The Latin America, Middle East and Africa Polystyrene Market would witness market growth of 7.9% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 1,269.0 Kilo Tonnes, showcasing a growth of 7.0% (2023-2030).
Nanotechnology is being harnessed to enhance the properties of polystyrene. Incorporating nanoparticles can improve strength, thermal stability, and barrier properties, opening new possibilities for applications in demanding environments such as the automotive and aerospace industries. The integration of smart technologies with this is a burgeoning area of innovation. This includes developing polystyrene-based materials with self-healing properties or those that can respond to external stimuli, adding an extra layer of functionality.
The food and beverage industry extensively uses this for packaging, including disposable items such as cups, plates, and food containers. Its affordability, insulation properties, and ease of customization make it a preferred choice in the packaging of food products. The rise of takeout and food delivery services has increased the demand for convenient and reliable packaging. These containers are chosen for their ability to keep food warm during transit, contributing to their widespread use in the food delivery industry.
According to the International Trade Administration, in 2020, Saudi Arabia accounted for nearly 52% of all vehicles sold in the Gulf Cooperation Council (GCC) and 35% in the MENA region. In Saudi Arabia, 556,000 vehicles were sold in 2019 and 436,000 in 2020. Sales are anticipated to reach 543,000 units by 2025, with only 32,000 units being electric vehicles. It is extensively used in the packaging industry for protective and insulating packaging solutions in Saudi Arabia. The rising demand for efficient packing materials and the expansion of e-commerce drive the use of these in Saudi Arabia. The factors mentioned above will drive the regional market growth.
The Brazil market dominated the LAMEA Polystyrene Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,173.1 Million by 2030. The Argentina market is showcasing a CAGR of 8.5% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 8.2% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Polystyrene Market is Projected to reach USD 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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