LONDON--(BUSINESS WIRE)--The global expanded polystyrene market size for packaging is poised to reach USD 1.57 billion by 2023, according to a new report by Technavio, progressing at a CAGR of nearly 6% during the forecast period.
Read the 158-page research report with TOC on " Expanded Polystyrene Market for Packaging Analysis Report by application (electronic appliances, food and beverages, healthcare, and other applications) and geography (APAC, Europe, MEA, North America, and South America) 2019 - 2023". Request Free Sample Pages
The market is driven by the high rate of recycling of expanded polystyrene. In addition, the environmental benefits associated with expanded polystyrene are anticipated to further boost the expanded polystyrene market for packaging during the forecast period.
Expanded polystyrene is non-biodegradable. However, its ease of recycling and composition, which includes a large amount of air and a limited amount of plastic, make it environment friendly. The use of expanded polystyrene to package products is more sustainable than the use of plastic, wood, and cardboard. Hence, consumers prefer expanded polystyrene.
Furthermore, environmental awareness and sustainability are key areas of concern for most consumers, which is forcing brand owners to adopt expanded polystyrene for sustainable packaging. Also, with growing concerns about the usage of plastic, governments of several countries are focusing on eliminating plastic packaging. The government of the UK has also announced its plan to eliminate the use of all avoidable plastic, including food packaging. Hence, the recyclability of expanded polystyrene is economically viable, as it can be recycled in either open-loop or closed-loop processes. After recycling, it can be used again in the same processes. Thus, the high recyclability of expanded polystyrene is one of the main factors that will boost the growth of the expanded polystyrene market for packaging.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Alpek SAB de CV
- BASF SE
- Kaneka Corp.
- NOVA Chemicals Corp.
- Sunpor Kunststoff GmbH
- Synthos SA
- The JACKON GROUP
- TOTAL SA
- Versalis Spa
Market Segmentation by Category and Product Types:
The Expanded Polystyrene Market for Packaging can be broadly categorized into the following applications:
- Electronic appliances
- Food and beverages
- Other applications
Key Regions for the Expanded Polystyrene Market for Packaging:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
Market segmentation analysis
- Market definition
Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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