WASHINGTON, May 17, 2023 (GLOBE NEWSWIRE) -- The Global Expanded Polystyrene Market is valued at USD 10.4 Billion in 2022 and is projected to reach a value of USD 18.7 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.8% over the forecast period 2023-2030.
Market Overview
Due to the growing importance of social issues, including fostering a sense of neighbourhood, enhancing occupier health, including well, and supporting sustainable business practices. The need for Expanded Polystyrene (EPS) in packaging films is driven by its characteristics, including moisture resistance, thermal insulation, and superior shock absorption.
We forecast that the building & construction in Expanded Polystyrene market sales will account for more than 65% of total sales by 2030. Due to Expanded Polystyrene's many benefits, including excellent thermal insulation, lighter volume, chemical resistance, and barrier properties to bacteria and pests, the demand for EPS in construction applications is anticipated to increase significantly throughout the forecast period. In packaging, Expanded Polystyrene is frequently used.
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Market Dynamics
Increasing Demand from the Packaging Industry Support Market Expansion
EPS is one of the most economical protective packaging materials for preventing damage to goods during transit. EPS is widely used for packaging delicate things like white goods and other fragile products because it provides an amazing blend of lightness, rigidity, and shock absorption. Incorporated with microscopic hollow spheres, Expanded Polystyrene is a lightweight cellular material. EPS is a material used in various packaging industries, such as food, industrial, pharmaceutical, etc., thanks to its closed cellular structure and excellent properties.
Increasing Use in the Construction Industry Drives Market Growth
The construction sector's expanding use is anticipated to fuel market revenue development. This is explained by the many advantages EPS has for the construction sector. A range of construction projects benefits from the design and structural soundness of EPS, a cutting-edge raw material. Although EPS has long been acknowledged as a typical insulation layer, new uses have appeared over the past ten years. EPS is a potent architectural design component and a great option for green building design, delivering real environmental benefits like improved air quality, higher durability, and higher energy efficiency. Moreover, EPS blocks are frequently utilized in the packaging industry, where simple shapes are used, and in the construction industry, to insulate walls and floors.
Top Players in the Global Expanded Polystyrene Market
- Atlas Roofing Corp. (Georgia, U.S.)
- Alpek S.A.B. de C.V (Monterrey, Mexico)
- BASF SE (Germany)
- Kaneka Corp. (Minato City, Japan)
- SIBUR Holding PJSC (Russia)
- SUNPOR (Austria)
- Synthos (Oświęcim, Poland)
- Flint Hills Resources (U.S.)
- NOVA Chemicals Corporate (Calgary, Canada)
- Ravago Manufacturing (Luxembourg)
- UNIPO (Kenya)
- Versalis S.P.A. (France)
- SABIC (Riyadh, Saudi Arabia)
- Sundolitt Ltd. (Norway)
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Top Trends in the Global Expanded Polystyrene Market
- One trend that Vantage Market Research (VMR) expects to see in the Expanded Polystyrene industry is the growing demand for black EPS. This results from the increased demand for it due to its ultralight, robustness, and waterproof qualities. Because it is indestructible and can also be vacuum molded into specific shapes, black EPS is becoming more and more popular.
- Another trend that VMR predicts will continue in the Expanded Polystyrene industry is its increasing trend of recycling of extended polystyrene (EPS). EPS is a non-toxic, inert substance used for packaging and insulation devoid of chlorofluorocarbons (CFCs). Compared to the rival materials, it has a less detrimental effect on the environment. It is nearly unbreakable, though, and used EPS takes hundreds of years to decompose. Moreover, it resists photolysis. EPS waste used to be dumped in landfills, but this practice is shifting as more post-consumer, and post-commercial EPS are recycled. To produce a wide range of durable goods and cutting-edge new building materials from recycled content foam packaging, more than 100 million pounds of EPS are recycled and reused worldwide in both closed-loop and open-loop processes.
Top Report Findings
- Based on the Product Type, most of the Expanded Polystyrene market's revenue is controlled by the White category. Because there is a high need for packaging in consumer products, electronics, and packaging materials, other uses for white Expanded Polystyrene include furniture, automobiles, engineering, and sports helmets. It is also projected that the market will be fueled by the growing demand for high-quality packaged goods caused by the developing food service industry.
- Based on Type, most of the Expanded Polystyrene market's revenue is controlled by the Building & Construction category. EPS is widely utilized in the building and construction sectors. Insulated panel systems covering walls, roofs, platforms, and facades for residential and commercial buildings are examples of applications. It is also utilized as a lightweight fill in road and railroad construction, void-forming fill material in civil engineering projects, and floating material in constructing pontoons and marinas. Its appeal and versatility are facilitated by its strength, toughness, and lightweight.
