The global expanded polystyrene (EPS) market is expected to grow at a CAGR of around 5.2% from 2020 to 2027 and expected to reach the market value of around US$ 23.5 Bn by 2027.
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.
"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, beneath 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.
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 a 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 bolster 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's 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.
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 mouldings, 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.
The global expanded polystyrene (EPS) market can be segmented as product type and end-user industry. By product type, the market is segregated as white, grey, and black. Further, by end-user industry, the market is segmented as building & construction, packaging, and others (automotive, medical, marine, and sports & leisure)
Based on product, the white EPS segment has previously led the market with the highest market share and is expected to do so again during the forecast period. 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.
The global expanded polystyrene (EPS) market is dominated by the construction segment. 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.
Asia Pacific dominates, Americas record fastest growing CAGR
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. APAC's 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 APAC construction sector forward.
The widespread use of EPS in construction applications, on the other hand, is expected to drive significant growth in North America.
The prominent players of the global expanded polystyrene (EPS) market involve BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, Saudi Basic Industries Corporation, and among others
Market By Product Type
Market By End-Use Industry
Building & construction
Others (automotive, medical, marine, and sports & leisure)
Expanded polystyrene (EPS) market is expected to reach a market value of around US$ 23.5 Bn by 2027.
The expanded polystyrene (EPS) market is expected to grow at a CAGR of around 5.2% from 2020 to 2027.
Based on product type, white segment is the leading segment in the overall market.
Recycling of Extended Polystyrene (EPS) is one of the prominent factors that drive the demand for expanded polystyrene (EPS) market.
BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, Saudi Basic Industries Corporation, and among others.
Asia Pacific is anticipated to grab the highest market share in the regional market
North America is expected to be the fastest growing market in the forthcoming years