December 2nd, 2022
Polystyrene, a hard, stiff, shiny transparent synthetic resin, is produced by the food-service industry as rigid trays and containers, disposable eating utensils, and foam cups, plates, and bowls. Polystyrene is used for products such as disposable plastic cutlery and dinnerware, CD 'jewel' cases, smoke detector housings, license plate frames, plastic model assembly kits and many other places where a tough, cost-effective plastic is desired. Polystyrene plastic is a naturally transparent thermoplastic that is available in the form of common solid plastics as well as rigid foam materials, polystyrene plastic is commonly used in different type of consumer product applications and it is also used in commercial packaging. Polystyrene is a versatile plastic used for a variety of consumer products, made by polymerizing styrene, a building-block chemical used in the manufacture of many products. Polystyrene is also made into a foam material, called expanded polystyrene or extruded polystyrene, which is valued for its insulating and cushioning properties. Polystyrene is used to make many car parts, including knobs, instrument panel trim, energy-absorbing door panels, and sound dampening foam. Polystyrene is used for televisions, computers and all types of IT equipment for housing and other areas where a combination of form, function and aesthetics is required and polystyrene is also used in insulation, lightweight polystyrene foam provides thermal insulation in applications such as building walls and roofs. , refrigerators and freezers and polystyrene insulation is inert, durable and resistant to water damage. Low-cost, high-strength plastics used to produce the insulation of buildings, sterile disposable flatware, and recycled into household construction materials, the market is projected to grow with the product's application scope in numerous end-use sectors.
The report “Polystyrene Market, By Type (General Purpose Polystyrene, High Impact Polystyrene, Expanded Polystyrene, Extruded Polystyrene, Others) By Application (Rigid Packaging, Flexible Packaging, Seating, HVAC Insulation, Building and Construction, Automotive, Agriculture) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032 “
· In November 2022, Foam Holdings, a Wynnchurch Capital, L.P. Portfolio Company, acquired Amvic, Inc. and Concrete Block Insulating System Inc. announced the acquisition of Amvic, headquartered in Toronto, Ontario, is an industry-leading manufacturer of expanded polystyrene foam insulation, radiant heat flooring, and construction and insulation products. CBIS, headquartered in West Brookfield, Massachusetts, producers EPS preformed concrete block insulation systems and insulated containers.
· In September 2021, the New York State Department of Environmental Conservation offered guidelines to ban expanded polystyrene foam containers and loose packaging, commonly called packing peanuts, beginning in 2022.
Polystyrene is most important in various end-use industries, polystyrene is widely used in the food-service industry as rigid trays and containers, disposable edible and foamed cups, plates and bowls. Polystyrene is also copolymerized or blended with other polymers, providing stiffness and strength in many important plastic and rubber products. Both polystyrene and plastic foam are used as insulators because they have small air bubbles trapped inside them, making them very good insulators because heat energy cannot flow through them. The polystyrene market is growing due to increase in thermal insulation, increase in demand for green buildings and increasing investment and development, increasing rate of world population and increasing industrialization and globalization. The worldwide polystyrene market is increasing innovation due to technological developments in polystyrene products that are more efficient to wear and use
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Key Market Insights from the report:
Polystyrene Market accounted for US$ 20.55 billion in 2022 and is estimated to be US$ 35.6 billion by 2032 and is anticipated to register a CAGR of 6.2%. The Polystyrene Market is segmented based on Type, Process, Application and Region.
· Based on Type, Polystyrene Market is segmented into General Purpose Polystyrene, High Impact Polystyrene, Expanded Polystyrene, Extruded Polystyrene, Others.
· Based on Application, Polystyrene Market is segmented into Rigid Packaging, Flexible Packaging, Seating, HVAC Insulation, Building and Construction, Automotive, Agriculture.
· By Region, the Polystyrene Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Polystyrene Market:
The prominent players operating in the Polystyrene Market includes, INEOS Styrolutionn Group GmbH, BASF SE, Formosa Chemicals & Fiber Corporation, Videolar-Innova S/A, Trinseo, Total Petrochemicals & Refining USA, Inc., LG Chem, SABIC, Dow Chemical Company, Foam Technologies, Inc. The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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