New York, NY, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Expanded Polystyrene Market Share, Size, Trends, Industry Analysis Report, By Product (White Expanded Polystyrene, Grey Expanded Polystyrene, Black Expanded Polystyrene); By Application; By End-Use; By Region; Segment Forecast, 2023 - 2032" in its research database.
Global expanded polystyrene market size/share is currently valued at USD 10.12 Billion in 2022 and is anticipated to generate an estimated revenue of USD 22.26 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 8.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032.
What Exactly is Expanded Polystyrene? How Big is Expanded Polystyrene (EPS) Market Size?
- Overview
Expanded Polystyrene, or EPS, is a lightweight foam plastic fabric derived from solid polystyrene beads. To obtain the appropriate form, solid thermoplastic polystyrene is heated to high temperatures and then re-solidified. Comparing the expanded polystyrene to the initial polystyrene granule, the volume of the latter is astoundingly 45 times more. EPS is made from crude oil and has a number of beneficial qualities, including cost-effectiveness, resistance to chemicals and bacteria, remarkable impact strength, energy efficiency, and dimensional stability. It is also highly thermally insulated.
Moreover, EPS is a material that is commonly used in many common applications since it is more advantageous than other materials due to its strength, durability, lightweight, thermal insulation, and shock absorption capabilities. These qualities, along with its performance, adaptability, and affordability, have made EPS a preferred material for building and packaging for more than 50 years. As a result, the expanded polystyrene market growth is expanding.
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Essential Takeaways from the Report
- The expanding use of EPS in the packaging and construction sectors is fueling the expansion of the polystyrene industry.
- The expanded polystyrene market segmentation is primarily based on the application, product, region, and end-user.
- Asia Pacific defeated the market in 2022.
Leading Players Appeared in the Report
- Alpek
- Atlas Roofing Corporation
- BASF SE
- BEWiSynbra Group
- Flint Hills Resources
- Jablite Group
- Kaneka Corporation
- Kingspan Group
- Nova Chemicals
- PJSC SIBUR HOLDING
- Saudi Basic Industries Corporation
- SUNPOR KUNSTSTOFF
- Synthos
- The Ravago Group
- TOTAL SE
- VERSALIS
- Wuxi Xingda
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Important Growth Aspects of the Market
- Increased Use in the Construction Industry: Increased Polystyrene is widely used in the building and construction industries. Its wide range of uses includes insulated panel systems for installations on roofs, walls, and floors, in addition to playing a significant role in building facades for both residential and commercial buildings.
- Provides Void-Forming Fill Material: When it comes to civil engineering projects, EPS is used as void-forming fill material, a lightweight fill material for building railroads and roads, and even as buoyant material for building pontoons and marinas. Because of its durability, strength, and low weight, it is widely accepted in various industries and is highly adaptable, increasing the expanded polystyrene market demand.
Market’s Latest Key Trends
- Widely Used in Cold Chain Packaging: Because of its superior insulation qualities, expanded polystyrene foam is frequently used in cold chain packaging to safely transport perishable items, especially in the food and pharmaceutical industries. Because EPS products are being used more often in a variety of industries, such as cold chain packaging, insulation, and medical supply packaging, expanded polystyrene market revenue is anticipated to increase.
- Green Construction: Because of its closed-air structure, low heat conductivity, low water absorption, mechanical toughness, and acoustic resistance, EPS is now the best option for green building and a great design element. Its characteristics offer observable environmental advantages such as improved structural durability, higher energy efficiency, and better interior environmental quality.
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Segmental Overview
- The White Expanded Polystyrene Sector Holds the Largest Revenue Share
The increasing demand for items in a variety of packaging applications, such as consumer goods packaging, electronics, and food packaging (such as food trays, drink cups, and clamshell containers), is what is causing this situation. Furthermore, white expanded polystyrene is found in a number of different industries, including sports helmets, furniture, automobile parts, and building supplies.
Moreover, throughout the forecast period, the Grey Expanded Polystyrene sector is expected to develop at the quickest rate in the expanded polystyrene market. This increase is a result of the growing demand for environmentally friendly and sustainable building methods, which is driving the use of gray Expanded Polystyrene as an insulating material in construction projects.
- The Construction Sector Dominated the Market
With almost 44.0% of the industry's overall revenue share in 2022, the construction application sector emerged as the leading force. The increased demand for expanded polystyrene (EPS) in building applications is expected to fuel this excellent performance into the projection period.
Furthermore, due to the growing need for Electric Power Steering (EPS) in a variety of car components, such as foot pads, headrests, seats, storage compartments, and bumper systems, the automotive industry is predicted to increase significantly in the upcoming years.
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Expanded Polystyrene (EPS) Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 22.26 Billion |
| Market size value in 2023 | USD 10.89 Billion |
| Expected CAGR Growth | 8.3% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Product, By Application, By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Outlook
Asia Pacific: By 2022, there are multiple reasons for the increase in demand for products in key industry sectors in growing economies like China and India, including construction and building, automotive, and packaging. Among them, rising urban populations, rising levels of disposable income, and government programs like India's "Housing for All" are key factors propelling the construction industry's expansion throughout the Asia Pacific region.
Europe: Europe is expected to rise quickly throughout the projection period because of the significant demand for expanded polystyrene (EPS) from the packaging, automotive, and construction industries. Because of its adaptability to different shapes and its simplicity of molding, EPS is a significant resource for a wide range of sectors.
Browse the Detail Report “Expanded Polystyrene Market Share, Size, Trends, Industry Analysis Report, By Product (White Expanded Polystyrene, Grey Expanded Polystyrene, Black Expanded Polystyrene); By Application; By End-Use; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/expanded-polystyrene-market
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Market’s Common Questions Answered in the Report
- How big is the expanded polystyrene market size during the forecast period?
- What is the expected market growth rate during the forecast period?
- Which factors are propelling the market growth?
- What are the key trends and opportunities in the market?
- Which region is holding the largest expanded polystyrene market share?
- Who are the key vendors in the market?
- Which segments are leading the market?
Polaris Market Research has segmented the coronary stent market report based on product, application end-use, and region:
By Product Outlook
- White Expanded Polystyrene
- Grey Expanded Polystyrene
- Black expanded Polystyrene
By Application Outlook
- Packaging
- Foaming
- Insulation
- Construction
- Chemical Intermediate
By End-Use Outlook
- Electronics
- Automotive
- Construction
- Food and Beverages
- Consumer Goods
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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