Polystyrene Foam Market Expected to Reach $40.22 Billion by 2031

The global Polystyrene Foam Market is projected to grow from USD 78.89 billion in 2024, and it is projected to reach USD 140.56 billion by 2031, at a CAGR of 8.6% from 2024 to 2031, as per the recent study by Coherent Market Insights. The growing construction industry is expected to be a major driver for the polystyrene foam market during the forecast period. Polystyrene foam finds widespread applications in buildings for insulation of walls and roofs owing to its effective insulation and lightweight properties.

The polystyrene foam market is witnessing high growth owing to rising demand from the building and construction industry. Polystyrene foam finds wide application in the building and construction industry as it provides high insulation and is lightweight. It is used in applications such as roof insulation, wall cavities, foundation walls, and others. In addition, growing disposable income and rising consumer spending on home furnishings are also driving the demand for polystyrene foam in the packaging industry. However, the availability of substitutes such as polyurethane foam and fiberglass insulation poses a threat to the market growth.

Source: Yahoo finance