DUBLIN, September 24, 2021--(BUSINESS WIRE)--The "Polystyrene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The polystyrene market size was estimated at over USD 30 billion in 2020, and the market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
Atlas Molded Products
Alpek S.A.B. de CV
Americas Styrenics LLC (AmSty)
Formosa Chemicals & Fibre Corp.
INEOS Styrolution Group GmbH
Key Market Trends
High Impact Polystyrene (HIPS) Type to Dominate the Market
High impact polystyrene contains rubber. It is less transparent than GPPS. It is mainly used for products that require high-impact resistance.
HIPS has a standard flow but is less glossy than GPPS. It is crack-resistant and is used in injection molding. HIPS also has good dimensional stability. It is easy to paint and glue and has a low cost. It is used for housing and covers, low-strength structural components, printed graphics, models and prototypes, fixtures, etc. Majorly, HIPS are sold in high and medium grades. Other grades include ignition resistance, high-gloss grades, and environment stress crack-resistant grade.
Packaging is the largest segment for HIPS. It is used for food packaging (of meat trays, egg cartons, fruit trays, dairy packaging, etc.), industrial packaging, and consumer packaging ( of cassettes, CD covers, etc.).
Driven by the rise in population, demand for packaged food and beverage is set to witness further growth during the forecast period. The unprecedented shift from rural to urban living is a major demographic that is impacting the global consumption of packaged food.
China stands to be the world's largest manufacturing economy and exporter, due to which the country's packaging requirement is huge. The packaging industry in China is expected to register tremendous growth, with a CAGR of nearly 6.8%, to reach CNY 2 trillion during the forecast period.
However, the United States has banned the use of polystyrene in food packaging products such as boxes, containers, and carry bags, which is likely to impact the market growth negatively.
HIPS are also used majorly in electronic and appliances applications, such as in computer housings, TV housings, and freezer and refrigerator liners appliances housings.
China to Dominate the Asia-Pacific Region
China's construction industry developed rapidly due to the central government's push for infrastructure investment as a means to sustain economic growth.
However, due to the onset of COVID-19 in 2020, the economic growth of China is now expected to contract to a considerable extent. According to International Monetary Fund, the country's GDP is estimated to have grown by 1.9% in 2020 while recovering to 8.2% growth in 2021, subject to post-pandemic recovery.
China's 13th Five Year Plan started in 2016, and it was an important year for the country's engineering, procurement, and construction (EPC) industry. In addition, the country ventured into new business models domestically and internationally during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country.
The country announced 300 major construction projects in Beijing in 2019. These 300 projects included 100 infrastructure projects, 100 projects focusing on the improvement of people's livelihoods, and 100 projects for high-end technological industries. The investment of the projects is expected to reach USD 35 billion.
Moreover, the country witnessed rapid growth in the fast-moving consumer goods (FMCG) market. The growth of the FMCG market was majorly driven by the increased spending on premium and healthier products by the middle-class consumers in the country.
China is the world's largest electronics production base and offers tough competition to the existing upstream producers, like South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, tablets, and so on, have the highest growth in the market in the consumer electronics segment. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Recycling in the Polystyrene Industry
4.1.2 Growing Consumer Electronics Market
4.2.1 Increasing Ban on Polystyrene across North America and Europe
4.2.2 Availability of High-performance Substitutes
4.2.3 Impact of COVID-19
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Resin Type
5.2 Form Type
5.3 End-user Industry
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ongoing Research to Develop Bio-based Polystyrene
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/52liyn
View source version on businesswire.com: https://www.businesswire.com/news/home/20210924005171/en/
Laura Wood, Senior Press Manager
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