The Asia Pacific Polystyrene Market would witness market growth of 4.2% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 7,926.7 Kilo Tonnes, showcasing a growth of 3.5% (2019-2022).
It has established itself as a stalwart in the packaging industry. Its lightweight nature and excellent insulating properties make it ideal for packaging materials such as foam trays, clamshell containers, and disposable cups. EPS, commonly known as Styrofoam, is widely used for packaging fragile items due to its ability to absorb shocks and protect delicate products during transit. The construction sector relies heavily on this for insulation purposes. Expanded sheets are insulation materials that provide an effective barrier against heat transfer.
This is used to construct decorative elements like moldings and trims due to its ease of shaping and affordability. It is a key player in the consumer electronics industry, prominently producing casings for various electronic devices. It is an ideal material for safeguarding delicate electronic components due to its resistance to impact and ability to be molded into intricate shapes. Test tubes, petri dishes, and other disposable laboratory supplies are frequently made of this in the medical field.
According to the India Brand Equity Foundation, India is one of the greatest sectors for consumer electronics in the Asia-Pacific region. India has committed to attain US$ 300 billion in electronics manufacturing and US$ 120 billion in exports by 2025-26. It is used in the manufacturing of various consumer goods in India. In India, manufacturers can design packaging that fits the specific requirements of different products, protecting during transportation and storage. All these factors will uplift the regional market’s expansion in coming years.
The China market dominated the Asia Pacific Polystyrene Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,900.6 Million by 2030. The Japan market is registering a CAGR of 3.5% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 4.9% during (2023 - 2030).
Based on Form Type, the market is segmented into Foams, Injection Molding, Films & Sheets, and Others. Based on End-Use, the market is segmented into Packaging, Building & Construction, Consumer Goods, Electrical & Electronics, and Others. Based on Resin Type, the market is segmented into High Impact Polystyrene (HIPS), General Purpose Polystyrene (GPPS), and Expandable Polystyrene (EPS). Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Polystyrene Market is Predict to reach $54.8 Billion by 2030, at a CAGR of 4.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SABIC (Saudi Arabian Oil Company), Alfa, S. A. B. de C. V., BASF SE, CHIMEI Corporation, TotalEnergies SE, INEOS Styrolution Group GmbH, Atlas Roofing Corporation (Atlas Molded Products) (Hood Companies, Inc.), Trinseo PLC, LG Chem Ltd. (LG Corporation), and Synthos S.A.
By Form Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Resin Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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