Chicago, March 14, 2024 (GLOBE NEWSWIRE) -- The Global Extruded Polystyrene Market is projected to grow from USD 5.6 billion in 2023 to USD 6.9 billion by 2028, at a CAGR of 4.3% from 2023 to 2028. as per the recent study by MarketsandMarkets™. Extruded polystyrene is a renowned rigid foam insulation in the building and construction industry. Extruded polystyrene is well-known for having excellent thermal insulation qualities, moisture resistance, and compressive strength. As a result, it is used for a variety of purposes, such as foundation, wall, and roof insulation. Extruded polystyrene is in high demand due to rising urban living standards and a greater emphasis on sustainable construction techniques. Extruded polystyrene is used in various industries such as residential, commercial, and others (roads, highways, railways, and runways).
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Browse In-Depth TOC On "Extruded Polystyrene Market”
287 - Market Data Tables
53 - Figures
244 - Pages
List of Key Players in Extruded Polystyrene Market:
- Kingspan Group PLC (Ireland)
- Owens Corning (US)
- BASF SE (Germany)
- Synthos S.A. (Poland)
- Ravago S.A. (Belgium)
- Saint-Gobain (France)
- Dupont de Nemours, Inc. (US)
- Dow Inc. (US)
- Kaneka Corporation (Japan)
- Supreme Petrochem Ltd. (India)
Drivers, Restraints, Opportunities and Challenges in Extruded Polystyrene Market:
- Drivers: Growing construction industries in developing nations.
- Restraints: Availability of high-performance substitute.
- Opportunity: Easy recyclability of polystyrene products.
- Challenges: Fluctuation in raw material cost and supply.
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Key Findings of the Study:
- Foundation segment is estimated to be the largest application in extruded polystyrene market in 2022, in terms of value.
- Residential segment is estimated to be the fastest-growing end-use industry for extruded polystyrene market during the forecast period 2023 to 2028.
- Europe was the largest region for the extruded polystyrene market in 2022, in terms of value.
The extruded polystyrene market is projected to be experiencing significant growth in the forecasted period. The foundation segment is estimated to be the fastest-growing segment in the extruded polystyrene market due to its exceptional compressive strength, moisture resistance, and thermal insulation qualities. As sustainability becomes a key component of both consumer preferences and business goals, the foundation segment is anticipated to maintain its growth trajectory. The significance of extruded polystyrene in the foundation market is anticipated to endure and increase if the construction sector emphasizes eco-friendly and energy-efficient building solutions.
The residential segment is estimated to be the largest application in the extruded polystyrene market in the forecasted year due to several factors. The dominance of the residential segment in the extruded polystyrene market is driven by a combination of increased consumer demand, environmental sustainability, and other factors. Extruded polystyrene insulation is frequently utilized in residential buildings to help minimize heat loss and maintain appropriate indoor temperatures. Furthermore, the expanding global population and rapid urbanization trends are vital factors propelling the growth of the extruded polystyrene market.
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Based on application, the extruded polystyrene market is segmented as foundation, roof, wall, floor & ceiling, and others. Foundation stands out as the largest segment in terms of value globally. The dominance of the foundation segment in the extruded polystyrene market has been largely fueled by developing infrastructure worldwide and increasing demand for eco-friendly and sustainable materials in the construction industry. Furthermore, the foundation segment is forecasted to exhibit the highest CAGR in terms of value during the forecast years 2023 and 2028.
Based on the end-use industry, the extruded polystyrene market has been categorized into various segments, including residential, commercial, and others. Notably, the residential segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Factors such as changing consumer preferences, sustainability imperatives, regulatory dynamics, and technological advancements of materials with exceptional insulating qualities and environmental friendliness have contributed to the residential industry's leadership in the extruded polystyrene market. Furthermore, the commercial segment is forecasted to exhibit the second highest CAGR in terms of value during the forecast years 2023 and 2028.
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