New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global expanded polystyrene (EPS) market is estimated to grow at a CAGR of ~6% from 2023 to 2035. The market is estimated to garner a revenue of nearly USD 35 billion by the end of 2035, up from a revenue of about USD 19 billion in the year 2022. EPS is extensively used in packaging materials for protecting fragile items during transportation. It is commonly used in the packaging of electronics, appliances, food and beverages, pharmaceuticals, and other consumer goods.Hence, the growth of the packaging industry is estimated to boost the global expanded polystyrene market over the projected period. With growing concerns about energy consumption and environmental sustainability, there is a rising demand for energy-efficient solutions in the construction industry. EPS foam, with its excellent thermal insulation properties, plays a significant role in enhancing energy efficiency in buildings. Expanded polystyrene insulation is used in walls, roofs, and floors to reduce heat transfer, minimize energy losses, and improve overall building performance.
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Expanded Polystyrene (EPS) Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The high-density segment to garner the highest growth
- Market in North America to grow at the highest rate
Increasing Construction Industry across the Globe to Boost Market Growth
The construction industry's expansion fuels the demand for EPS building thermal insulation materials due to their thermal insulation properties, energy efficiency benefits, and cost-effectiveness. The global construction industry was noted to account for 13.5% of the world's GDP by the year 2022. As automakers strive to improve fuel efficiency and reduce emissions, EPS is used in lightweight automotive components, such as interior parts and impact protection systems, to enhance fuel economy and vehicle performance. EPS insulation materials are sought after in the construction sector due to their thermal insulation properties, contributing to energy-efficient buildings and reducing carbon emissions. Buildings account for 40% of global energy consumption and 33% of greenhouse gas emissions. The growing awareness of energy efficiency and sustainable building practices has driven the demand for EPS as an effective thermal insulator. The global green building materials sales were expected to reach nearly USD 423 billion by the year 2025, with EPS being a crucial component in energy-saving construction solutions.
Expanded Polystyrene (EPS) Market: Regional Overview
The global expanded polystyrene (EPS) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Rapid Urbanization to Drive the Market Growth in Asia Pacific Region
The expanded polystyrene (EPS) market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The region's rapid urbanization and infrastructural developments have further intensified the demand for expanded polystyrene (EPS) market products. As cities expand and modernize, there is an increased emphasis on sustainable and eco-friendly construction materials. EPS, being both cost-effective and environmentally friendly, has gained substantial traction. A report by the Asian Development Bank estimates that by 2030, nearly 50% of the population in the Asia Pacific region will reside in urban areas, necessitating extensive infrastructure development.
The flourishing e-commerce industry and changing consumer preferences have led to a surge in demand for innovative packaging solutions. EPS, with its lightweight and protective characteristics, has become a preferred choice for packaging fragile and sensitive products. The automotive sector's evolution towards lightweight for enhanced fuel efficiency and reduced emissions has translated into increased EPS adoption. EPS is employed in various automotive applications, including interior components and shock absorption systems.
Growing Building Trends to Propel Growth in the North American Region
The North American expanded polystyrene (EPS) market is estimated to garner the highest CAGR by the end of 2035. The surge in demand for eco-friendly and energy-efficient building materials has transformed the North American construction industry, giving rise to an escalated demand for EPS. Its outstanding thermal insulation properties make EPS a sought-after material for construction applications. Reports from the American Institute of Architects indicate that sustainable building practices are gaining momentum, with 47% of architects reporting an increase in demand for energy-efficient materials in 2021.
The burgeoning e-commerce sector and shifting consumer preferences have propelled the demand for innovative and protective packaging materials. EPS, with its lightweight, shock-absorbing, and insulating characteristics, is witnessing heightened adoption. In the pursuit of improved fuel efficiency and reduced carbon emissions, the North American automotive industry is gravitating towards lightweight materials. EPS, known for its lightweight properties and versatility, is being embraced for various automotive applications.
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Expanded Polystyrene (EPS), Segmentation by Density
- Low Density
- High Density
Amongst these segments, the high-density segment is anticipated to hold the largest share over the forecast period. HD-EPS, with its higher density and greater strength, is well-suited for heavy-duty packaging applications that require enhanced protection and impact resistance. The growing need for secure packaging solutions in industries such as electronics, automotive, and industrial goods drives the demand for HD-EPS. HD-EPS, with its excellent thermal insulation properties, contributes to energy efficiency in buildings by reducing heat transfer. As energy efficiency regulations and sustainability concerns drive the demand for energy-efficient building materials, HD-EPS insulation finds increased utilization in construction projects.
Expanded Polystyrene (EPS), Segmentation by End User
- Packaging
- Automotive
- Others
Amongst these segments, the automotive segment is anticipated to hold a significant share over the forecast period. The electrification movement has ushered in a paradigm shift in the automotive sector. The push for cleaner, more sustainable transportation solutions has accelerated the adoption of electric vehicles (EVs). According to the International Energy Agency (IEA), global EV sales reached over 3 million units in 2020, marking a substantial increase from previous years. This trend is reshaping the automotive landscape and driving innovation in battery technology and charging infrastructure.
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The pursuit of autonomous vehicles has driven extensive research and development efforts. Advanced driver assistance systems (ADAS) and autonomous driving technologies are becoming increasingly sophisticated. The integration of connectivity features is redefining the relationship between vehicles and their users. With the rise of Internet of Things (IoT) technology, vehicles are becoming increasingly connected, offering features such as remote diagnostics, real-time traffic updates, and entertainment options.
A few of the well-known market leaders in the global expanded polystyrene (EPS) market that are profiled by Research Nester are BASF SE, Dow Chemical Company, Synthos S.A., TotalEnergies SE, StyroChem International, SABIC, NOVA Chemicals Corporation, Kaneka Corporation, Alpek S.A.B. de C.V., and SEKISUI Chemical Co., Ltd, and other key market players.
Recent Development in the Market
- BASF announced its plans to build a new production plant for EPS in Guangdong, China. The plant, with an annual capacity of 100,000 metric tons, will support the growing demand for EPS in the Asia Pacific region. The facility is expected to start production in 2025.
- Dow announced in May 2023 that it has partnered with leading European packaging manufacturer, Danapak Flexibles, to develop a recyclable stand-up pouch solution for liquid products. The collaboration aims to leverage Dow's advanced polymers, including EPS, to create sustainable packaging solutions that reduce plastic waste and enhance recycling capabilities.
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