Expanded Polystyrene Market Size was valued at USD 11.05 billion in 2023. The Expanded Polystyrene industry is projected to grow from USD 12.01 Billion in 2024 to USD 23.22 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.60% during the forecast period (2024 - 2032). Moreover, it has also been noticed that more than 65% of companies in the construction sector were being affected by the inactivities so carried out. Expanded Polystyrene formed by the polymerization process. This is a thermoplastic product composed of styrene beads. It is lightweight, has high durability and is resistant to moisture, extremely versatile. They are used for construction, building, automotive, and packaging.
In 2024, BEWI, a supplier of packaging components and insulation solutions, will introduce new expanded polystyrene (EPS) raw material grades and EPS fish boxes with lower environmental footprints. These inventions using recycled feedstock promise to minimize COâ‚‚ emissions by up to 60%. The new fish boxes are part of BEWI's GreenLine product line, which includes goods made with recycled materials and have a lower carbon footprint.
As part of the Environment Agency - Abu Dhabi's (EAD) Single-Use Plastic Policy, which was established in 2020, a ban on a number of Styrofoam goods in the emirate will take effect on June 1, 2024. Styrofoam is a form of plastic called expanded polystyrene, and it has a variety of applications. Abu Dhabi's ban specifically targets unnecessary, single-use consumer products. The banned products include cups, lids, plates, and drinking containers made of expanded polystyrene (including caps and lids).
The outbreak of the pandemic had a great impact on the industry. A change in consumer behavior and a transformation in the current market trends were marked. Due to the imposition of lockdown, many production units stopped manufacturing EPS products. The decline in the growth of the construction and automotive industry was observed, which made a huge impact on the overall market sector. The industry faced an economic disruption.
The government of many states imposed certain restrictions for the safety of nationwide people. He made strict rules and regulations for wearing masks and using sanitizers regularly.
Products made from expanded polystyrene are convenient to use, cost-effective, and versatile. Its recyclable nature and biocompatible nature are the reasons lying behind the usage of polystyrene expanded
. The expansion of business in the construction industry helps in driving the growth of the industry. A special hike in energy prices is forcing the users to rise their thermal efficiency for minimizing their energy consumption thus acting as a growth drives for the market.
The automotive industry is attracting manufacturers to donate a certain sum in this market. The growth in demand of emerging countries has given a great opportunity to the key players to cope up with the growth of markets. Recycling these products provides opportunities for expanding the growth of the business.
Variation in the costs of raw materials harms the manufacturing process of the market thus creating a huge challenge on the industry. Reduction in the availability of substituted solutions and materials also becomes a challenging factor.
The growth of the expanded polystyrene market at first took place in the food industry where packing of food by bugger boxes and coffee cups were made. Highly using up of grey expanded polystyrene in construction purposes due to its insulating thermal property drives up the market. Its low water absorption capability, sound resistance capability, and mechanical resistance increase the growth of the market.
Stringent factors and laws imposed by the government may decrease the expanded polystyrene market size.
Globally the expanded polystyrene market has been segmented into type and application. Based on type, the market is further divided into white, grey, and black expanded polystyrenes. Among all the white polystyrene markets cover a large expanded polystyrene market share. The white segment is used for various other applications like egg trays and fast foods. The grey segment covers a little large expanded polystyrene market share and shows moderate growth. Based on application, the expanded polystyrene market is divided into construction, buildings, packaging, automotive, and many more. The packaging segment occupies a large area and is famous for fish, poultry, and vegetables. The automotive segment occupies a high CAGR by replacing heavy metals with light-weight metals. The construction and building division grows at a high rate due to the usage of polystyrene in the roofs, walls, and flooring structures.
The advancement of technology had lessened its impact on the environment. The products of expanded polystyrene are made up of chlorofluorocarbons which makes the packaging non-toxic and inert. Technology has made it resistant to photolysis. Roplsturene products are not recyclable and can be reused both in the closed and open loo. Technology makes the use of recyclable products for the production of new modernized and durable polystyrene products. The adoption of Technology had led to the development of integrated chain regulated systems besides developing the recycling technology.