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Recent Developments in the Global Expanded Polystyrene Market
- In July 2022, BEWI ASA signed a letter of intent to purchase BalPol, a Lithuanian insulation business. The geographic reach of BEWI will increase as a result of this purchase.
- In June 2022, insulation and packaging firm Jablite Group added a further 51% interest, thanks to BEWI ASA. BEWI could increase its presence in the United Kingdom thanks to this acquisition.
- September 2021: BEWI, a leading European component, packaging, and insulation solutions provider, has contracted with Swedish Plastic Recycling to reprocess Expanded Polystyrene from their planned Site Zero facility in Motala, Sweden. The Expanded Polystyrene volume from the new plant is estimated to be 1,000 to 3,000 tonnes per year, to make Site Zero the largest and most technologically advanced plastic recycling plant in the world.
- August 2021: Dixons Carphone, the parent company of Currys PC World, has launched a free recycling program that allows customers to return Expanded Polystyrene (EPS) packaging to stores for recycling.
- April 2021: In Europe, INEOS Styrolution, Recycling Technologies, and Trinseo built commercial polystyrene recycling plants. Recycling Technologies has been chosen as the technology partner for this Expanded Polystyrene facility expansion.
Building & Construction Category of the End-Use Industry Segment of Expanded Polystyrene Market Forecast to Generate More than Half the Segment Revenue
For better understanding, based on the End-Use Industry, the Expanded Polystyrene market is divided into Building & Construction, Packaging and Other Industries (Automotive, Medical, Marine, & Sports & Leisure).
The Building & Construction segment was the largest among the End-Use Industry segment in the recent times and is anticipated to hold the top spot during the projected period. This results from rising EPS demand in the construction industry for insulation purposes. The mechanical as well as physical qualities of EPS make it suitable for most insulating applications, and it is also used to build the floors and roofs of both residential and business structures. One of the reasons for its rising use in the industry is that EPS is very easy to install, offers optimum energy efficiency, improves durability, and is weather resistant. These qualities make it perfect for green buildings.
On the other hand, the Packaging category is anticipated to grow significantly. The growing demand for high-quality consumer goods packaging to shield their contents from harm during management, storage, and transportation is one of the main drivers fueling the segment's expansion. In addition, EPS is frequently used in food packaging. EPS makes trays, insulated drinking cups and bowls, cheeseburger boxes, compact food containers, and plates. Because of its low weight, strength, and effective thermal insulation properties, EPS is a popular choice for packaging. Moreover, it is the best material for packing and cushioning electrical goods. Due to EPS's capacity to insulate, absorb shock, and avoid or lessen product damage while shipping sophisticated equipment, manufacturers rely heavily on it.
Asia Pacific Region in Expanded Polystyrene Market to Generate More 41.20% Revenue
The Asia Pacific region is anticipated to do so in the coming years. During the projection period, Asia Pacific is anticipated to be one of the largest and fastest-growing regional markets, largely due to rising demand for the product from important areas like autos, packaging, and construction in developing nations like China and India. Moreover, regional growth will be supported by the Asia Pacific region's fast-expanding building industry. During the forecast period, the market is anticipated to be driven by the rising product demand from the construction and packaging industries in the United States. The demand for packaging products in the United States has been strong across various end-user industries, including consumer goods, retail, food, and medicines. High levels of urbanization and growing e-commerce penetration are blamed for the increase in demand.
North America region is expected to grow the fastest in the Expanded Polystyrene market. The market is predicted to be driven by the rising product demand from the construction and packaging industries in the United States. The demand for packaging products in the United States has been strong across various end-user industries, including consumer goods, retail, food, and medicines. High levels of urbanization and growing e-commerce penetration are blamed for the increase in demand.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Expanded Polystyrene Market Forecast Report (2023-2030).
Global Expanded Polystyrene Market Segmentation
By Product Type
- White
- Grey
- Black
By End-use Industry
- Building & Construction
- Packaging
- Others (Automotive, Medical, Marine, & Sports & Leisure)
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 10.4 Billion |
| Revenue Forecast by 2030 | USD 18.7 Billion |
| CAGR | 8.8% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Atlas Roofing Corp., Alpek S.A.B. de C.V, BASF SE, Kaneka Corp., SIBUR Holding PJSC, SUNPOR, Synthos, Flint Hills Resources, NOVA Chemicals Corporate, Ravago Manufacturing, UNIPO, Versalis S.P.A., SABIC, Sundolitt Ltd. |
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