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According to the latest report by IMARC Group, titled "Expanded Polystyrene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global expanded polystyrene market grew at a CAGR of around 4% during 2015-2020. 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 factor, the market is anticipated to exhibit moderate growth during 2021-2026.
Market Summary:
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