The global expanded polystyrene market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Expanded Polystyrene is a polymer produced by gas blowing of polystyrene. EPS beads are used in the production of molded foam products. Expanded polystyrene have good thermal insulation and shock-absorbing properties, high compressive strength, very low weight and resistance to moisture. Expanded polystyrene are made into different intermediates using various molding technologies such as injection molding, extrusion and thermoforming.
Rising demand for insulation materials from various industries such as construction, packaging and others are likely to drive the expanded polystyrene market. As expanded polystyrene is a major feedstock for various insulation materials, demand for insulation materials is expected to fuel the growth of this market. Demand for insulation materials is increasing due rise in demand from construction, packaging and other industries, which is in turn supported by the growing population and extra income in developing countries.
Drivers and Restraints of Expanded Polystyrene Market
Growing investments in downstream industries in regions like the Americas, the Middle East and the Far East are likely to offer tremendous possibilities for expanded polystyrene market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Expanded polystyrene are exposed to the probability of volatility in supply and price of crude oil. Expanded polystyrene and its derivatives have an adverse effect on the environment and are prone to stringent regulations. Existing and future regulations concerning the use of expanded polystyrene in end products are likely to challenge the market growth.
Expanded Polystyrene Market by Region
Asia was the largest consumer of expanded polystyrene and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China, Japan and South Korea were the largest consumers of expanded polystyrene in this region, whereas India is likely to grow at a higher pace. Growing demand from packaging and construction and other industries will drive expanded polystyrene market in Asia. Consumption of expanded polystyrene in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from construction and appliances industry. With major production capacities in the USA, the region is likely to grow in terms of global supply capability. Demand from Europe was low relatively and is likely to stay same in the next few years and will continue focusing on exporting to Asia.
Top players in this market include CH Foam Technologies, LLC, Alpek SAB de CV, BASF SE, Kaneka Corporation, PJSC SIBUR Holding, Saudi Basic Industries Corporation (SABIC), SUNPOR KUNSTSTOFF GmbH, Synbra Holding bv, Synthos S.A., and Total S.A.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth