The polystyrene packaging market is It is expected to grow moderately over the projected period, at a 4.4% CAGR, according to FMI’s analysis. It is anticipated that the industry would grow to a market value of US$24.01 billion by 2023.
Global demand for cosmetics and personal care products is rising due to rising disposable incomes, a desire to appear good, and growing worries about personal cleanliness. These products include perishable substances that have a limited shelf life. Light, heat, air, and cold can all degrade the inherent ingredients’ stability and quality. All of these problems are resolved by polystyrene packaging, which guarantees easy transportation while delivering the wrapped item in its original physical state.
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The polystyrene packaging industry is also gaining momentum due to its extensive deployment to pack medical products. Deployment of this packaging has been a result of increased access to healthcare services, greater general awareness regarding healthcare, increasing use of medical insurance, surging per capita income, and rising research activities. Since customers must take extreme caution while obtaining pharmaceutical products due to their susceptibility to contamination, pharmaceutical businesses provide these products wrapped with polystyrene packing.
Polystyrene is usually used in food packaging materials like disposable dishes, spoons, hot and cold cups, egg trays, meat trays, and containers for personal care products and medications.
The heart of the marketing plan of any product is its packaging since it scales the product’s shelf life and smoothens handling. It also acts as a promotional strategy, thus helping businesses attract customers by placing the product in striking packets. Therefore, many businesses are packaging their products in polystyrene, which can be easily printed and designed as per business requirements.
The key participants must tackle certain pain points to maintain their competitiveness. The presence and use of other low-cost, lightweight, and green materials is a barrier to the polystyrene packaging industry. Hot or cold food products are packed in cups or containers of polylactic acid-lined paper. The utilization of edible cups made of polystyrene products for serving and packaging is assisting in spreading out the polystyrene packaging market.
Variations in the cost of raw materials and strict laws for using polystyrene are also challenging the market growth.
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Top Highlights from the FMI’s Analysis of the Polystyrene Packaging Market:
- The North American market is expected to account for a prominent market share in the forecast period. Due to high revenue generation in the region, more manufacturers are expected to enter this market.
- Within North America, the United States is expected to amass a majority of the market share.
- Another key market for polystyrene packaging is Europe. In the next ten years, the market is expected to observe technological advancements and increased investments by manufacturers.
- Asia Pacific countries are expected to observe robust growth over the forecast period.
Key Developments in the Market:
- In April 2021, Versalis, a chemical company possessed by Eni, ramped up its selection of “circular” goods developed from recycled raw materials. Versalis Revive’s offering also includes a new solution for food packaging made of 75% domestic post-consumer polystyrene.
- Currys PC World stores started approving recycled expanded polystyrene (EPS) packaging from Dixons Carphone, the United Kingdom-based technology retailer, in August 2021.
- Sunpor is expanding its production volume by 30,000 tonnes due to its effective response to the present EPS industry trend.
Global Polystyrene Packaging Market by Category
By Material:
- Foam
- Plastic
By Product:
- Bowls
- Cups
- Bags
- Pouches
- Wraps & Films
- Boxes & Clamshell
- Plates & Trays
By End Use Industry:
- Food & beverage
- Pharmaceutical
- Electrical & Electronics
- Cosmetics & Personal Care
- Automotive
- Aerospace
- Consumer Goods
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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