Expanded Polystyrene Market Is Expected To Grow At A CAGR Of 4.8% From 2021 To 2028

 Expanded Polystyrene Industry Overview

The global expanded polystyrene market size is anticipated to reach USD 13.5 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.8% from 2021 to 2028. The rising demand for eco-friendly, lightweight, durable, and sustainable products and components, primarily for thermal and acoustic insulation, in the automotive, construction, and packaging industries is driving the market growth over the forecast period.

 

Technological advancements and the growing popularity of Electric Vehicles (EVs) have increased the need for lightweight, durable, and recyclable products. A gradual increase in EVs on roads is expected to positively propel market growth. However, the Covid-19 pandemic has immensely affected the production of automobiles and the value chain of the automotive industry. Production cuts or halt in manufacturing activities, weak consumer sentiments, and declining demand from consumers owing to the pandemic are expected to limit the market growth to some extent.

 

The Asia Pacific regional expanded polystyrene (EPS) market is projected to have an adverse effect in some application segments owing to the pandemic. The pandemic has led to limitations on cross-border trade, complete lockdowns imposed in major economies, and waning consumer demand that has severely affected the regional manufacturing and construction activities and compelled several manufacturers and contractors to either close or slow down their operations.


Expanded Polystyrene Market Segmentation

Grand View Research has segmented the global expanded polystyrene market on the basis of product, application, and region:

Based on the Product Insights, the market is segmented into White, and Grey.

  • The white EPS product segment led the market and accounted for more than 57.0% share of the global revenue in 2020. The segment will expand further at the fastest CAGR from 2021 to 2028 owing to the growing product demand in packaging applications, such as food packaging (drink cups, food trays, and clamshell containers) and electronics and consumer goods packaging among others.

 

  • White EPS is also used in furniture, sports helmets, construction, and automotive applications. Moreover, the growing food service industry and demand for better-quality packaged foods are further projected to propel the segment growth. Grey EPS offers enhanced performance as compared to white EPS.

 

Based on the Application Insights, the market is segmented into Construction, Packaging, Automotive, and Others.

  • The construction application segment led the global market in 2020 and accounted for more than 46% share of the global revenue. However, the packaging application segment is estimated to record the fastest CAGR from 2021 to 2028. 
  • The product demand in construction applications is expected to witness significant growth over the forecast period owing to various beneficial characteristics of EPS, such as excellent thermal insulation, lightness, chemical inertness, and bacterial & pest resistance.

 

EPS Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies & Market Share Insights

The majority of the market players are engaged in the expansion of manufacturing facilities, mergers & acquisitions, and vertically integrating across the value chain. These initiatives enable companies to cater to increasing global demand, ensure competitive effectiveness, enhance sales & operations planning, develop innovative products & technologies, lower production costs, and expand customer base.

For instance, in June 2019, BASF SE increased its global production capacity of Neopor (a graphite polystyrene rigid foam and a type of EPS) by 40,000 metric tons per year. The capacity addition was done at two production sites, namely Ulsan (Korea) and Ludwigshafen (Germany). This move allowed BASF SE to cater to the surging demand for grey material in the Asian market. Some of the major companies operating in the global expanded polystyrene (EPS) market include:

  • BASF SE
  • Kaneka Corp.
  • Total
  • NOVA Chemicals Corporate
  • Ravago
  • SABIC

 

Order a free sample PDF of the Expanded Polystyrene Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

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Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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