The PS Containers market share’s net worth is likely to grow from US$ 1352.7 million in 2023 to over US$ 1747.3 million by 2033. The market is expected to register a CAGR of 2.6% from 2023 to 2033. Swift urbanization, and changes in lifestyle, particularly in developing countries, are responsible for the growth of the PS containers market during the forecast period.
PS containers are produced from the finest quality foamed polystyrene that can take multiple shapes and configurations. These containers have superior insulation properties and good thermal resistance which themes an ideal fit for packaging of both hot and cold foods. Hot food packed in PS containers will stay warm and cold food will remain cold for a longer period of time. This aspect bodes well for the PS containers market especially due to the urban and fast-paced lifestyle of a significant portion of the world population.
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The market for PS containers is especially influenced by shifts in lifestyles, particularly in developing countries. In the past two decades, emerging economies like India, China, and others have undergone a fundamental change in the lifestyle of people. More and more people have adopted a fast-paced, urban and busy lifestyle, are working in the corporate sector, and rarely find time to cook or enjoy a home-cooked meal. Many of them simply opt for ready-to-eat food or fast food. In these cases, they often make use of flatware made of Polystyrene. As a result of this, there has been a surging demand for PS containers all over the world- in developing as well as in developed countries.
PS containers continue to gain traction due to their affordability and lightweight feature. These inherent properties of PS containers promote their usage in a variety of industries including electrical and electronics, medical, cosmetics, and personal care. Additionally, even the manufacturing of PS containers does not use much energy. Besides, the amount of raw materials used in the manufacturing of PS containers is also quite less. These factors signify that businesses have saved lots of money by making use of polystyrene which, in turn, augments the sales of PS containers during the projection period.
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Key Takeaways:
- Asia Pacific is anticipated to emerge as one of the most lucrative pockets for PS containers owing to the rapid urbanization taking place across the region.
- India and China are dominating the PS containers market in the Asia Pacific region.
- Quick service in restaurants across North America and Europe is responsible for the growth of the PS containers market in these regions.
- Growing demand for PS containers in the medical, electronics, and food sector propels the target market forward in Latin America.
Competitive Landscape-
TrayPak Corporation Alpha Packaging, Genpak, Sabert Corporation, Tecnowerk Plast SRL, Takween Advanced Industries, Alpha Packaging, TYH Container Enterprise Co., Ltd., Tekni-Plex, and Dart Container Corporation among others are some of the prominent players in the PS containers market profiled in the full version of the report.
Leading market players are focusing on establishing themselves in emerging economies to expand their consumer base. These businesses are keen on employing various organic and inorganic strategies to enhance their market footprints.
PS Containers Market Segmentation by Category-
By Product:
- Bottles
- Jars
- Plates & Bowls
- Trays
- Blisters & Clamshell
- Others
By Application:
- Food
- Bakery & Confectionery
- Deli
- Produce
- Foodservice
- Frozen Food
- Medical
- Medical Device
- Pharmaceuticals
- Electricals & Electronics
- Cosmetics & Personal care
- Consumer Goods
- Others
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More Insights into PS Containers Market
In its latest report, FMI offers an unbiased analysis of the global PS containers market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product, application, and region.
According to the latest reports, based on regional segmentation, the PS containers market in the Asia Pacific region will present notable growth over the upcoming years. The target market in this region will experience new opportunities for growth. The rapid urbanization taking place across this region has resulted in changing lifestyles which, in turn, has spurred the demand for PS containers. Increasing consumption of ready-to-eat and fast food has further aided the target market growth in this region. China and India are two countries that have considerably contributed to the growth of the PS containers market and will continue to do so over the next few years.
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