Rise in urbanization and industrialization that led to growth of the building & construction sector, stringent energy efficiency and fire safety policies, and rise in demand from the packaging sector drive the growth of the global polystyrene foam market. Production activities of the polystyrene foam have been halted during the Covid-19 pandemic due to lockdown measures, unavailability of sufficient workforce, and supply chain disruptions across the globe.
Portland, Nov. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global polystyrene foam market generated $46.2 billion in 2020, and is estimated to generate $73.8 billion by 2030, witnessing a CAGR of 5.1% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Rise in urbanization and industrialization that led to growth of the building & construction sector, stringent energy efficiency and fire safety policies, and rise in demand from the packaging sector drive the growth of the global polystyrene foam market. However, volatility in raw material prices hinders the market growth. On the other hand, demand for foam-based materials from the non-residential building sector present new opportunities in the coming years.
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Covid-19 Scenario:
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Production activities of the polystyrene foam have been halted due to lockdown measures, unavailability of sufficient workforce, and supply chain disruptions across the globe. This impacted the production volumes of polystyrene foam.
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The demand from end-use industries such as packaging, building & construction, and others decreased considerably due to stoppage of daily activities during the lockdown. However, the demand is projected to rise during the post-lockdown as daily operations begin in these industries.
The report offers detailed segmentation of the global polystyrene foam market based on product, end-use industry, and region.
Based on product, the EPS segment held the highest share in 2020, accounted for nearly two-thirds of the total share, and is projected to continue its leadership status during the forecast period. Moreover, this segment is estimated to witness the largest CAGR of 5.4% from 2021 to 2030. Moreover, the research analyses the XPS segment.
Based on end-use industry, the building & construction segment accounted for the highest share in 2020, contributing to nearly three-fifths of the total share of the global polystyrene foam market, and is expected to continue its dominance during the forecast period. However, the packaging segment is projected to manifest the highest CAGR of 6.0% from 2021 to 2030.