Global Polystyrene Market: Country Overview; Value Chain Analysis; Production Process; Cost Structure; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Negotiation Levers, Pricing Model, Key Factors Influencing the Quotation; Key Supplier Analysis, 2024-2032

Polystyrene Market by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Polystyrene market reached a value of about USD 24.25 billion in 2021. The industry is projected to grow at a CAGR of around 1.9% in the forecast period of 2022-2027 to reach a value of about USD 27.10 billion by 2027.

The global Polystyrene market gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is driven by the growing demand for packaging goods, particularly food packaging and non-food packaging. In the industry report, the key demand indicator is the highest category spender by region— Asia Pacific.

Industry Definition and Segmentation

Polystyrene is a synthetic aromatic hydrocarbon polymer manufactured from the monomer styrene. It comes in two forms: solid and foamed, is transparent, rigid, and brittle plastic. In terms of its unit weight, polystyrene is a low-cost resin. It is one of the most frequently used polymers that may be used in a wide range of consumer goods. It is commonly used in items that require clarity, such as food packaging and laboratory gear because it is robust and solid plastic. The Polystyrene market comprises segments by application (Packaging & Onetime use, Consumer & Institutional, Electrical & Electronics, Building & Construction, Resellers & Others) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).

Asia Pacific Region is Driving the Growth of the Industry

The Asian region is the largest market for polystyrene. Because of the rapid expansion of the construction sector, Asia Pacific leads the polystyrene market. Currently, the Asia Pacific area accounts for a substantial portion of the entire material trade market. While the region's import and export of high-impact polystyrene (HIPS) and general-purpose polystyrene (GPPS) are balanced, the region's expanded polystyrene (EPS) resin is a net exporter.

The industry is being propelled by the developing packaging and construction industry. The growing consumer spending on e-commerce and meal delivery apps has raised the demand for packaging items, particularly food packaging and non-food packaging, favourably affecting polystyrene demand. The growing use of expanded polystyrene for insulation and construction fuels the polystyrene market's expansion. To minimise energy usage and greenhouse gas (GHG) emissions, expanded polystyrene (EPS) is utilised in the construction segment. Green buildings have become more prevalent in recent years as green buildings provide benefits such as enhanced air quality, lower operating costs, lower total strain on metal frames, and more efficient energy and water usage. Furthermore, the rise in R&D in polystyrene recycling is propelling the market forward.

However, concerns over the material's disposal are likely to hamper the market growth.

Best Procurement Practices

The global Polystyrene market by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Polystyrene regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Polystyrene is an additional polymer formed when styrene monomers are joined together (polymerisation). The vinyl group's carbon-carbon connection is broken during polymerisation, and a new carbon-carbon bond is produced, which attaches to the carbon of another styrene monomer in the chain. It is a homopolymer since only one kind of monomer is employed in its production. Because the freshly created link is stronger than the broken one, depolymerising polystyrene is difficult.

A polystyrene chain generally consists of a few thousand monomers, with a molecular weight of 100,000–400,000 g/mol. The backbone's carbons have tetrahedral geometry, and those with a phenyl group (benzene ring) attached are stereogenic. Each phenyl group would be slanted forward or backwards to the plane of the backbone if it were put out as a flat elongated zig-zag chain. The tacticity of a material is determined by the relative stereochemical connection of successive phenyl groups, which influences various physical aspects.

Wide Range of Applications, Further Driving the Procurement of Polystyrene

The industry is being driven by the rising demand for products in the electronics market. The growing usage of high-impact polystyrene and general-purpose polystyrene in consumer electronics boosts the industry's growth. The rise in expandable polystyrene (EPS) in HVAC insulation solutions is likely to propel the polystyrene market forward. Furthermore, the polystyrene market is expected to rise as the need for thermal insulation grows. It's primarily used to make model vehicles, aeroplanes, and foams, augmenting the market demand.

It is utilised in injection moulding and is crack-resistant. HIPS is dimensionally stable as well. It's simple to paint and glue, and it's inexpensive. Housing and coverings, low-strength structural components, printed graphics, models and prototypes, fittings, etc., employ the material. As a result, the market is set to witness growth.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Polystyrene Market

• Americas Styrenics LLC
• INEOS Styrolution
• TotalEnergies Petrochemicals & Refining USA, Inc.
• Unigel Quimica S/A
• Videolar-Innova SA

Market Landscape

The broad product range and substantial investment in R&D activities for expanded polystyrene, revenue, capital expenditure, staff strength, and geographic presence of these enterprises indicate their market dominance. The bulk of market participants is expanding their production facilities, merging, and acquiring other companies, and vertically integrating across the value chain. These activities assist businesses to meet rising global demand, maintain competitiveness, improve sales and operations planning, create innovative goods and technologies, reduce manufacturing costs, and increase their client base.

Key Initiatives by Companies

• BASF SE increased its polystyrene manufacturing capacity in Ludwigshafen, Germany, and Ulsan, South Korea, in June 2018. This extension increased capacity by 40,000 metric tonnes per year.
• BEWI, a prominent maker of packaging, components, and insulating solutions, said in March 2021 that it had purchased a 34 percent share in Czech recycling company Inoplast s.r.o. Inoplast is a recycling firm specialising in expanded polystyrene (EPS) and recycles various types of plastics.