The Business Research Company’s “Polystyrene Foam Product Manufacturing Market By End Use Product (Packaging, Automotive And Construction), By Key Players And By Geography – Global Trends & Forecast To 2023” under its paper, plastics, rubber, wood and textile manufacturing category covers market characteristics, key players, market size and trends from 2019 to 2023.
The polystyrene foam products market size reached a value of nearly $62.4 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 3.8% to nearly $75.1 billion by 2023. Rapid growth in manufacturing and construction activity in emerging markets, increasing demand for electronic products globally and growth in the demand for automobiles globally are contributing to the growth of the polystyrene foam market. Restraints such as stringent regulations relating to polystyrene foam products, increasing access to alternatives to polystyrene foam products and rising trade protectionism threaten the polystyrene foam products market. The polystyrene foam product manufacturing market consists of sales by entities (organizations, sole traders and partnerships) that manufacture polystyrene foam products which are used in food packaging, electronics packaging, automobiles and the construction industry.
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The polystyrene foam product manufacturing market is categorized by segment, and by geography.
By Segment – The polystyrene foam product manufacturing market is segmented by service type into
The packaging segment accounted for the largest share of the polystyrene foam products market in 2018 at $30.5 billion. Major factors for this growth include increasing demand for electronic products and packaged food products globally.
By Geography –
- North America
- South America
- Asia Pacific
- Eastern Europe
- Western Europe
- Middle East
Asia Pacific is the largest region in the polystyrene foam products market, accounting for 39% of the global market. It was followed by Western Europe and North America. Going forward, the fastest growth in the polystyrene foam products market is predicted for Asia Pacific, followed by Western Europe at a CAGR of 2.6%.
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This post was originally published on Analytics News