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
Expanded Polystyrene Market Overview
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. 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.
COVID 19 ANALYSIS
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.
MARKET DYNAMICS
MARKET SEGMENTATION
REGIONAL ANALYSIS
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.
COMPETITIVE ANALYSIS
Some of the competitors operating in the expanded polystyrene market are BASF SE of Germany, ACH Foam Technologies Inc of the United States, Kaneka Corporation of Japan, SABIC of Saudi Arabia, Alpek S.A.B de C.v of Mexico, Synbra Holding of the Netherlands, NOVA Chemicals Corporation of Cannada, StyroChem of Cannada, Unipol Holand B.V of the Netherlands and Versalis S.P of Italy and many more. Investing of funds, merging and acquisitions are the major strategies operating in the industrial sector.
RECENT DEVELOPMENTS
REPORT OVERVIEW
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: USD 10,066.3 Billion |
CAGR | 5.50% (2022–2030) |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type and Region |
Geographies Covered | 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. |
Key Market Opportunities | The lightweight, durable, moisture resistance, versatile and easy use properties of the product are the important trends |
Key Market Drivers | Its growing use in packaging applications such egg trays, fast foods owing to its cost effective, convenient to use, and versatile nature. |
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.