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Polystyrene-Plastic Material And Resins Global Market Report 2024 Market Insights, Size, Forecast, Growth, Trends 2024-2033
Polystyrene-Plastic Material And Resins Global Market Report
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According to The Business Research Company's, The polystyrene-plastic material and resins market size has grown rapidly in recent years. It will grow from $45.72 billion in 2023 to $52.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to packaging industry, construction and insulation, consumer goods and electronics, food service industry.
The polystyrene-plastic material and resins market size is expected to see rapid growth in the next few years. It will grow to $85.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to sustainability and recycling, circular economy initiatives, construction and infrastructure development, consumer goods and electronics innovation. Major trends in the forecast period include .
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Market Drivers and Trends:
The demand for packaged products has increased recently, particularly in emerging economies such as China and India. As the size of the middle-class grew in these countries, the consumption of processed foods, poultry, meat, and agricultural products increased. According to the trade economy, the Gross Domestic Product per capita in China was $10430.73 US dollars in 2020. India's Gross Domestic Product (GDP) per Capita reached 1,947.417 USD in March 2021, compared with 2,140.396 USD in March 2020. The increase in per-capita income in these economies resulted in the emerging middle-class purchasing more packaged goods. The demand for packaged goods increased the consumption of polystyrene for their packaging, driving the market.
The construction and packaging sectors in developing countries are increasingly using Expanded Polystyrene (EPS). EPS provides design and structural cohesion to construction projects and possesses the physical and mechanical properties required for insulation. It is mostly used in the construction sector due to its properties of closed air, low thermal conductivity, low water absorption, lightweight, mechanical resistance, and sound resistance. EPS offers sound weight and volume performances compared to other building materials, making construction simple.
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• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
A.Schulman Inc., ACH Foam Technologies Inc., Alpek SAB de CV, Americas Styrenics LLC, Atlas Roofing Corporation, Austrotherm GmbH, BASF SE, BEWiSynbra Group AB, CHIMEI Corporation, DuPont de Nemours, Inc., Flint Hills Resources LLC, Formosa Chemicals & Fibre Corporation, Formosa Plastic Corporation, HIRSCH Servo AG, INEOS Styrolution Group GmbH, Kaneka Corporation, Knauf Gips KG, Korea Kumho Petrochemical Co. Ltd., LG Chem Ltd., Loyal Group, NexKemia Petrochemicals Inc., NOVA Chemicals Corporation, Owens Corning Inc., Penoplex SPB LLC, Ravago SA, Saudi Arabia's Basic Industries Corporation, Saint-Gobain Isover SA, RTP Company Inc., Colour Image Plastic Compound Sdn Bhd, Cossa Polimeri S.r.L., CRP Technology, Denka Company Limited
Polystyrene-Plastic Material And Resins Market 2024 Key Insights:
• The polystyrene-plastic material and resins market size is expected to see rapid growth in the next few years. It will grow to $85.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Rising Middle-Class And Increased Demand For Packaged Goods Fuel Polystyrene Market Growth
• Expanding Use Of Expanded Polystyrene (EPS) In Construction And Packaging In Developing Countries
• Asia-Pacific was the largest region in the polystyrene market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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