Expanded Polystyrene Market Demand and Future Scope in the Next 10 Years!
The expanded polystyrene market which was USD 12.12 billion in 2023, would rocket up to USD 25.67 billion by 2032, and is expected to undergo a CAGR of 8.70% between 2023 to 2032.
Key Takeaways
- Asia Pacific contributed more than 41% of revenue share in 2022.
- North America is estimated to expand the fastest CAGR between 2023 and 2032.
- By product, the white segment has held the largest market share of 68% in 2022.
- By product, the grey segment is anticipated to grow at a remarkable CAGR of 9.2% between 2023 and 2032.
- By application, the construction segment generated over 34% of revenue share in 2022.
- By application, the packaging segment is expected to expand at the fastest CAGR over the projected period.
The Expanded Polystyrene (EPS) market is experiencing significant growth driven by its versatile applications across various industries. EPS, a lightweight and rigid cellular plastic, finds widespread use in construction, packaging, and automotive sectors. The market’s expansion can be attributed to the material’s exceptional insulation properties, cost-effectiveness, and sustainability. As industries increasingly prioritize energy efficiency and environmental considerations, EPS emerges as a go-to solution, fueling the market’s upward trajectory.
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Expanded Polystyrene Market Scope
Report Coverage | Details |
Growth Rate from 2023 to 2032 | CAGR of 8.70% |
Market Size in 2023 | USD 12.12 Billion |
Market Size by 2032 | USD 25.67 Billion |
Largest Market | Asia Pacific |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | By Product and By Application |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver:
A key driver propelling the Expanded Polystyrene market is the booming demand in the construction industry. EPS serves as a crucial insulating material in building structures, contributing to energy conservation and thermal efficiency. As global construction activities surge, driven by urbanization and infrastructure development, the demand for EPS in insulation applications rises correspondingly. Additionally, the material’s ease of use and adaptability further enhance its appeal, making it an indispensable component in the construction landscape.
Dynamics:
The dynamics within the Expanded Polystyrene market are shaped by a combination of technological advancements and environmental considerations. Innovations in manufacturing processes have led to improved EPS products, addressing concerns related to durability and recyclability. Furthermore, increasing awareness and stringent regulations regarding sustainable practices have prompted manufacturers to explore eco-friendly alternatives and recycling initiatives. This shift towards greener practices not only aligns with market demands but also opens up new avenues for growth, fostering a dynamic landscape within the EPS market.
Read Also: Ethylene Vinyl Acetate Market Size To Rise USD 19.25 Billion By 2032
Product
- White
- Grey
The Expanded Polystyrene (EPS) market is segmented based on product types and applications, offering a comprehensive view of its diverse usage across various industries. In terms of products, EPS is commonly classified into two main categories: white EPS and grey EPS. White EPS, known for its lightweight and insulating properties, finds extensive application in the packaging industry, especially for protecting fragile items during transit. On the other hand, grey EPS, featuring enhanced mechanical strength, is often preferred in construction applications, where it serves as an efficient insulating material for buildings.
Applications
- Construction
- Packaging
- Automotive
- Others
In the realm of applications, the versatility of Expanded Polystyrene becomes evident. The packaging sector represents a significant portion of the market, with EPS being widely employed for the packaging of electronic goods, food items, and other delicate products. Its excellent cushioning properties make it an ideal choice for ensuring the safe transportation of goods. Furthermore, the construction industry relies on EPS for insulation purposes, as it aids in maintaining optimal temperatures within buildings, thereby contributing to energy efficiency. Additionally, EPS is utilized in the automotive sector for manufacturing components that require a combination of lightweight and insulating properties.
Recent Developments
- In July 2022, Venture Polymers and Aurora Manufacturing, two U.K. recyclers, were acquired by Belgian plastics company Ravago Manufacturing.
Expanded Polystyrene Market Players
- BASF SE
- Kaneka Corporation
- Synthos S.A.
- TotalEnergies
- SABIC
- SUNPOR Kunststoff GmbH
- Flint Hills Resources
- PJSC SIBUR Holding
- Nova Chemicals Corporation
- Alpek S.A.B. de C.V.
- Saudi Basic Industries Corporation (SABIC)
- ACH Foam Technologies
- StyroChem
- BEWiSynbra Group AB
- Brødrene Hartmann A/S
Segments Covered in the Report
By Product
- White
- Grey
By Application
- Construction
- Packaging
- Automotive
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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