis was conducted to provide the strengths and weaknesses of the polystyrene foam Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the polystyrene foam Market.
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Polystyrene Foam Market Overview
Over the course of the forecast period, the global polystyrene foam market is anticipated to grow at a rate of over 4.25%. (2021-2029). COVID-19 had a negative effect on the market. The COVID-19 epidemic in the first half of 2020 had a major impact on the building sector. In turn, this has had a negative effect on the use of polystyrene foam. Due to increase in building and construction activity the market is anticipated to expand consistently in 2021.
Some of the reasons accelerating the market’s growth in the near term include the advancement of green construction and rising global demand for polystyrene foam in protective packaging applications in both established and emerging nations.
Polystyrene Foam Market Dynamics
The architecture and construction industry uses expanded polystyrene (EPS) because of its advantages over other materials such as including its lightweight nature, durability, thermal efficiency, shock absorption, and moisture resistance. It is a well-known insulation material that is used in many applications thanks to its light but firm foam, which offers excellent impact resistance and substantial thermal insulation. In a number of applications, EPS has long been the material of preference for architects due to its affordability, performance, and sustainability.
Packaging foam is known for its adaptability and ability to be adjusted, is frequently used as a cushioning material for boxes. Foams are used in a variety of packing applications where the highest level of durability and protection are required. Thermal insulation is the main application for polystyrene foam in the construction and food packaging industries. Online shopping is becoming more and more common. Foam wrap has been used in place of bubble wrap for fragile items. Because it is pliable, lightweight, and simple to handle.
Polystyrene Foam Market Regional Insights
The Asia-Pacific region dominated the global polystyrene foam market with a sizeable revenue share in 2021, and it is anticipated that it will continue on same position throughout the forecast period. The main factor propelling growth in the Asia Pacific target industry is the rising demand for polystyrene foam in packaging, building and construction, automotive, and electronics appliance uses throughout Asian nations.
China has one of the quickest growth economies in the world. The nation supplied a large share of the world’s EPS demand in 2019. Over the forecast period, the expansion of the polystyrene foam industry is anticipated to be driven by the increasing number of infrastructure development projects and the expanding packaging market. The South American government supported construction programmes to encourage green building construction are likely to fuel infrastructure growth in South America and it is expected to consequently boost in polystyrene foam demand during the forecast period.
Polystyrene Foam Market Segmentation
By Foam type:
- Expanded Polystyrene (EPS)
- Extruded Polystyrene (XPS)
By End user:
- Building & Construction
- Construction & Industrial Insulation
By Process type:
- Injection Molded
- Vacuum Formed
Polystyrene Foam Market Key Manufacturers:
- BASF SE (Germany)
- Synthos S.A (Poland)
- Sunpor Kunststoff GmbH (Austria)
- Total SE (France)
- Versalis S.p.A (Italy)
- ChovA (Spain)
- Knauf Insulation (Belgium)
- SUNPOR Kunststoff GmbH (Austria)
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Key questions answered in the Polystyrene Foam Market are:
- What was the market size of the Global polystyrene foam Market in 2021?
- What are the key factors driving the global polystyrene foam Market?
- What is the expected growth of polystyrene foam Market in 2022?
- What are COVID-19 impact on polystyrene foam Market?
- What are the key region in the Optical imaging Market?
- What are the factors affecting growth in the polystyrene foam Market?
- Who held the largest market share in polystyrene foam Market?
- Who are the key players in the global polystyrene foam Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by foam type and End-user, Process
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading chemical and material research firm, has also published the following reports:
Expanded Polystyrene (EPS) Market: The market size was valued at US$ 9.84 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 4.8% from 2022 to 2029, reaching nearly US$ 14.32 Bn. EPS provides real environmental benefits that increase energy efficiency, promote indoor environmental quality, and increase the sturdiness of structures and packaged goods.
Bio-based Polyurethane Foam Market: The market was valued at USD 36.78 Million in 2021, and is expected to reach USD 58.18 Million by 2029, exhibiting a CAGR of 5.9 % during the forecast period (2022-2029). As a result of increased expenditures in smart energy-efficient business and residential structures, green buildings are progressively entering the construction market.
Plastic Films and Sheets Market: The market size was valued at US$ 125.3 Bn. in 2021 and the total Plastic Films & Sheets revenue is expected to grow at 4.5% from 2022 to 2029, reaching nearly US$ 178.19 Bn. The increasing agricultural sector is a chance for the plastic films and sheets business to grow.
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