Over the forecast period, the market will be driven by increased demand for eco-friendly, lightweight, durable, and sustainable goods and components, especially for thermal and acoustic insulation, in the automotive, construction, and packaging sectors. The need for lightweight, durable, and recyclable products has grown as a result of technological breakthroughs and the rising popularity of electric vehicles (EVs). A steady increase in the number of electric vehicles on the road is predicted to boost the market growth.
Jersey City, New Jersey, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Expanded Polystyrene Market” By Type (Grey, White, and Black), By Application (Building & Construction, Packaging, and Others), and By Geography. According to Verified Market Research, the Global Expanded Polystyrene Market size was valued at USD 9.12 Billion in 2020 and is projected to reach USD 13.10 Billion by 2028, growing at a CAGR of 4.6% from 2021 to 2028.
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Browse in-depth TOC on “Expanded Polystyrene Market”
202 - Pages
126 – Tables
37 – Figures
Global Expanded Polystyrene Market Overview
One of the market’s main drivers is the growing construction and packaging sectors in emerging economies. Because of its closed-air low-thermal conductivity, lightweight, mechanical resistance, low water absorption, and sound resistance, EPS is widely utilized in the construction industry. It has evolved into a strong architectural feature and an excellent choice for green building construction. EPS provides real-world environmental benefits by increasing energy efficiency, improving indoor air quality, and extending the life of buildings and packaged goods.
Expanded polystyrene is a robust, lightweight, and recyclable material. Because of the rising product application scope in numerous end-use industries, the market is expected to grow. The market is expected to develop due to the rising demand for lightweight, reusable, chemically stable materials in automotive components, packaging solutions, and furniture. Furthermore, the need for stackable packaging items is driven by the compression resistance of these materials. The Covid-19 pandemic is unlikely to have a significant influence on the packaging business, as demand for healthcare and food packaging has skyrocketed, but demand for luxury, industrial, and certain B2B-transport packaging has dwindled due to the slowdown and halt in industrial activities.
In March 2021, BEWI, a leading manufacturer of packaging, components, and insulation solutions, has announced the acquisition of a 34% stake in the Czech recycling firm Inoplast s.r.o. Inoplast is a company that recycles plastics, mostly expanded polystyrene (EPS) but also other forms of plastics.
In June 2019, BASF SE boosted its global Neopor (graphite polystyrene rigid foam and a type of EPS) production capacity by 40,000 metric tons per year. Ulsan (Korea) and Ludwigshafen (Germany) were the two production sites where capacity was increased (Germany). To improve the insulating properties of the raw material, the business shifted the full 85,000 metric ton capacity at the Ulsan production site from traditional white EPS (Styropor) to grey EPS (Neopor).
The major players in the market are Kaneka Corporation, Total S.A., ACH Foam Technologies, PJSC Sibur Holding LLC, BASF SE, Support Kunststoff GmbH, Saudi Basic Industries Corporation, Synthos S.A and Synbra Holding B.V.
Verified Market Research has segmented the Global Expanded Polystyrene Market On the basis of Type, Application, and Geography.
Expanded Polystyrene Market, By Type
Expanded Polystyrene Market, By Application
Building & construction
Others (automotive, medical, marine, and sports & leisure)
Expanded Polystyrene Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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Post-Consumer Recycled Plastics Market By Type (Polypropylene (PP), Polystyrene (PS), Polyethylene (PE)), By Service (Recycling, Landfills, Incineration), By End-User (Building & Construction, Packaging, Furniture), By Process (Chemical Process, Mechanical Process, Biological Process), By Geography, Forecast, 2021-2028
Top 7 Largest Polyester Manufacturers weaving the world with strong fibers
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