Polystyrene Market

The article discusses the expected growth in the global polystyrene market from 2022 to 2030, with a forecasted CAGR of +2.7% in consumption volume and +4.7% in market value. Key countries like China, India, and the United States lead in consumption and production. Import and export trends show fluctuations in volumes and prices, with certain countries showing significant growth rates. Overall, the market is expected to continue on an upward trend, driven by increasing demand worldwide.

Market Forecast

Driven by increasing demand for polystyrene worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 23M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.7% for the period from 2022 to 2030, which is projected to bring the market value to $40.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Polystyrene in Primary Forms

In 2022, consumption of polystyrene decreased by -1.8% to 19M tons, falling for the second year in a row after two years of growth. The total consumption volume increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Over the period under review, global consumption attained the peak volume at 20M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global polystyrene market value contracted modestly to $27.9B in 2022, remaining relatively unchanged against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the global market attained the maximum level at $29.9B in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (3.8M tons), India (2.6M tons) and the United States (1.8M tons), with a combined 44% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +22.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($5.1B), India ($3B) and the United States ($2.7B) constituted the countries with the highest levels of market value in 2022, together accounting for 39% of the global market.

India, with a CAGR of +17.9%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of polystyrene per capita consumption was registered in Singapore (107 kg per person), followed by South Korea (16 kg per person), Italy (8.7 kg per person) and Japan (6.9 kg per person), while the world average per capita consumption of polystyrene was estimated at 2.4 kg per person.

In Singapore, polystyrene per capita consumption expanded at an average annual rate of +7.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+0.3% per year) and Italy (-1.2% per year).

Production

World Production of Polystyrene in Primary Forms

In 2022, production of polystyrene decreased by -0.7% to 18M tons, falling for the second consecutive year after two years of growth. The total output volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2015 when the production volume increased by 11%. Global production peaked at 19M tons in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, polystyrene production totaled $23.3B in 2022 estimated in export price. Over the period under review, production saw a slight downturn. The growth pace was the most rapid in 2017 with an increase of 14%. Over the period under review, global production attained the maximum level at $28.9B in 2013; however, from 2014 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (3.3M tons), India (2.6M tons) and the United States (1.8M tons), with a combined 43% share of global production. Pakistan, South Korea, Japan, Brazil, Taiwan (Chinese), Singapore, Belgium, Russia, Turkey and Mexico lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Turkey (with a CAGR of +41.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Polystyrene in Primary Forms

Global polystyrene imports dropped to 6.1M tons in 2022, which is down by -8.8% compared with 2021. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 10% against the previous year. Global imports peaked at 6.7M tons in 2021, and then dropped in the following year.

In value terms, polystyrene imports reached $12.3B in 2022. In general, total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +63.3% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 59%. Over the period under review, global imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

In 2022, China (905K tons), distantly followed by Germany (353K tons), Italy (341K tons), Poland (334K tons) and the United States (333K tons) were the main importers of polystyrene, together achieving 37% of total imports. The following importers - Malaysia (221K tons), France (187K tons), Vietnam (178K tons), Mexico (168K tons), Spain (148K tons), Turkey (148K tons), Canada (120K tons) and Romania (113K tons) - together made up 21% of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of polystyrene. At the same time, Malaysia (+9.6%), Spain (+7.3%), Romania (+4.5%), Vietnam (+3.7%), Poland (+3.6%), the United States (+3.0%), Mexico (+2.6%) and Italy (+1.2%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in the world, with a CAGR of +9.6% from 2012-2022. Canada and Germany experienced a relatively flat trend pattern. By contrast, France (-1.5%) and Turkey (-9.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia and Poland increased by +2.1 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.2B), Germany ($809M) and Poland ($806M) constituted the countries with the highest levels of imports in 2022, with a combined 23% share of global imports. The United States, Italy, France, Vietnam, Mexico, Spain, Turkey, Canada, Romania and Malaysia lagged somewhat behind, together accounting for a further 34%.

