The global expanded polystyrene market From 2022 to 2028, the market is expected to increase at a CAGR of 5.1 percent, from $15.3 billion in 2018 to $22.8 billion in 2026. Expanded polystyrene (EPS) is a stiff and lightweight insulation material with a variety of qualities, including shock absorption, humidity resistance, compression resistance, vitamin C retention, sanitary features, and chemical resistance. It's used in the automobile, furniture, packaging, and construction industries.
EPS is utilised in a variety of construction projects, including highways, bridges, railway lines, public buildings, and even tiny family homes. The properties of EPS make it excellent for use as a light weight filler, insulation, a decorative element or inventive touch, as a lightweight filling material in roadways to aid drainage, and so on. It's great for usage in the building industry because of its optimum blend of mechanical and physical qualities. EPS is also ideal for packaging because it is lightweight, non-abrasive, water resistant, and provides good cushioning.
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The increased use of expanded polystyrene in the construction and packaging industries is driving market expansion. EPS, on the other hand, is comprised of expandable polystyrene, a stiff cellular plastic with an expansion agent. Crude oil is used to make EPS. The polymers are obtained after further processing, and the polystyrene material is transformed into expanded polystyrene to provide the appropriate characteristics. Crude oil price fluctuations have a direct impact on the costs of raw materials, which in turn has an impact on the production process. As a result, crude oil price fluctuation limits market expansion.
The market is growing due to the numerous applications of EPS in packaging. During the projection period, the building & construction segment is expected to develop at the fastest rate. EPS is a cutting-edge building material that helps with the design and structural integrity of a variety of structures. EPS has established itself as a popular insulation material. It provides increased energy efficiency, improved indoor air quality, and increased durability. As a result, EPS is becoming more popular in the building industry.
Key Market Segments
BY TYPE
● White
● Grey
● Black
BY APPLICATION
● Packaging
● Domestic Appliances
● Consumer Electronics
● Building & Construction
● Medical
● Others
The global expanded polystyrene market trends are examined by region, including North America, Europe, Asia-Pacific, and LAMEA. In 2018, Asia-Pacific contributed the most revenue. Due to growing interest from households, Asia-Pacific has emerged as the major region and producer of EPS. Due to different ongoing and planned building structure and construction projects in Asia-Pacific, EPS use is likely to expand in the next five years. Wuxi Xingda, Synthos, BASF, and The Ravago Group, Alpek are among the market's top participants. Furthermore, a surge in the use of EPS for cold chain packaging in the pharmaceutical sector to improve product safety and keep packaged food fresh during transit is likely to propel the market forward.
Key Market Players
• Alpek, S.A.B. de C.V
• ARKEMA S.A
• BASF SE
• Evonik Industries AG
• KANEKA CORPORATION
• LG Corporation
• NOVA Chemical Corporation
• SABIC
• Styrochem
• Total S.A
Stakeholders' Key Benefits:
● For strategy development, Porter's five forces analysis helps examine the potential of buyers and suppliers, as well as the competitive landscape of the sector.
● It examines the existing expanded polystyrene market share as well as the market size forecast from 2018 to 2026 in order to identify current prospects and potential investment areas.
● At the regional and country levels, major countries in the region have been plotted according to their respective revenue contributions to the expanded polystyrene market.
● The paper explains the key drivers, restraints, and expanded polystyrene market opportunities, as well as their full impact analysis.
● The study includes profiles of leading competitors as well as their relative expanded polystyrene market share. The expanded polystyrene market forecast is examined from 2019 to 2026.
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