The global polystyrene market size was USD 9.70 billion in 2020. The market is projected to grow from USD 9.49 billion in 2021 to USD 9.99 billion by 2028 at a CAGR of 0.7 % during the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “Polystyrene Market, 2021-2028.”

COVID-19 Impact

Uncertainties in Supply Chain during COVID-19 Pandemic Hampered Market

The lockdown inflicted in majority of nations, owing to the COVID-19 pandemic interrupted the supply chain of the market. The accessibility of raw materials was impacted owing to limitations on man and material. The costs of crude oil entered negative territory in 2020 owing to lowered demand and oversupply. The utilization of polystyrene in the building & construction and automotive industries also deteriorated considerably on account of constraints on activities besides essentials.

Segments

On the basis of type, the market is classified into general purpose polystyrene and high-impact polystyrene. HIPS is predicted to be the fastest-growing segment during the forecast period. The surging demand for packaging applications is a noticeable aspect behind the segment growth.

In terms of application, the market is categorized into packaging, building & construction, automotive, electrical & electronics, agriculture, household leisure & sports, and others.

Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage

We direct our reports based on an exclusive and detailed review method that focuses on offering precise material. Our experts have applied a data navigation technique which further aids us to present reliable predictions and present the general market aspects precisely. Additionally, our reviewers have gained admittance to various international as well as regionally sponsored records for offering the up-to-date material so that the shareholders and business professionals invest only in fundamental zones.

Driving Factors

The development of the market is linked with the rising demand from consumer electronics manufacturers, owing to fluctuating technology and the deteriorating price range of the products. The emerging nations comprising China and India are observing a surged demand for consumer electronics on account of urbanization and growing flexible income. Furthermore, progression in the population of young demographic and digitization activities bolster the consumption of electronic products, therefore directing the demand for the product.

Regional Insights

The market size in Asia Pacific was worth USD 4.26 billion in 2020. The region held the largest polystyrene market share in 2020 and is estimated to preserve the position throughout 2021-2028.

Development and extension of retail chains will drive the demand for insulation in North America, thus fueling the utilization of polystyrene foams. Additionally, the region claims the existence of prime electric vehicle producers operating in this region. The growing usage of electric vehicles in the U.S. is likely to assist with regional growth.

Growing investment by the European Union nations majorly navigates the polystyrene market growth in Europe to endorse green and global economy. The nations are fixated on growing their recycling competences to accomplish the objective of sustainability by 2030.

Information Source-https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/polystyrene-market-106571