The Global Expanded Polystyrene Market Size accounted for USD 18,194 Million in 2021 and is estimated to achieve a market size of USD 27,592 Million by 2030 growing at a CAGR of 4.9% from 2022 to 2030. Rising urbanization, industrialization, and construction activities will primarily drive the expanded polystyrene market value. Furthermore, the rising demand for sustainable & lightweight materials with extreme durability and better thermal insulation is expected to drive expanded polystyrene (EPS) market growth over the projected timeframe.
Expanded Polystyrene Market Report Key Highlights
Expanded Polystyrene (EPS) is a lightweight cellular plastic material composed of small hollow spherical balls. The remarkable properties of EPS are due to its closed cellular structure. EPS comes in a variety of densities, each with its own set of physical properties. The material's performance and strength are optimized by matching it to the various applications in which it is used. Examples of applications include insulated panel systems for walls, roofs, and floors, as well as facades for both residential and commercial buildings. It is also used as void-forming fill material in civil engineering projects, as a lightweight fill in road and railway construction, and as a floatation material in the construction of pontoons and marinas.
Global Expanded Polystyrene Market Dynamics
Expanded Polystyrene Market Report Coverage
|Market||Expanded Polystyrene Market|
|Expanded Polystyrene Market Size 2021||USD 18,194 Million|
|Expanded Polystyrene Market Forecast 2030||USD 27,592 Million|
|Expanded Polystyrene Market CAGR During 2022 - 2030||4.9%|
|Expanded Polystyrene Market Analysis Period||2018 - 2030|
|Expanded Polystyrene Market Base Year||2021|
|Expanded Polystyrene Market Forecast Data||2022 - 2030|
|Segments Covered||By Product Type, By End-Use Industry, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, and Saudi Basic Industries Corporation.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
"EPS Geofoam" Offers Novel Infrastructure Solutions In The Global Market
According to the American Chemistry Council, Inc. report, EPS Geofoam has a proven track record as a cost-effective engineering solution for difficult embankment stability and foundation settlement applications all over the world. EPS geofoam refers to low-density cellular plastic foam solids used in geotechnical applications. The material has been used in road and airfield pavements, railway track systems, refrigerated storage buildings, sports arenas, and storage tanks to prevent ground freezing and heaving, and in below-ground building, segments to reduce seasonal heating and cooling needs. The use of geofoam as fill material in embankments has the advantage of being up to 50 times less massive than other lightweight fills, and it can provide the following benefits for transportation infrastructure development.
Expanded Polystyrene Growth Factors
Big Calls For "Expanded Polystyrene (EPS)" In Building And Construction Industry Witnessed Significant Growth In The Global Market
In the building and construction industries, EPS is widely used. Examples of applications include insulated panel systems for walls, roofs, and floors, as well as facades for both residential and commercial buildings. It is also used as void-forming fill material in civil engineering projects, as a lightweight fill in road and railway construction, and as a floatation material in the construction of pontoons and marinas. Its strength, durability, and lightweight nature contribute to its versatility and popularity.
Expanded Polystyrene (EPS) In Packaging Industry Bolsters The Growth Of Global Market
A significant amount of EPS is also used in packaging. It is ideal for storing and transporting fragile and expensive items such as electronic equipment, wines, chemicals, and pharmaceutical products due to its exceptional shock-absorbing properties. EPS' excellent thermal insulation and moisture resistance properties allow for the preservation of perishable products such as produce and seafood. Moreover, due to its compression resistance, EPS is ideal for stackable packaging goods. The vast majority of EPS packaging manufactured in Australia is used to transport fruits, vegetables, and seafood. In both the domestic and export markets, EPS packaging is widely used.
Expanded Polystyrene Market Opportunity
Recycling Of Extended Polystyrene (EPS) Can Be Conducted Easily
EPS is a non-toxic and inert material that is free of chlorofluorocarbons and is used in insulation and packaging (CFCs). It has a lower environmental impact than the other materials in the competition. However, it is nearly indestructible, and discarded EPS takes hundreds of years to biodegrade. It is also resistant to photolysis. Previously, EPS waste was disposed of in landfills; however, this trend is changing, and post-consumer and post-commercial EPS recycling is increasing. Globally, more than 100 million pounds of EPS are recycled and reused in both closed-loop and open-loop processes to create a diverse range of durable goods and innovative new building products from recycled content foam packaging. Crown moldings, picture frames, park benches, movie props, and faux marble and stone made from post-consumer and post-commercial EPS reduce the need for virgin material. New applications are driving recycling gains thanks to advancements in recycling technology, integrated chain management principles, and collaborative collection program.
Expanded Polystyrene Market Segmentation
The worldwide expanded polystyrene market segmentation is based on the product type, end-use industry, and geography.
Expanded Polystyrene Market By Product Type
According to the expanded polystyrene market forecast, the white EPS segment tended to lead the market with the largest market share and is expected to do so again over the forecast timeframe. This is because product demand is increasing in packaging applications such as food packaging (drink cups, food trays, and clamshell containers), electronics and consumer goods packaging, and so on. White EPS can also be found in furniture, sports helmets, construction materials, and automobiles. Furthermore, the expanding food service industry and increased demand for higher-quality packaged foods are expected to drive segment growth.
Expanded Polystyrene Market By End-Use Industry
According to the expanded polystyrene industry analysis, the construction segment is predicted to lead the global market in 2021. According to the EPS Industry Alliance, expanded polystyrene (EPS) is an innovative building material that contributes to the design and structural integrity of many building projects. Although EPS has been recognized as a mainstream insulation material since the 1950s, new applications have emerged rapidly in the last decade. EPS is now a powerful design element and an excellent choice for green building design, providing tangible environmental benefits such as improved energy efficiency, indoor environmental quality, and increased durability.
Expanded Polystyrene Market Regional Outlook
The Middle East & Africa (MEA)
Asia-Pacific dominates, Americas record fastest growing CAGR
The Asia-Pacific is expected to have a dominant market share in the coming years. This is attributed to rising product demand in key application segments such as automotive, packaging, and construction in emerging economies such as China and India. The Asia-Pacific construction industry is the world's fastest-growing market. Rising urbanization and disposable income, as well as government initiatives like India's "Housing for All," are propelling the Asia-Pacific construction sector forward.
The widespread use of EPS in construction applications, on the other hand, is expected to drive significant growth in North America.
Expanded Polystyrene Market Players
Some of the top expanded polystyrene market companies offered in the professional report include BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, and Saudi Basic Industries Corporation.
The estimated value of global expanded polystyrene market in 2021 was accounted to be USD 18,194 Million.
The projected CAGR expanded polystyrene market during the analysis period of 2022 to 2030 is 4.9%.
The prominent players of the global expanded polystyrene market are BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, and Saudi Basic Industries Corporation.
Asia-Pacific held the dominating expanded polystyrene during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for expanded polystyrene during the analysis period of 2022 to 2030.
Increasing usage in the construction industry, and rise in the demand for thermal insulation drives the growth of global expanded polystyrene market.
Based on end-use industry, building & construction segment is expected to hold the maximum share of the expanded polystyrene market.