Polystyrene Foam Market - Geographical Segmentation and Forecast by Technavio

Technavio has published a new report on the global polystyrene foam market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--The global polystyrene foam market is expected grow at a CAGR of nearly 10% during the forecast period, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global polystyrene foam market for 2017-2021. The market is further categorized into three application segments, including building and construction, packaging, and other applications, of which the building and construction segment dominated the market with approximately 67% of the overall market share in 2016.

The polystyrene foam market is expected to grow rapidly due to the increasing demand from the building and construction sector. Polystyrene is fundamentally prepared from benzene. Thus, the volatile nature of the price of crude oil is likely to create disruptions in the supply chain of the market,” says Mahitha Mallishetty, a lead plastics, polymers, and elastomers research expert from Technavio.

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Technavio’s research study segments the global polystyrene foam market into the following regions:

  • APAC
  • Europe
  • North America
  • ROW

In the global polystyrene foam market, APAC accounted for the largest share of about 48% in the year 2016, followed by Europe, North America, and ROW with almost 28%, nearly 17%, and around 8%, respectively.

Polystyrene foam market in APAC

China emerged as the leading producer and consumer of polystyrene foams. APAC is also the most active market in terms of strategic moves undertaken by the key vendors. Moreover, the increasingly addressable customer base has shifted the manufacturing base from Western Europe and North America to APAC boosting the growth of the APAC polystyrene foam market.

The increasing demand for polystyrene foam is primarily driven by the demand from the building and construction industry. The growth in the construction sector is expected to gain pace during the forecast period. China, Japan, India, and South Korea are among the top consumers of polystyrene foam,” says Mahitha.

Polystyrene foam market in Europe

In Europe, the demand for polystyrene foam is primarily driven by its adoption as an insulation material. The legislation in the region is driving energy efficiency in existing, renovated, and new buildings. Polystyrene foam authorizes effective defiance with insulation criterions.

Expandable polystyrene (EPS) insulation is unaffected by humidity and damp. Thus, it is used in homes to reduce damp, which can destroy floors, walls, and roofs. The demand for bio-based EPS is growing in Western Europe driven by the increasing demand from major end-user industries such as building and construction, transportation, electronics, and packaging.

Polystyrene foam market in North America

The polystyrene foam manufacturers have a strong dependency on the building and construction sector. The manufacturers are focused on the location of the manufacturing facilities that will enable proximity to populous and concentrated metropolitan cities.

The Southeast and Great Lakes regions in the US are the prime locations that nearly account for half of the demand for polystyrene foams. In addition, the Southeast region is also a hub for numerous oil refineries, thus, creating substantial opportunities and strategically bringing the raw material suppliers to the industries.

The top vendors in the global polystyrene foam market highlighted in the report are:

  • Alpek
  • The Dow Chemical Company
  • Kaneka Corporation
  • Synthos
  • Total

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The global polystyrene foam market is expected to grow at a CAGR of nearly 10% during the forecast period, according to Technavio’s latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com