Expandable Polystyrene Market - Forecast (2022 - 2027)

The expandable Polystyrene Market is forecast to reach $12 billion by 2027, after growing at a CAGR of 4.7% during 2022-2027. With the rise in the consumption of used for packaging, insulation and other industries. It is a closed cell, rigid foam material produced from Styrene (which forms the cellular structure), Pentane (which is used as a blowing agent). Growing public interest towards packaging products will further enhance the overall market demand for Expandable Polystyrene during the forecast period.

Report Coverage

The report: “Expandable Polystyrene Market - Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Expandable Polystyrene Market.

• By Application - Sports Helmets, Infant Cars Seats, Chairs, Load-bearing structurally insulated Panels, Roof & Walls Insulation, Others.
• By End Use - Building & Construction (Residential, Commercial, Infrastructure), Packaging (Industrial, Food & Beverages), Automotive (Light Commercial Vehicles, Heavy Commercial Vehicles, Passengers Cars), Aerospace and Defense, Electronics, Others.
• By Geography - North America, South America, Europe, APAC, RoW.

Key Takeaways

• Asia-Pacific dominates the expandable polystyrene market owing to increasing demand from packaging, Building & construction industries among with others.
• Increasing demand for insulation for walls, foundations and roofing, is likely to aid in the market growth of Expandable Polystyrene.
• COVID 19 pandemic will create hurdles for the Expandable Polystyrene market.

Expandable Polystyrene Market Segment Analysis - By Application

Roof & walls Insulation is the most commonly used application of EPS (Expanded Polystyrene). Expanded Polystyrene (EPS) is one of the leading materials used for roofing insulation in commercial buildings with flat roofs. It is typically used by combining flat panels to establish the required tapered panels to channel the flow of water towards roof drains or scuppers. It can also be used in conjunction with other insulation materials, just to create the tapers, with the other flat materials creating the R-Value (A material's R-value is the measure of its resistance to heat flow). EPS is also used to retrofit existing commercial buildings with additional insulation. Due to its light weight and rigidity, EPS panels can easily be installed between trusses in an existing roof.

Expandable Polystyrene Market Segment Analysis - By End Use

The building & Construction segment holds the largest share in the Expandable Polystyrene market. Polystyrene foams are used for a variety of applications because of its excellent set of properties including good thermal insulation, good damping properties and being extremely light weight. Expandable Polystyrene (EPS) is inert in nature and therefore does not result in any chemical reactions. Since it will not appeal to any pests, it can be used easily in the construction industry. It is also a closed cell, so when used as a core material it will absorb little water and in return, not promote mold or rotting. EPS is durable, strong as well as lightweight and can be used as insulated panel systems for facades, walls, roofs and floors in buildings, as flotation material in the construction of marinas and pontoons and as a lightweight fill in road and railway construction.

Expandable Polystyrene Market Segment Analysis - Geography

APAC dominated the Expandable Polystyrene market with a share of more than xx%, followed by North America and Europe. India and China are the major market in this region for the expandable polystyrene market. Because of the larger area and population, they have, there is a constant increasing demand for building and construction and owing to this the expandable polystyrene market will grow. Expanded polystyrene doesn’t result in chemical reaction as it inert in nature thus it does not appeal to any pest. Owing to its durability, the lightweight as well strength it is used as an insulation panel system for roofs, walls, floors in building and facades and results in a drastic reduction in the emission of polluting gasses such as SO2 and CO2 is another potential factor for the growth of expanded polystyrene market

Expandable Polystyrene Market Drivers

Growing packaging sector

Packaging is among the high growth industries in India and developing countries @ 22-25% per annum and becoming a preferred hub for the packaging industry. Currently the 5th largest sector of India's economy, the industry has reported steady growth over the past several years and shows high potential for much expansion, particularly in the export market. Costs of processing and packaging food can be up to 40% lower than parts of Europe which, combined with India's resources of skilled labor, make it an attractive venue for investment. A high degree of potential exists for almost all user segments which are expanding appreciably-processed foods, hard and soft drinks, fruit and marine products.

Implementation of Stringent Environment Regulations

Implementation of stringent government regulations related to Construction or infrastructure will increase the market demand for expandable polysyrene in the near future. In India government launches Pradhan Mantri Awas Yojana (Urban) Mission launched on 25th June 2015 which intends to provide housing for all in urban areas by the year 2022. The Mission provides Central Assistance to the implementing agencies through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families/ beneficiaries against the validated demand for houses for about 1.12 cr. As per PMAY(U) guidelines, the size of a house for the Economically Weaker Section (EWS) could be up to 30 sq. mt. carpet area, however States/UTs have the flexibility to enhance the size of houses in consultation and approval of the Ministry.

Expandable Polystyrene Market Challenges

Polystyrene pollution

Polystyrene is a kind of plastic. Like other plastic, when polystyrene is littered or leaks out of supply chains it can harm wildlife and last for years and years. Made from chemicals that come from oil and gas, styrene is one of the main ingredients and is a suspected health hazard. Expanded polystyrene (EPS) and Extruded polystyrene (XPS) are both materials which might be familiar by the name ‘polystyrene’, or the trademark ‘Styrofoam’. Often, these polystyrene materials are used to make boxes for the transportation of products that need to have a regulated temperature, for example to keep food warm or cool and to protect breakable items.

Impact of COVID 19

The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, the market is facing are the shutdown of all kinds of International transportation. A global crisis for all sectors including building and construction, which was hit by slowing demand in goods’ production and exports had slowdown the market for expandable polystyrene market.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Expandable Polystyrene market. In 2019, the market of Expandable Polystyrene has been consolidated by the top five players accounting for xx% of the share. Major players in the Expandable Polystyrene Market are Saudi Basic Industries Corporation, ACH Foam Technologies, LLC, Ineos Styrenics International SA, Alpek, S.A.B. De C.V., Sunpor Kunststoff GmbH, among others.

Acquisitions/Technology Launches

• In August 2018, Atlas Roofing acquired ACH Foam Technologies, a leading manufacturer of molded polystyrene solutions with manufacturing facilities across North America. This will expand and enhance Atlas’s product portfolio and strengthen its position in the North American market.
• In January 2018, BEWiSynbra completed the acquisition of Ruukin EPS, a Finnish manufacturer of insulation material. Through this acquisition, the company primarily gains better geographical coverage in Finland and will also be able to offer insulation material and packaging solutions in EPS as it does in the rest of the Nordics.

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