BEIJING, Oct. 09, 2022 (GLOBE NEWSWIRE) — The Global expanded polystyrene market The size accounted for USD 18,194 million in 2021 and is expected to reach 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
- The global expanded polystyrene market value was USD 18,194 million in 2021 and is expected to grow at a CAGR of 4.9% from 2022 to 2030
- North America expanded polystyrene market revenue will garner more than 44% market share in coming years
- Asia-Pacific Expanded Polystyrene Market Growth to Register Remarkable CAGR During the Forecast Period 2022 to 2030
- Among product types, the white segment accounted for more than 40% of the overall market share in 2021
- Based on end-use industry, the building and construction sector occupied more than 48% of the total market share
Expanded Polystyrene Market Growth Factors
- Growing demand for thermal insulation
- Growing use in the construction industry
- Growing demand for food and beverage packaging
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Expanded Polystyrene Market Report Coverage:
|Market||expanded polystyrene market|
|expanded polystyrene market Size 2021||$18,194 million|
|expanded polystyrene market Forecast 2030||$27,592 million|
|expanded polystyrene market CAGR from 2022 to 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, end-use industry and geography|
|expanded polystyrene market Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago and Saudi Basic Industries Corporation.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory 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 the growth in construction and building industries. Additionally, increasing supply of thermally efficient buildings has fueled the growth of the market.
Expanded polystyrene (EPS) is a common cold chain packaging material used in the pharmaceutical industry as it ensures product safety. As a result, the expanded polystyrene (EPS) market has been significantly boosted by the growth of the pharmaceutical industry. Additionally, the automotive industry has increased its use of lightweight polymeric foam, which is driving the expansion of the market. Additionally, applications in defense industry infrastructure have boosted the expanded polystyrene market.
Expanded Polystyrene (EPS) Market Restriction
Crude Oil Price Volatility Hampering Global Expanded Polystyrene (EPS) Market Growth
Despite the fact that the price of crude oil has little impact on the final price of EPS, any future volatility (rise) in the price of EPS may impact the viability of styrene producers. Styrene producers like The Dow Chemical Company (USA), Royal Dutch Shell (Netherlands) and LyondellBasell Industries NV (Netherlands) are increasingly investing in R&D to reduce capital expenditures and lower production costs. operations to improve their margins due to market fluctuations. crude oil price. Crude oil prices and escalating demand are expected to push EPS prices higher in the near future.
Global Expanded Polystyrene Market Business Strategies
- In August 2018, Atlas Roofing 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 was acquired by BEWiSynbra. Thanks to this acquisition, the company benefits from a better geographical coverage in Finland and will also be able to offer EPS insulation materials and packaging solutions, as it does in the rest of the Nordic countries.
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Expanded polystyrene market segmentation
The global expanded polystyrene (EPS) market can be segmented into product type and end-user industry. By product type, the market is segregated into white, gray, and black. Further, by end-user industry, the market is segmented into building & construction, packaging, and others (automotive, medical, marine, and sports & leisure).
Expanded polystyrene EPS market share
According to our analysis of the expanded polystyrene industry, the white segment holds a major market share in the global market. Increasing use of white EPS in construction and packaging is propelling the growth of the market. Moreover, the cost advantage of white EPS over gray and black EPS is a driving force in the growth of the market.
According to our forecast for the expanded polystyrene market, the construction industry has historically dominated the market and is expected to continue to do so during the forecast period. This has wide support as the building and construction industry uses expanded polystyrene (EPS) for its lightness, strength, thermal efficiency, shock absorption, ease of use and other qualities. . It is used, among other things, in the construction of walls, roofs, closed cavity walls, floor and road insulation. This is one of the major factors influencing the expanded polystyrene (EPS) market globally.
Regional Growth of Expanded Polystyrene Market
The global expanded polystyrene market is divided into five regions: North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA).
The expanded polystyrene (EPS) market is largely dominated by the Asia-Pacific region. The region is expected to grow at the fastest CAGR over the analysis period due to growing demand for products in important application segments such as automotive, construction and packaging, in developing countries such as China and India. The Asia-Pacific construction market is growing at the fastest rate in the entire world. Government programs such as “Housing for All” in India and increasing urbanization and disposable income are also driving the APAC construction industry forward.
The second largest expanded polystyrene market is in Europe (EPS). This is the result of growing demand from the construction, packaging and automotive industries. The product has uses in many industries due to its adaptable advantages and ease of molding and shape forming. Due to their excellent environmental benefits, which can provide an improved indoor environment, maximized energy efficiency and enhanced sustainability, 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 major EPS companies operating in the industry include BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, and Saudi Basic Industries Corporation.
Questions this report answers
- What was the size of the expanded polystyrene market in 2021?
- What will be the CAGR of the expanded polystyrene market during the forecast period from 2022 to 2030?
- Who are the key players in the global expanded polystyrene market?
- Which region held the largest expanded polystyrene market share 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 value of the expanded polystyrene market in 2030?
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