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Polystyrene Foam
Market Size – Global Opportunities & Forecast 2021-2028
Polystyrene
Foam Market
The global polystyrene foam market was valued at USD 25 billion by 2020,
expanding at a rate of 45% during the forecast period. The increasing usage of
polystyrene foam in packaging of food and beverages because of its remarkable
damping features has bolstered the market growth.
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Report on Polystyrene Foam Market
Polystyrene Foam Market Dynamics
The polystyrene foam market has grown significantly in the
coming years. This is primarily because of the surge in building and
construction activities. Thus, the increasing usage of polystyrene foam in
building and construction is projected to expand the market growth. Polystyrene
foam acts as a superior thermal insulator and serves a crucial role in
addressing issues concerned with the insulation in building. Also, the
increasing demand for protective packaging is projected to offer remarkable
opportunities to the market. The increasing application of polystyrene foam in the
construction of walls, roofs, and floors of building, electric instruments for
power saving, and the surging demand for environment friendly products in the
packaging industries will stimulate the Polystyrene Foam market size.
Apart from this, the expansion in healthcare industry has
encourage their implementation in the medical applications, such as diagnostic components,
housings for test kits, test tubes, tissue culture trays, an medical
instruments is anticipated to expand the market growth. Further, as per the global Polystyrene Foam market analysis, their growing usage in several applications,
such as automobile parts, protective packaging, home and appliance insulation,
and automobile parts have raised the market growth. However, the unstable
prices of raw material and strict norms enforced by the government regarding
the usage of polystyrene foam will restrain the market growth.
Application Segment Drivers
Based on the application, the building and construction segment
will expand at a remarkable rate over the forecast period. This is majorly
attributed to its growing application in thermal insulation in residential and
commercial construction because of its lightweight foam, endurance, adaptability,
easy installation, and resilience to water damage. In addition, the global Polystyrene Foam market report projects
that EPS is largely used to design green buildings because of the advantage of maintaining
indoor air temperature, efficiently sealing gaps and closing air leaks, and reducing
the energy usage in a building, which is expected to contribute to the market
growth.
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Research
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provides market insights and intelligence across 12 major sectors helping our
clients in making effective investment and business decisions.
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