Polystyrene can be defined as a complex and solid plastic produced through styrene's polymerization. According to BlueQuark Research & Consulting, the global Polystyrene market is expected to witness considerable growth during the forecasted period. Factors such as the rising demand for packaging products, including food and non-food packaging, have increased owing to the rising consumer spending trend on e-commerce and food delivery applications, positively impacting the demand for polystyrene. Further, the increase in the penetration of polystyrene in the electronics and appliances industry is estimated to cushion the development of the polystyrene market in the forecasted period. Furthermore, the development of thermal insulation is further anticipated to propel the growth of the global polystyrene market in the forecasted period. However, due to the need for more recycling facilities, most of the polystyrene needs to be recycled, leading to waste generation, making the end-users look for an alternative material that is expected to hinder the global market growth.

 Polystyrene is also a versatile plastic mainly used in refrigerators, air conditioners, instrument panels, televisions, computers, and disposable utensils. HIPS are also used in electronic and appliance applications, such as computer housings, TV housings, and freezer and refrigerator liners.

 High-impact polystyrene contains rubber. It is less transparent than GPPS. It is used for products that need high-impact resistance. HIPS has a usual flow but is less glossy than GPPS. It is crack-resistant and is utilized in injection molding. HIPS also has good dimensional stability. It is effortless to paint and glue and has a low cost. It is used for housing and covers, low-strength structural components, models and prototypes, fixtures, printed graphics, etc. Majorly, HIPS are sold in medium and high grades. Other grades include high-gloss grades, ignition resistance, and environment stress crack-resistant grades. Packaging is the largest segment for HIPS. It is utilized for food packaging (meat trays, egg cartons, fruit trays, dairy packaging, etc.), industrial packaging, and consumer packaging (cassettes, CD covers, etc.). Driven by the increase in population, demand for packaged food and beverage is set to observe further growth during the forecasted period. The unusual shift from rural to urban living is a significant demographic impacting the global consumption of packaged food. The change can be credited to the extensive product usage in packaging applications owing to the excellent shock-absorbing characteristics that make it ideal for storing and transporting products, such as electronics equipment, consumer goods, wines, healthcare, and chemical products. Polystyrene can be painted, colored, and printed on, making it a favorable alternative for packaging. Food packaging in polystyrene is believed to be more hygienic than plates reused after being washed. Hence, disposable and reusable containers have extensive application in perishable packaging items in the food & beverage industry. Also, packaging industries place several polystyrene materials to safeguard sensitive items packed in boxes. Polystyrene can be easily molded to fit products comprising electronics, glassware, and chemicals to avert breakage. Excellent moisture resistance and thermal insulation recommended by EPS help retain the freshness of perishable products, such as fruits, seafood, and vegetables. Furthermore, the compression resistance provided by these materials drives their demand for stackable packaging goods. 

Asia-Pacific is forecasted to be the fastest-growing region during the forecast period. China is believed to have the largest market in the Asia Pacific area, followed by India. The construction industry in this region is the fastest-growing. Major factors expected to boost the growth of the polystyrene market in the forecast period are the growth from the expanded utilization of expandable polystyrene (EPS) in the HVAC insulation implementations. Furthermore, the development of thermal insulation is further predicted to propel the growth of the polystyrene market. The surge in the penetration of polystyrene in the electronics and appliances industry is further approximated to cushion the development of the polystyrene market. The rise in the variable costs of the raw material is further projected to impede the growth of the polystyrene market in the timeline period. The increasing need for sustainable and lightweight solutions that offer extreme durability and improved thermal insulation is projected to enhance the market's growth in the forecast period. The growing demand for acoustic and thermal insulation in the building and construction industry in developing economies, including China and India, is projected to increase the demand for high-quality polymers. Furthermore, rising construction activities of durable residential and commercial buildings, which can easily withstand extreme external environmental factors, are anticipated to drive market growth over the forecast period. Expanded polystyrene (EPS) is utilized in the construction industry to reduce energy consumption and Greenhouse Gas (GHG) emissions. In recent years, green buildings have been gaining more popularity than conventional ones. Green buildings provide advantages including improved air quality, reduced operating expenditure, minimized overall load on metal frames, and productive use of energy & water in contrast to conventional buildings. Excellent insulation provided by EPS is significantly increasing its demand in green buildings. Thus, with the growing demand for green buildings, the EPS market is also expected to witness substantial growth over the forecast period.

The global polystyrene market is highly fragmented. Major market players were Total Petrochemicals, Ineos, Jiangsu Laidun Baofu Plastifying Co., Ltd., and SABIC, among others.

In February 2020, Versalis S.p.A has developed a Styrofoam that supports lower emissions and energy consumption under the trademark Extir FL 3000. Like all Versalis' types of EPS, Extir® FL 3000 is 100% recyclable.

In December 2019, DIC Corporation increased the production capacity of its polystyrene plant in Yokkaichi to 216 kilo tonnes by reinforcing the production facility and optimizing processes to facilitate stable supplies to the growing market for food trays.

The Global Polystyrene Market report provides deep insight into the current and future state of the Polystyrene market across various regions. The study comprehensively analyzes the Polystyrene market by segmenting based on geography, type (General Purpose Polystyrene, High Impact Polystyrene, and Expandable Polystyrene), By End-user (Building & Construction, Packaging, Consumer Goods, Electrical & electronics and others). The report examines the market drivers and restraints along with the impact of Covid-19 on the market growth in detail. The study covers & includes emerging market size, trends, developments, opportunities, and challenges in the industry. This report also covers an extensively researched competitive landscape with profiles of prominent companies, including their market shares and projects.