Polystyrene Foam Market Size – Global Opportunities & Forecast 2021-2028
Polystyrene Foam Market
The global polystyrene foam market was valued at USD 25 billion by 2020, expanding at a rate of 45% during the forecast period. The increasing usage of polystyrene foam in packaging of food and beverages because of its remarkable damping features has bolstered the market growth.
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Polystyrene Foam Market Dynamics
The polystyrene foam market has grown significantly in the coming years. This is primarily because of the surge in building and construction activities. Thus, the increasing usage of polystyrene foam in building and construction is projected to expand the market growth. Polystyrene foam acts as a superior thermal insulator and serves a crucial role in addressing issues concerned with the insulation in building. Also, the increasing demand for protective packaging is projected to offer remarkable opportunities to the market. The increasing application of polystyrene foam in the construction of walls, roofs, and floors of building, electric instruments for power saving, and the surging demand for environment friendly products in the packaging industries will stimulate the Polystyrene Foam market size.
Apart from this, the expansion in healthcare industry has encourage their implementation in the medical applications, such as diagnostic components, housings for test kits, test tubes, tissue culture trays, an medical instruments is anticipated to expand the market growth. Further, as per the global Polystyrene Foam market analysis, their growing usage in several applications, such as automobile parts, protective packaging, home and appliance insulation, and automobile parts have raised the market growth. However, the unstable prices of raw material and strict norms enforced by the government regarding the usage of polystyrene foam will restrain the market growth.
Application Segment Drivers
Based on the application, the building and construction segment will expand at a remarkable rate over the forecast period. This is majorly attributed to its growing application in thermal insulation in residential and commercial construction because of its lightweight foam, endurance, adaptability, easy installation, and resilience to water damage. In addition, the global Polystyrene Foam market report projects that EPS is largely used to design green buildings because of the advantage of maintaining indoor air temperature, efficiently sealing gaps and closing air leaks, and reducing the energy usage in a building, which is expected to contribute to the market growth.
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