Expanded Polystyrene Industry Overview
The global expanded polystyrene market size was valued at USD 9.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028.
Increasing demand for sustainable and lightweight solutions that provide extreme durability coupled with improved thermal insulation is projected to boost the growth of the market over the forecast period. The rising demand for acoustic and thermal insulation in the building & construction industry in developing economies including China and India is expected to increase the demand for high-quality polymers. Furthermore, rising construction activities of durable commercial and residential buildings, which can easily withstand extreme external environmental factors are expected to propel the market growth over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Expanded Polystyrene market
Expanded polystyrene (EPS) is used in the construction industry to reduce energy consumption and Greenhouse Gas (GHG) emissions. In recent years, green buildings have been gaining more popularity over conventional ones. Green building offers advantages including improved air quality, reduction in operating expenditure, reduction in overall load on metal frames, and efficient use of energy & water as compared to conventional buildings.
Excellent insulation offered by EPS is significantly boosting its demand in green buildings. Thus, with the rising demand for green buildings, the market for EPS is also expected to witness substantial growth over the forecast period.
Expanded polystyrene is lightweight, strong, and recyclable. The market is expected to grow owing to the increasing product application scope in various end-use sectors. Rising demand for lightweight, reusable, chemically stable materials in automotive components, packaging solutions, and furniture are projected to propel the market growth.
Browse through Grand View Research’s Plastics, Polymers & Resins Industry Research Reports.
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Expanded Polystyrene Market Segmentation
Grand View Research has segmented the global expanded polystyrene market on the basis of product, application, and region:
- EPS Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- EPS Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- EPS Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Expanded Polystyrene market include
- BASF SE
- Kaneka Corp.
- NOVA Chemicals Corporate
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