The expanded Polystyrene Industry is in high demand in five regions Asia-Pacific, North America, European region, Latin American region, Middle East, and African region. Asia Pacific region contributes much more for expansion of expanded polystyrene market size due to high growth in usage of this light-weight expanded polystyrene materials. In this region, this material is used for construction, automotive, building purposes, and many others. Here, the packaging segment is in high demand due to the growth in the substitution of cardboard products in the expanded polystyrene industry. This segment covers a large area of the expanded polystyrene market during the forecast period. Some regions of China, India, and Japan are the dominant competitors of the expanded polystyrene market.
Some of the competitors operating in the expanded polystyrene market are
and many more. Investing of funds, merging and acquisitions are the major strategies operating in the industrial sector.
RECENT DEVELOPMENTS
REPORT OVERVIEW
The report gives market analysis about the geographical region spread out throughout the market. The EPS market summarises the proper segmentation of the markets. The report covers in-depth analysis about the expanded
market size and gives information about the forecast of its expansion majorly in the emerging countries.
| Attribute/Metric | Details |
| Market Size 2023 | Â USD 11.05 Billion |
| Market Size 2024 | Â USD 12.01 Billion |
| Market Size 2032 | Â USD 23.22 Billion |
|   CAGR |   8.60% (2024–2032) |
| Â Â Base Year | Â Â 2023 |
| Â Â Forecast Period | Â Â 2024 to 2032 |
| Â Â Historical Data | Â Â 2019 & 2020 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Type and Region |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
|   Key Vendors |   BASF SE (Germany), ACH Foam Technologies, Inc (U.S.), Kaneka Corporation (Japan), SABIC (Saudi Arabia), Alpek S.A.B. de C.V (Mexico), Synbra Holding bv (the Netherlands), NOVA Chemicals Corporation (Canada), StyroChem® (Canada), Unipol Holland B.V. (the Netherlands), and Versalis S.p.A (Italy) among others. |
| Â Â Key Market Opportunities | Â Â The lightweight, durable, moisture resistance, versatile and easy use properties of the product are the important trends |
| Â Â Key Market Drivers | Â Â Its growing use in packaging applications such egg trays, fast foods owing to its cost effective, convenient to use, and versatile nature. |
Expanded Polystyrene Market Highlights:
Frequently Asked Questions (FAQ) :
Due to the increase in usage of polystyrene in packaging, building, and construction the North American region is growing at a high rate due to the increase in disposable income and rise in expanded polystyrene market revenue by the end-users industries drive the market and increase its size. The United States, China, and India have shown growth in the use of polystyrene products which has propelled up the market growth.
The European market has increased its value and volume due to it following the rules and regulations of the government. The government has been impressed by the use up of lightweight and biocompatible ex[anded polystyrene products. Here market has experienced growth in all the sectors. Manufacturing of innovative products by using advanced technology helps in steering up the market in the regions of the United Kingdom, France, Italy.
Latin American region experiences development due to rise in usage of low density, humid obstruction materials, using the environment-friendly products enhances the expanded polystyrene market value. The Middle East and African regions are expanding their business due to the use of polystyrene in buildings and construction purposes.
It is the dominant and fastest-growing market where the expanded polystyrene products have physical and mechanical properties satisfying the insulating needs. It is the greatest choice for green building construction and offers environmental benefits which increase energy efficiency which improves the quality of the environment.
In some regions, the use of extended polystyrene products has been banned. The products of styrofoam are a type of extended polystyrene that is unable to be recycled. As it being non-biodegradable, some of the consumers are unable to use single-throw products. The major challenging factor is the use of certain polystyrene foam products like cups and plates for the packaging of peanuts.
Floorings and ceiling sector covers the largest portion of their market followed by roofing systems. EPS is being preferred for roofing systems because it gives proper thermal insulation to them.
Globally and regionally the expanded polystyrene market is expected to occupy 7992.3 kilotons and extend to about 10,066.3 billion and projects at a CAGR of 5.50% during the forecast period of 2020 to 2030.
$10,066.3 Billion
5.50%
Asia Pacific
2020-2030
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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