The growth of the construction and packaging industries in developing countries is estimated to propel the market growth.
Market Size – USD 15.35 billion in 2018, Market Growth - CAGR of 5.4%, Market Trends – Growing demand for consumer goods
NEW YORK, April 02, 2019 (GLOBE NEWSWIRE) -- The global Expanded Polystyrene (EPS) Market is expected to reach USD 23.70 Billion by 2026, according to a new report by Reports and Data. Expanded Polystyrene (EPS) is the commonly used industry name for rigid material produced from the expanded polystyrene beads. EPS is a rigid, lightweight, plastic foam insulating material made from solid beads of polystyrene.
The increasing prominence of insulation property in the building & construction sector of developed economies comprising China and India is anticipated to support the usage of high-quality polymers. Moreover, an increase in spending for enhancing the longevity of residential buildings and commercial complexes in extreme, external environmental conditions is projected to stimulate the market demand for expanded polystyrene.
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Increasing demand for cold chain packaging in the pharmaceutical sector for improving product safety and maintaining the freshness of the packaged products in the food and beverages industry during transportation is anticipated to boost the market growth. Besides, advancement in the frozen food industry in developed economies including the U.S. and Japan is expected to increase the scope of EPS in the packaging sector during the forecast period.
In recent years, increase in population and urbanization in emerging economies including Brazil, India and China have resulted in increased government spending on improving the manufacturing sector of packaging, construction, and automotive industries.
Availability of better substitutes for expanded polystyrene in the market is a significant restraint that may have a negative impact on the market demand.
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Further key findings from the report suggest
- White EPS contributed to the largest market share in 2018 and is forecasted to have a growth rate of 5.4% in the forecast period. This can be attributed to the excellent thermal and mechanical properties, easy recyclability, and non-corrosive characteristics of white EPS. The thermal resistance of the white EPS depends on the density of the finished product and it does not diminish with time.
- The construction sector was a significant consumer of expanded polystyrene in 2018, owing to the several benefits of expanded polystyrene, like enhanced durability, energy efficiency, and improved indoor environmental quality in the constructed buildings.
- The Asia Pacific region contributed to the largest market share in 2018 and is expected to grow at a CAGR of 5.4% in the forecast period. The market dominance of Asia Pacific region is due to the rapid growth of the construction industry in the region, coupled with the extensive application of EPS in packaging.
- Key participants include BASF SE, S.C. Adeplast S.A., Sunpor Kunststoff GmbH, Ineous Styrenics, Universal Foam Products, Styro Limited, Nova Chemicals Corporation, the Ravago Group, Synthos S.A., and Versalis S.P.A among others.
- In June 2018, BASF, a significant player in the market, announced to increase its global production capacity for Neopor® (expandable polystyrene containing graphite) by an aggregate of 40,000 metric tons per year.
- At the Ulsan site in Korea, BASF will switch the plant´s entire 85,000 metric tons capacity from the classic white EPS (expandable polystyrene) Styropor® to the improved insulation raw material Neopor (gray EPS) until end of 2018. This will allow the company to meet the growing demand for the gray material in the Asian market.
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For the purpose of this report, Reports and Data have segmented global expanded polystyrene market on the basis of product type, material, process, application, end-user, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- White Expanded Polystyrene
- Grey Expanded Polystyrene
- Black expanded Polystyrene
Material Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Raw beads
- Expanded Beads
Process Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Black Molding
- Shape Molding
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Insulation
- Packaging
- Foaming
- Component Manufacturing
- Chemical Intermediate
End-User Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Electrical & Electronics
- Automotive
- Construction
- Consumer Goods
- Food & Beverages
- Others
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- South-east Asia
- Latin America
- Brazil
- MEA
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