LOS ANGELES, June 08, 2021 (GLOBE NEWSWIRE) -- The Global Expanded Polystyrene (EPS) Market is expected to grow at a CAGR of around 5.2% from 2020 to 2027 and reach the market value of over US$ 23.5 Bn by 2027.
The Asia Pacific region dominates the global expanded polystyrene (EPS) market with a dominant share. Due to rising product demand in key application segments such as automotive, packaging, and construction in emerging economies such as China and India, the region is expected to expand at the fastest CAGR during the analysis period. The construction industry in APAC is the fastest-growing market in the world. Rising urbanization and disposable income, as well as government initiatives such as “Housing for All” in India, are propelling the APAC construction sector forward.
Europe is the world's second largest market for expanded polystyrene (EPS). This is due to increased demand from the automotive, packaging, and construction industries. Because of its versatile benefits and ease of molding and shape formation, the product has applications in a variety of industries. Green building design applications have seen a significant increase in product demand in the European market in recent years, owing to their excellent environmental benefits, which can provide an improved indoor environment, maximized energy efficiency, and enhanced durability.
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Market Dynamics
Expanded Polystyrene (EPS) is used in a variety of construction and building applications, including cavity wall insulation and floor insulation. Furthermore, it provides exceptional design flexibility and structural integrity. As a result, growth in the building and construction industry has aided the global expanded polystyrene (EPS) market. Furthermore, rising demand for thermally efficient constructions has fueled the market's expansion.
Because it ensures product safety, expanded polystyrene (EPS) is used in a major pharmaceutical industry application of cold chain packaging. As a result, growth in the pharmaceutical industry has significantly fueled the expanded polystyrene (EPS) market. Furthermore, lightweight polymer foam has grown in popularity in the automotive industry, fueling market growth. Furthermore, applications in the defense industry infrastructure have given a boost to the expanded polystyrene market.
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Market Restraint
Volatility in crude oil prices impedes the growth of global expanded polystyrene (EPS) market
Even though the crude oil price has little effect on the end price of EPS, any volatility (rise) in EPS price in the future can affect the profitability of styrene producers. As a result of crude oil price fluctuations, styrene producers such as Royal Dutch Shell (Netherlands), The Dow Chemical Company (US), and LyondellBasell Industries N.V. (Netherlands) are increasingly investing in R&D to reduce investment and cut operating costs in order to improve their margins. In the near future, crude oil prices and rising demand are expected to drive EPS prices.
Segmental Outlook
The global expanded polystyrene (EPS) market can be segmented as product type and end-user industry. By product type, the market is segregated as white, grey, and black. Further, by end-user industry, the market is segmented as building & construction, packaging, and others (automotive, medical, marine, and sports & leisure).
Based on product type, the white segment dominates the global market with a sizable market share. The increasing use of white EPS in construction and packaging drives market expansion. Furthermore, the cost advantage over grey and black EPS is a driving factor in the growth of the white EPS market.
Based on application, the construction segment has dominated the expanded polystyrene market in the past and is expected to do so again during the forecast period. This is widely supported because expanded polystyrene (EPS) properties such as lightweight, durability, thermal efficiency, shock absorption, moisture resistance, usability, and so on, are used in the building and construction industry. It is used in the construction of roofs, walls, floor insulation, closed cavity walls, and roads, among other things. This is one of the key factors driving the global expanded polystyrene (EPS) market.
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Competitive Landscape
Some of the leading competitors are BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, Saudi Basic Industries Corporation, and among others.
Some of the key observations regarding the expanded polystyrene (EPS) industry include:
- In August 2018, Atlas Roofing announced the acquisition of ACH Foam Technologies. The acquisition will expand and enhance Atlas’s product portfolio and strengthen its position in the North American market.
- In January 2018, BEWiSynbra announced the acquisition of Ruukin EPS. Through this acquisition, the company primarily gains better geographical coverage in Finland and will also be able to offer insulation material and packaging solutions in EPS as it does in the rest of the Nordics.
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