Spain, with a CAGR of +8.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Polystyrene in primary forms (excluding expansible polystyrene) represented the largest imported product with an import of about 3.6M tons, which recorded 58% of total imports. It was distantly followed by expansible polystyrene in primary forms (2.6M tons), creating a 42% share of total imports.

From 2012 to 2022, the biggest increases were recorded for expansible polystyrene in primary forms (with a CAGR of +1.1%).

In value terms, the largest types of imported polystyrene were polystyrene in primary forms (excluding expansible polystyrene) ($6.3B) and expansible polystyrene in primary forms ($6.2B).

Expansible polystyrene in primary forms, with a CAGR of +3.1%, saw the highest rates of growth with regard to the value of imports, among the main imported products over the period under review.

Import Prices By Type

The average polystyrene import price stood at $2,008 per ton in 2022, rising by 13% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 55% against the previous year. Over the period under review, average import prices hit record highs at $2,032 per ton in 2013; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major imported products. In 2022, the product with the highest price was expansible polystyrene in primary forms ($2,373 per ton), while the price for polystyrene in primary forms (excluding expansible polystyrene) amounted to $1,748 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by expansible polystyrene (+2.0%).

Import Prices By Country

In 2022, the average polystyrene import price amounted to $2,008 per ton, surging by 13% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 55% against the previous year. Over the period under review, average import prices reached the maximum at $2,032 per ton in 2013; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($2,441 per ton), while Malaysia ($1,073 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+2.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Polystyrene in Primary Forms

In 2022, shipments abroad of polystyrene decreased by -6.4% to 5.3M tons for the first time since 2017, thus ending a four-year rising trend. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 5.8%. The global exports peaked at 5.7M tons in 2021, and then contracted in the following year.

In value terms, polystyrene exports stood at $9.8B in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 57% against the previous year. The global exports peaked at $10.3B in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, Taiwan (Chinese) (714K tons), followed by Belgium (449K tons), China (394K tons), France (362K tons), the Netherlands (283K tons), the United States (277K tons) and Malaysia (262K tons) represented the main exporters of polystyrene, together comprising 51% of total exports. South Korea (219K tons), Hong Kong SAR (212K tons), Iran (175K tons), Mexico (168K tons), Turkey (164K tons) and Japan (154K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of +58.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest polystyrene supplying countries worldwide were Taiwan (Chinese) ($1B), Belgium ($1B) and France ($792M), with a combined 29% share of global exports. The Netherlands, China, the United States, Mexico, Turkey, South Korea, Malaysia, Hong Kong SAR, Iran and Japan lagged somewhat behind, together comprising a further 40%.

Iran, with a CAGR of +55.1%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Polystyrene in primary forms (excluding expansible polystyrene) was the key type of polystyrene in the world, with the volume of exports recording 3.5M tons, which was near 63% of total exports in 2022. It was distantly followed by expansible polystyrene in primary forms (2M tons), comprising a 37% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exported products, was attained by expansible polystyrene in primary forms (with a CAGR of +1.2%).

In value terms, polystyrene in primary forms (excluding expansible polystyrene) ($5.6B) and expansible polystyrene in primary forms ($4.2B) were the products with the highest levels of exports in 2022.

Among the main exported products, expansible polystyrene in primary forms, with a CAGR of +2.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices By Type

The average polystyrene export price stood at $1,829 per ton in 2022, increasing by 10% against the previous year. In general, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 51%. Over the period under review, the average export prices attained the maximum at $1,891 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exported products. In 2022, the product with the highest price was expansible polystyrene in primary forms ($2,102 per ton), while the average price for exports of polystyrene in primary forms (excluding expansible polystyrene) stood at $1,603 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by expansible polystyrene (+1.3%).

Export Prices By Country

The average polystyrene export price stood at $1,829 per ton in 2022, surging by 10% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 51% against the previous year. Over the period under review, the average export prices hit record highs at $1,891 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($2,470 per ton), while Iran ($1,077 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+2.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform