Polystyrene Foam Market Trends

Statistics for the 2023 & 2024 Polystyrene Foam market trends, created by Mordor Intelligence™ Industry Reports. Polystyrene Foam trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Polystyrene Foam Industry

This section covers the major market trends shaping the Polystyrene Foam Market according to our research experts:

Rising Demand for Polystyrene Foam in Various Building and Construction Applications

  • Building and construction application segment dominated the polystyrene foam market in 2021, accounting for significant of the market share.
  • The growth is attributed to growing consumption of polystyrene foam in thermal insulation applications, from residential and commercial construction, due to its durability, lightweight property, ease of installation, versatility, and water resistance capability.
  • Expanded polystyrene foam (EPS) is widely used in the building and construction industry, due to its chemical inertness, insulation properties, and bacterial and pest resistance properties. It also provides numerous environmental benefits, including recycled content, reduced energy consumption, improved indoor air quality, and localized distribution owing to which it is used in green building constructions.
  • EPS foam find range of applications as insulated panel systems for walls, facades, floors, and roofs in buildings. Further it is used in the construction of pontoons and marinas as flotation material and as a lightweight fill in road construction, which is thereby likely to contribute to the growth of the studied market.
  • Additionally, extruded polystyrene foam (XPS) offers unique properties of low water absorption and good compressive strength, due to which it is used as thermal insulation material in construction of foundations, basements, walls, roofs, floors, pipelines, and roads.
  • Augmenting building and construction activities, and rising adoption polystyrene foam across the globe are among key factors driving growth of the target industry. For instance,
    • As per the data published by US Census Bureau in 2021, the total value of residential housing during April 2020-2021 was USD 217,30 million over USD 178,362 million for FY 2019-2020, up by 21.8%. This trend is anticipated to continue and will boost growth of the target industry soon.
    • As per Ministry of Land, Infrastructure, Transport and Tourism, (MLIT), the value of orders received for construction works in Japan was valued at JPY 15.1trillion in 2021 compared to JPY 14.88 trillion in 2020, thereby fuelling demand for polystyrene foam market.
    • According to European Commission, in comparison to 2020, annual average construction production increased by 5.2% across the euro region and 4.8% in the EU in 2021. Furthermore, in December 2021 the UK monthly construction output increased by 2% as compared to the previous month. Thus, with the increasing building and construction activities, the demand for polystyrene foam will also significantly increase.
  • Therefore, considering the aforementioned factors, the demand for polystyrene foam is expected to rise in the building and construction application segment significantly in near future.
 polystyrene foam industry

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the worldwide market in 2021, with the significant market share in terms of revenue, and is projected to maintain its dominance during the forecast period of 2022-2027.
  • Growing demand for polystyrene foam into packaging, building and construction, automotive, electronics appliances applications across the Asian countries are primary factor driving growth of the target industry in Asia Pacific.
  • Besides building and construction, polystyrene foam also finds applications in food and industrial packaging sector to protect the consumer products and to offers safety from risk in transport and handling.
  • It possesses shock absorption property, due to which it is widely used in the packaging of delicate electronic components, medical equipment, electrical consumer goods, horticulture products, and foodstuffs including fruit, vegetables, and seafood.
  • Further, the product is also used in various automotive applications such as vehicle parts, trims, knobs, instrument panels, sound dampening foam, and energy absorbing door panels. It is widely utilized in the manufacturing of child protective seats.
  • Rapidly growing construction, packaging, and automotive sector in India, China, and Japan are propelling demand for polystyrene foam which will further enhance growth of market studied.
    • As per the National Bureau of Statistics of China, output value of the construction works in China accounted for CNY 25.92 trillion in 2021 compared to CNY 23.27 trillion in 2020, thereby enhanced the demand for polystyrene foam-based construction industry products such as insulated panel systems for walls, facades, floors, roofs, and others.
    • As per Japan Packaging Institute (JPI), the Japanese packaging industry was valued at JPY 6,147.7 billion in 2021, over JPY 6,010.9 billion in 2020, which is likely to enhance the demand for polystyrene foam in respective application.
    • According to India Brand Equity Foundation, the India e-commerce industry is likely to increase by 21.5%, reaching USD 74.8 billion, in 2022. Furthermore, country's e-commerce industry is expected to reach USD 350 billion by 2030. Rising trend in e-commerce sector is likely to enhance the demand for packaging, which will in turn, augment the demand for studied market in the country.
    • According to OICA, China produced 26.08 million unit's vehicles in 2021, registering an increase of 3% compared to 25.23 million units produced in 2020. As per India Energy Storage Alliance (IESA), the Indian EV industry is expected to expand at a CAGR of 36%, which in-turns stimulates the demand for polystyrene foam.
  • Additionally, presence of major players such as DuPont, Arkema, BASF SE, and TotalEnergies in the Asia Pacific region will augment growth of the region during the forecast period.
  • The key companies operating in the Asia Pacific polystyrene foam market are focusing on the capacity expansion. This trend is anticipated to continue and will boost growth of the region over the forecast period.
  • All aforementioned factors are likely to fuel growth of the Asia-Pacific polystyrene foam market over the forecast time frame.
 polystyrene foam market report

Polystyrene Foam Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)