According to the latest report by IMARC Group, titled "Expanded Polystyrene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global expanded polystyrene market reached a value of US$ 9.8 Billion in 2021. Expanded polystyrene (EPS) is a white foam plastic material that is manufactured using solid beads of polystyrene. It is a rigid, closed-cell, thermoplastic foam material that is widely available in several densities as well as compressive strengths to withstand load and back-fill forces. It comprises small, hollow spherical balls that absorb minimal water and offer low vapor permanence. The small amounts of gas contained in the polystyrene bead expand upon applying heat in the form of steam, thereby forming closed cells of EPS. It is considered to be a relatively cost-efficient and high performing alternative in multiple insulation and construction applications due to its excellent thermal resistance and formability.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Expanded Polystyrene Market Trends:
The global market is primarily driven by significant growth in the construction sector. The rising demand for sustainable and lightweight solutions for the construction of walls, roof panels and concrete floors with enhanced durability and improved thermal insulation across the residential and commercial sectors is providing a boost to the sales of high-quality polymers, including expanded polystyrene. This is further supported by the growing popularity of green construction on the global level. Apart from this, these polymers are also increasingly utilized as void-forming fill materials in civil engineering projects in road and railway development as well as as a floatation material in the construction of marinas and pontoons. The market is further driven by the rising product utilization in the food and beverages sector for retaining moisture and maintaining the freshness of perishable products. Some of the other factors contributing to the market growth include an enhanced focus on sustainable development and the widespread product utilization for storing and transporting pharmaceutical products. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of
4.77% during 2022-2027.
- On the basis of the product, the market has been classified into white, grey and black.
- Based on the end use industry, the market has been categorized into building and construction, packaging, automotive, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Alpek S.A.B. de C.V. (Grupo Industrial Alfa S.A.B de C.V), BASF SE, Dalian TianLi Engineering Plastic Co. Ltd., Evonik Industries AG (RAG-Stiftung), Jiangsu Nijiaxiang Group Co. Ltd., KANEKA CORPORATION, Ming Dih Group Corporation, Ravago, SABIC, Synthos, TOTAL SE and Xingda Group.
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