The global Expanded Polystyrene market size is expected to be worth around US$ 12.8 billion by 2027, according to a new report by Vision Research Reports.
The global Expanded Polystyrene market size was valued at US$ 9.6 billion in 2019 and is anticipated to grow at a CAGR of 4.5% during forecast period 2020 to 2027.
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Increasing demand for sustainable and lightweight solutions that provide extreme durability, coupled with improved thermal insulation, is projected to boost the growth of the market over the forecast period. Rising demand for acoustic and thermal insulation in the building and construction industry in developing economies, including China and India, is expected to increase the demand for high-quality polymers. Furthermore, rising demand among consumers for durable commercial and residential buildings, which can easily withstand extreme changes in the external environment, is expected to propel the market growth over the forecast period.
The rising demand for environmentally friendly, lightweight, durable, and sustainable products and components, primarily for thermal and acoustic insulation, in the automotive, construction, and packaging industries, is driving the demand for Expanded Polypropylene (EPS) over the forecast period.
The white EPS product segment led the market and accounted for more than 57.2% share of the global revenue in 2019. This is attributed to the growing demand in packaging applications, such as food packaging including drink cups, food trays, and clamshell containers, consumer goods packaging, and electronics products packaging.
The construction application segment led the market and held a revenue share of more than 45.1% in 2019. The demand for expanded polystyrene in construction applications is expected to witness significant growth over the forecast period owing to various beneficial characteristics of EPS, including excellent thermal insulation, lightness, chemical inertness, and bacterial and pest resistance.
The packaging application segment accounted for the second-largest revenue share in 2019. This is attributed to the excellent shock-absorbing properties of expanded polystyrene, thus making it ideal for the storage and transportation of products, such as electronics equipment, consumer goods, wines, healthcare, and chemical products.
The automotive application segment is anticipated to witness considerable growth over the forecast period on account of increasing demand for expanded polystyrene in automobile parts, such as storage compartments, headrest and seats, footpads, and bumper systems. Expanded polystyrene is used in the automotive application on account of its properties such as lightness, impact resistance, and shock absorption.
Asia Pacific led the market and accounted for more than 54.1% share of the global revenue in 2019. This is attributed to ascending demand for the product from key applications, including automotive, packaging, and construction, in emerging economies such as China and India.
Europe is the second-largest consumer of expanded polystyrene owing to high demand from the automotive, packaging, and construction sectors. EPS finds application in several industries due to its versatile benefits, lightweight, easy molding, and desired shape formation. In recent years, the demand for expanded polystyrene from green building design applications in the European market has witnessed a significant increase owing to its excellent environmental advantages that can provide improved indoor environmental quality, maximized energy efficiency, and enhanced durability.
Central and South America region is expected to witness substantial growth over the forecast period owing to the region’s economic growth in the past few years. The recovering residential building and construction sector in Central and South America is expected to fuel the demand for EPS in the construction sector. Significant new investments in housing and public works by the government and green building construction initiatives are expected to boost infrastructural growth in Colombia, thereby propelling the demand for EPS over the forecast period.
Key PlayersBASF SE KANEKA CORPORATION Total NOVA Chemicals Corporate Ravago SABIC
EPS Product OutlookWhite Grey
EPS Application OutlookConstruction Packaging Automotive Others
EPS Regional OutlookNorth America U.S. Europe Germany U.K. Asia Pacific China India Central & South America Brazil Middle East & Africa
In this study, the years considered to estimate the market size of Expanded Polystyrene are as follows:Historic Year: 2016-2019 Base Year: 2020 Forecast Year 2020 to 2027
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– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
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