BEIJING, Oct. 09, 2022 (GLOBE NEWSWIRE) -- The Global Expanded Polystyrene Market Size accounted for USD 18,194 Million in 2021 and is estimated to achieve a market size of USD 27,592 Million by 2030 growing at a CAGR of 4.9% from 2022 to 2030.
Expanded Polystyrene Market Statistics
- Global expanded polystyrene market value was USD 18,194 Million in 2021 and expected to grow at CAGR of 4.9% from 2022 to 2030
- North America expanded polystyrene market revenue will gather more than 44% market share in coming years
- Asia-Pacific expanded polystyrene market growth will record noteworthy CAGR during the forecast timeframe from 2022 to 2030
- Among product types, white segment accounted for over 40% of the overall market share in 2021
- Based on end-use industry, building and construction sector engaged more than 48% of the total market share
Expanded Polystyrene Market Growth Factors
- Rising demand for thermal insulation
- Increasing usage in the construction industry
- Growing demand for food & beverage packaging
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Expanded Polystyrene Market Report Coverage:
| Market | Expanded Polystyrene Market | |
| Expanded Polystyrene Market Size 2021 | USD 18,194 Million | |
| Expanded Polystyrene Market Forecast 2030 | USD 27,592 Million | |
| Expanded Polystyrene Market CAGR During 2022 - 2030 | 4.9% | |
| Expanded Polystyrene Market Analysis Period | 2018 - 2030 | |
| Expanded Polystyrene Market Base Year | 2021 | |
| Expanded Polystyrene Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Product Type, By End-Use Industry, And By Geography | |
| Expanded Polystyrene Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, and Saudi Basic Industries Corporation. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Expanded Polystyrene (EPS) Market Dynamics
EPS is used in a wide range of building and construction applications, including cavity wall insulation and floor insulation. It also offers excellent design flexibility and structural stability. As a result, the global expanded polystyrene (EPS) market has benefited from growth in the construction and building industries. Furthermore, increased supply for thermally efficient buildings has fueled market growth.
Expanded polystyrene (EPS) is a common cold chain packaging material used in the pharmaceutical industry because it ensures product safety. As a result, the expanded polystyrene (EPS) market has been significantly stimulated by growth in the pharmaceutical industry. Additionally, the automotive industry has increased its use of lightweight polymer foam, which is driving market expansion. In addition, applications in the infrastructure of the defense industry have boosted the market for expanded polystyrene.
Expanded Polystyrene (EPS) Market Restraint
Volatility in Crude Oil Prices Impedes the Growth of Global Expanded Polystyrene (EPS) Market
Despite the fact that the price of crude oil has little impact on the final price of EPS, any future volatility (rise) in EPS price may have an impact on the viability of styrene producers. Styrene producers like The Dow Chemical Company (US), Royal Dutch Shell (Netherlands), and LyondellBasell Industries N.V. (Netherlands) are increasingly investing in R&D to decrease investment and cut operating costs in order to improve their margins as a result of fluctuations in the price of crude oil. Crude oil prices and escalating demand are anticipated to drive EPS prices in the near future.
Global Expanded Polystyrene Market Business Strategies
- In August 2018, Atlas Roofing has announced the purchase of ACH Foam Technologies. Atlas' product portfolio will be expanded and enhanced, and the company's position in the North American market will be strengthened as a result of the acquisition.
- In January 2018, Ruukin EPS has been acquired by BEWiSynbra. The company gains better geographical coverage in Finland as a result of this acquisition and it will also be able to offer EPS insulation material and packaging solutions, as it does in the rest of the Nordics.
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Expanded Polystyrene Market Segmentation
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).
Expanded Polystyrene EPS Market Share
According to our expanded polystyrene industry analysis, the white segment commands a sizable market share in the global market. The growing use of white EPS in construction and packaging propels market growth. Furthermore, the financial advantage of white EPS over grey and black EPS is a motivating force in the market's growth.
According to our forecast for the expanded polystyrene market, the construction industry has historically dominated the market and is predicted to continue doing so during the forecast period. This has broad support because the building and construction industry uses expanded polystyrene (EPS) for its lightweight, robustness, thermal efficiency, shock absorption, usability, and other qualities. It is utilized, among other things, in the construction of walls, roofs, closed cavity walls, floor insulation, and roads. This is one of the main factors influencing the expanded polystyrene (EPS) market on a global scale.
Expanded Polystyrene Market Regional Growth
The global expanded polystyrene market is divided into five regions: North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
The expanded polystyrene (EPS) market is largely dominated by the Asia-Pacific region. The region is anticipated to grow at the fastest CAGR during the analysis period due to rising product demand in important application segments such as automotive, construction, and packaging, in developing nations such as China and India. The construction market in APAC is expanding at the fastest rate in the entire world. Government programmes like "Housing for All" in India and rising urbanization and disposable income are also advancing the APAC construction industry.
The second-largest market for expanded polystyrene is in Europe (EPS). This is a result of rising demand from the construction, packaging, and automotive industries. The product has uses in numerous industries due to its adaptable advantages and simplicity in molding and shape formation. Due to their excellent environmental advantages, which can provide an improved indoor environment, maximized energy efficiency, and enhanced durability, green building design applications have seen a substantial increase in product demand in the European market in recent years.
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Expanded Polystyrene Market Players
Some of the leading expanded polystyrene companies operating in the industry include BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, and Saudi Basic Industries Corporation.
Questions Answered By This Report
- What was the market size of Expanded Polystyrene Market in 2021?
- What will be the CAGR of Expanded Polystyrene Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Expanded Polystyrene Market?
- Which region held the largest share in Expanded Polystyrene Market in 2021?
- What are the key market drivers of Expanded Polystyrene Market?
- Who is the largest end user Expanded Polystyrene Market?
- What will be the Expanded Polystyrene Market value in 2030?
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