The North America Polystyrene Market would witness market growth of 3.2% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 3,407.8 Kilo Tonnes, showcasing a growth of 2.6% (2019-2022).
The food and beverage industry favours polystyrene (PS) for its superior insulating qualities and lightweight nature, which has led to a surge in demand for PS in the packaging industry. Recyclable and sustainable packaging solutions are becoming increasingly popular as consumers grow more environmentally conscious. The manufacturers' response to this trend is developing bio-based and recycled PS products to satisfy the market's changing demands. The growth of the construction and automotive sectors is a significant development in the market. PS foam sheets and boards are widely used in the construction and insulation industries.
The cost-effectiveness of polystyrene is a significant determinant in its widespread adoption. The production process is relatively economical, making the end products affordable for various industries. This has contributed significantly to its extensive packaging, disposable products, and construction use. Its lightweight nature is a crucial factor contributing to its adoption across various applications. Cost-effectiveness is a significant determinant in the widespread adoption of this. This characteristic makes it a highly suitable option for sectors that value weight, including packaging and transportation.
As per the International Trade Administration, the US automotive industry is one of the world's largest. In 2020, the United States sold 14.5 million light vehicles. The United States is the world's second-largest vehicle sales and production region. According to Autos Drive America, automakers produced 5 million vehicles in the United States in 2020. It produces various medical products in North America, including disposable items and pharmaceutical packaging. Due to these aspects, the market will expand across the North America region in upcoming years.
The US market dominated the North America Polystyrene Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $8,196.3 Million by 2030. The Canada market is experiencing a CAGR of 5.5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 4.6% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The 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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