Asia Polystyrene Packaging Market - Forecast (2022 - 2027)

The Asia polystyrene packaging market is forecast to reach $14.1 billion by 2027, after growing at a CAGR of 5.86% during 2022-2027, owing to the rising usage of polystyrene packaging in various packaging applications such as industrial, food & beverages, and others in the region. Polystyrene is a polymer of synthetic aromatic hydrocarbon made from a monomer called styrene. It is also used for packaging various other materials like electronic appliances, toys, and others. The major factor that is driving the use of polystyrene packaging in the food industry is that it is economical and comes with reusable containers. Furthermore, the use of polystyrene in food packaging is safe, which is anticipated to drive the polystyrene packaging market substantially in the Asia region during the forecast period.

Asia Polystyrene Packaging Market Report Coverage

The report: “Asia Polystyrene Packaging Market - Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Asia Polystyrene Packaging Industry.

• By Grade: Extrusion Molded, Injection Molded, Blow Molded, and Others
• By Packaging FilmType: General Purpose Polystyrene (GPPS), High Impact Polystyrene (HIPS), and Others
• By End-Use Industry: Electronics Packaging (Semiconductor, Cables, CD & DVD’s, Gadgets, and Others), Industrial Packaging, Automotive Packaging, Food Packaging (Bakery, Fresh Food, Meat & Poultry, and Others), Cosmetic Packaging, and Others
• By Country: China, Japan, India, South Korea, Taiwan, Malaysia, Philippines, Vietnam, and the Rest of Asia Pacific

Key Takeaways

• The Indian government will be investing Rs 40 crore (US$ 6.2 million) to increase the domestic production of plastics in the country. Thus, the increasing packaging industry in the region will flourish in the Asia polystyrene packaging market.
• Polystyrene such as expanded polystyrene is commonly used in food packaging, where it comes in two forms, rigid and foam. The rigid form is used for clear food containers, plates, bowls, beverage cups and lids, utensils, and straws. The foam form is used for plates, insulated beverage cups and bowls, clamshell food containers, and trays.
• Indian Institute of Technology, Hyderabad (IIT-H) has developed a new technology to recycle waste polystyrene (PS) using agriculture waste (citrus peel extract) and develop it into a non-woven fabric. Such technological advancement in this field will eventually boost the Asia polystyrene packaging market growth.
• Due to the COVID-19 pandemic, most of the Asia Pacific countries have gone under lockdown, due to which operations of various industries such as packaging have been negatively affected, which is limiting the Asia polystyrene packaging market growth.

Asia Polystyrene Packaging Market Segment Analysis - By Grade

The injection molding segment holds a significant share in the asia polystyrene packaging market in 2019. One of the most common plastics used in thermoplastic injection molding is polystyrene, a synthetic polymer often used when molding packaging and industrial components. Usually in the form of foam or plastic, injection molded polystyrene is a non-toxic and odorless material, and is one of the predominant plastics used in the food packaging industry as well as the automation industry. Its solidity and clarity make it useful for everything from automobile parts and electronics to toys and plastic utensils. Furthermore, injection molded polystyrene is often used in cost-effective packaging products, which is anticipated to be the major reason for the market growth during the forecast period.

Asia Polystyrene Packaging Market Segment Analysis - By Packaging Type

General-purpose polystyrene (GPPS) and High Impact Polystyrene (HIPS) are both considered low-cost. However, general-purpose polystyrene is a more cost-effective option. GPPS is fragile and has a low-impact of strength as well as less dimensional stability than HIPS. General Purpose Polystyrene is fully transparent and rigid and is widely used in food packaging applications or jewel cases. On the other hand, high impact polystyrene, at the cost of not being naturally clear or transparent, is impact resistant. It can be painted on and glued easily. It is economical and easy to produce, but generally more costly than GPPS. HIPS has a matte finish and is a preferred material for thermoforming. In transparent food packaging, GPPS has a glass-like clarity that makes it popular, and it can be easily molded into various shapes. GPPS is also a popular choice for plastic toy applications because of this same reason. Thus, both the segments hold a prominent share in the Asia polystyrene packaging market during the forecast period.

Asia Polystyrene Packaging Market Segment Analysis - By End-Use Industry

The food packaging sector held the largest share in the Asia polystyrene packaging market in 2019 and is growing at a CAGR of 6.10%, owing to the wide demand for polystyrene packaging in the food packaging industry. The demand for polystyrene is increasing in the protective packaging as it is FDA approved and is safe for use in contact with food. In homes, hospitals, schools, nursing homes, cafeterias, and restaurants, polystyrene foodservice packaging can help reduce food-borne illness. The foodservice industry prefers polystyrene foodservice packaging as it works better than other alternatives. Hot foods remain hot, cold foods remain cold, and fresh foods are kept fresh. Polystyrene packaging offers more convenience and dining enjoyment for people on the go, from organic salads to spicy chili. Thus, the extensive usage and wide application of polystyrene packaging in the food packaging industries are anticipated to drive the polystyrene packaging market in the food packaging sector during the forecast period.

