Polystyrene Foam: Introduction
- Polystyrene is defined as a synthetic aromatic polymer manufactured from monomer styrene. It can also be defined as a plastic that is used in a wide range of applications for various functions. It is primarily employed in rigid items such as refrigerator crispers, printer cartridges, and coat hangers. Polystyrene foam is a derivative of polystyrene known as styrofoam or expanded polystyrene (EPS).
- Polystyrene foam is used in protective packaging of appliances and products such as insulated disposable cups, meat trays, and panel insulation. It is generally 95% to 98% air. It is considered a good thermal insulator and is used in building insulation materials such as insulating concrete foams and structural insulated panel building systems. Polystyrene foam offers excellent damping properties; therefore, it is widely used in packaging of food and beverages, etc.
Key Drivers and Restraints of Global Polystyrene Foam Market
- The polystyrene foam market has developed significantly in the recent years. This can be primarily ascribed to the increase in building and construction activities across the globe. Polystyrene foam acts as a good thermal insulator and plays an important role in addressing several issues associated with insulation in building construction such as insulating concrete foam. Rise in usage of polystyrene foam in building & construction and packaging industries is expected to propel the polystyrene foam market during the forecast period.
- Increase in demand for protective packaging is anticipated to create significant opportunities for the polystyrene foam market. Polystyrene foam is used for packaging of appliances and food and beverages. Rise in demand for appliances and food and beverages is anticipated to boost the demand for polystyrene foam during the forecast period.
Polystyrene Foam: Type Segment
- In terms of type, the global polystyrene foam market can be segmented into expandable polystyrene foam and extruded polystyrene foam. Both these foams produce finished goods with different performance properties. Extruded polystyrene foam is manufactured by the continuous extrusion process, which helps in the production of homogeneous closed cells. On the other hand, expandable polystyrene foam is manufactured by expanding spherical beads in a mold, using heat and pressure to fuse the beads together.
- The expandable polystyrene segment is expected to account for significant share of the global polystyrene foam market during the forecast period. It is durable, strong, and light in weight. Furthermore, expandable polystyrene is less expensive than extruded polystyrene.
- The extruded polystyrene foam segment is likely to expand at a rapid pace during the forecast period, due to the growth of the construction industry around the globe
Polystyrene Foam: Application Segment
- In terms of application, the global polystyrene foam market can be segmented into building & construction, packaging, and others
- The building & construction segment is estimated to expand at a rapid pace during the forecast period due to wide usage of polystyrene foam in the building & construction industry. Polystyrene foam is used in residential, commercial, institutional, and industrial building; and civil engineering applications including road, railway, and bridge infrastructure.
- The packaging segment is likely to expand at a healthy CAGR during the forecast period, owing to the increase in usage of appliances across the globe
Covid-19 Impact on Polystyrene Foam Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the polystyrene foam market.
Asia Pacific to Dominate Polystyrene Foam Market
- In terms of region, the global polystyrene foam market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the polystyrene foam market in 2020. This trend is anticipated to continue during the forecast period. This can be ascribed to the higher production and consumption of polystyrene foam, especially in the U.S. However, the polystyrene foam market in Asia Pacific is anticipated to expand at a rapid pace owing to the increase in demand for polystyrene foam in emerging countries such as China and India.
Key Manufacturers Operating in Global Polystyrene Foam Market
The global polystyrene foam market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global polystyrene foam market include:
- BASF SE
- The Dow Chemicals Company
- Chevron Phillips Company
- Kaneka Corporation
- DuPont de Nemours Inc.
- Zotefoams Plc
- Carpenter Co.
- Wuxi Xingda Group
Global Polystyrene Foam Market: Research Scope
Global Polystyrene Foam Market, by Type
- Expandable Polystyrene Foam
- Extruded Polystyrene Foam
Global Polystyrene Foam Market, by Application
- Building & Construction
Global Polystyrene Foam Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.