The global
polystyrene foam market is expected grow at a CAGR of
nearly 10% during the forecast period, according to Technavio’s latest
report.
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Technavio has published a new report on the global polystyrene foam market from 2017-2021. (Graphic: Business Wire)
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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