Asia Polystyrene Packaging Market Segment Analysis - By Country

China held the largest share in the Asia polystyrene packaging market in 2019 up to 28%, owing to the increasing demand for packaging and electronics in the region. The flourishing electronics and food industries are contributing to the heavy demand in the region. These synthetic polymers are required by the electronics and food industries for the packaging of goods. In 2018 China reached 30% of the world's plastics production. According to China’s National Integrated Circuit Development Promotion Outline, the Chinese government will expend significant effort to support the electronics industry, particularly the IC manufacturing and design industry. The production of ICs in China will accelerate at an average annual rate of above 14% through 2022. According to the United States Department of Agriculture (USDA), in 2017, China's food processing sector continued to grow. Revenue climbed to $1.47 trillion, an increase of 6.3 percent compared with the previous year of 2016. Thus, with the increasing electronics and food industries in the country, the demand for polystyrene materials will also substantially increase, which is anticipated to drive the polystyrene packaging market growth in China during the forecast period.

Asia Polystyrene Packaging Market Drivers

Increasing Electrical and Electronics Industry

The electrical and electronic industries are flourishing in Asian countries. According to Electronic Industries Association of India (ELCINA), the total production of electronics sector in India was Rs.3,87,525 crore ($59,523.84 million) in 2017-18, compared to Rs.3,17,331 crore ($47,228.37 million) in 2016-17, exhibiting a growth of about 22%. According to the International Trade Administration (ITA), Japan has the third-largest electronics manufacturing industry in the world and is the United States’ fourth-largest export market for semiconductor manufacturing equipment (SME). According to the Singapore Economic Development Board (EDB), Singapore has one of the most diverse semiconductor industries in the Asia Pacific and approximately S$3.3 billion of fixed asset investments (FAI) were attracted by the electronics sector in 2015, which made up 28.6% of the total FAI committed to Singapore. Thus, with the expanding electronics industry, the demand for electronic packaging will also subsequently increase, which is anticipated to drive the polystyrene packaging market in the Asia region during the forecast period.

Asia Polystyrene Packaging Market Challenges

Ban on Polystyrene Packaging

Many Asian countries such as China, India, and Taiwan are taking initiatives to ban some form of polystyrene. By 2021, China is expected to ban the production and sale of single-use foam plastic tableware, which is made mainly using expandable polystyrene (EPS). It is estimated that the new regulation will reduce expanded polystyrene (EPS) demand by 0.5 percent. Maharashtra, India has joined 17 other states to ban the manufacture, use, storage, distribution, sale, import, and transportation of many plastic goods and materials. A variety of items, including polyethylene bags, polyethylene terephthalate bottles, polystyrene products, and various plastic sheets, cups, spoons, and forks, are covered by the prohibition. Thus, the initiatives to ban polystyrene may restrain the Asia polystyrene packaging market growth during the forecast period.

Covid-19 Impact on The Asia Polystyrene Packaging Market

Due to the covid-19 outbreak, many Asian countries are under shut down owing to which the market is witnessing a period of low demand from its end-use industries in Asia. The continuing wave of capacity expansion in the polystyrene packaging market has led to oversupply and squeezed profit margins, further putting pressure on the manufactures in Asia. In addition, the COVID-19 pandemic is affecting operations of various industries including polystyrene packaging, as most of the countries have issued “stay at home guidance” i.e., lockdown. As polystyrene packaging is extensively used in these industries, the declining operation of these industries in Asia is directly limiting the Asia polystyrene packaging market growth during the pandemic.

Asia Polystyrene Packaging Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Asia polystyrene packaging market. In 2019, the market of Asia polystyrene packaging has been consolidated by the top five players accounting for xx% of the share. Major players in the Asia polystyrene packaging market are Chi Mei Corporation, K. K. Nag Pvt. Ltd, Multi-Pastics, Inc., Lanzhou Qianmiaonuo Trading Co., Ltd., Kaofu Chemical Corporation., SUPREME PETROCHEM LTD (SPL), Ming Dih Group Corporation, Telung Polylon Ind. Co., Ltd., Taiwan Styrene Monomer Corporation, and Grand Pacific Petrochemical Corporation.


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