Global Expanded Polystyrene Market to Reach US$ 15.2 Billion by 2032, Impelled by Significant Growth in the Construction Industry

July 10, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Expanded Polystyrene Market Report by Product (White, Grey, Black), End Use Industry (Building and Construction, Packaging, Automotive, and Others), and Region 2024-2032,” the global expanded polystyrene market size reached US$ 10.7 Billion in 2023. Expanded polystyrene (EPS) is a lightweight, rigid, and foam-like plastic material produced by expanding polystyrene beads with steam and a blowing agent. The expansion process causes the beads to fuse, creating a cellular structure with closed air-filled voids. EPS consists of polystyrene, a thermoplastic polymer composed of styrene monomers. It exhibits excellent insulation capabilities, buoyancy, and low moisture absorption properties. Its high strength-to-weight ratio makes it structurally efficient and resistant to chemicals that do not rot or degrade over time. EPS is utilized in various industries, including the construction sector, where it is employed as insulation for walls, roofs, and foundations, effectively reducing heat transfer and energy consumption. It is also utilized in producing insulated concrete forms (ICFs), which contribute to creating energy-efficient and structurally sound walls.

Global Expanded Polystyrene Market Trends:

The increasing demand for expanded polystyrene in the construction industry is one of the major factors driving the market growth. The emphasis on energy efficiency, sustainable building practices, and regulatory requirements for thermal insulation has significantly fueled the demand for EPS in construction projects. Moreover, its versatility, lightweight nature, ease of installation, and its ability to be molded and shaped to fit various construction requirements providing flexibility in design, are contributing to the market growth. Furthermore, the widespread product utilization in the packaging industry for protective packagings, such as cushioning fragile items during transportation, is facilitating the demand for EPS packaging solutions. Apart from this, the rising popularity of expanded polystyrene in the automotive sector due to its lightweight nature and excellent energy absorption properties and its widespread utilization in components such as interior trim, seating, and safety features like bumpers and headrests is strengthening the market growth. In line with this, the increasing product demand owing to its recyclability and capability to be reused in multiple applications due to the increasing emphasis on sustainability and environmental considerations is favoring the market growth. Other factors, including widespread product adoption in the food and beverage (F&B) industry to retain moisture and maintain the freshness of perishable products and extensive research and development (R&D) activities, are anticipated to drive the market growth. Looking forward, the market value is projected to reach US$ 15.2 Billion by 2032, expanding at a CAGR of 3.8% during 2024-2032.

Market Summary:

  • Based on the product, the market has been segmented into white, grey and black.
  • On the basis of end use industry, the market is segmented into building and construction, packaging, automotive, and others.
  • Region-wise, the market has been segmented into North America (the United States, Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, others), Latin America (Brazil, Mexico, others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, End Use Industry, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
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Global Expanded Polystyrene Market to Reach US$ 15.2 Billion by 2032, Impelled by Significant Growth in the Construction Industry
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