What is Polystyrene Foams?
Polystyrene also is made into a foam material, called expanded polystyrene (EPS) or extruded polystyrene (XPS), which is valued for its insulating and cushioning properties. Foam polystyrene can be more than 95 percent air and is widely used for different applications. The global polystyrene foam market is expected to grow at a healthy pace during the forecast period, according to the AMA study. The rising demand from the building & construction sector along with the electronics & appliances sector for insulation purposes are expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
The market study is broken down by Type (Expandable Polystyrene Foam and Extruded Polystyrene Foam), by Application (Home & Appliance Insulation, Lightweight Protective Packaging, Surfboards, Food Service & Food Packaging, Automobile Parts, Roadway Stabilization Systems and Others) and major geographies with country level break-up.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Analysts at AMA Research estimates that Vendors from United States will contribute to the maximum growth of Global Polystyrene Foams market throughout the predicted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AFP Inc. (United States), BASF (Germany), Cherokee Packaging, Inc. (United States), Chevron Phillips Chemical (United States), Deluxe Packaging, Inc. (United States), Dow (United States), Remington Products (United States), Quality Foam Packaging Inc. (United States), Versalis S.p.A. (Italy), Williams Foam Co. (United States) and Wisconsin Foam Packaging Inc. (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Polystyrene Foams market by Type, Application and Region.
On the basis of geography, the market of Polystyrene Foams has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use, the sub-segment i.e. Consumer Appliances will boost the Polystyrene Foams market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. Online will boost the Polystyrene Foams market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Stringent Government Regulations Regarding the Use of Polystyrene Foams in Foodservice Industry by FDA Impacting the Demand for Polystyrene Foam Market
Market Trend
- Growing Adoption of Online Sales Channel
Market Drivers
- Growing Demand from Foodservice Applications
- Increasing Demand from the Appliances Applications Owing to Increase in Sales of Smart Appliances
Opportunities
- Opportunities Across Electronics & Consumer Appliances Applications
- Opportunities Across the Asia Pacific Region Propelled by Rising Urbanization & Growth in Building & Construction Sector
Restraints
- Contains Substances which can Lead to Migration in Very Tiny Amounts to Foods or Beverages
Challenges
- Disrupted Supply Chain Owing to COVID-19 Pandemic has Impacted the Sales of Polystyrene Foam in the FY 2020
Analyst View
Since the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the global polystyrene foam market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.