Expanded Polystyrene Market Size is valued at USD 11.1 billion in 2023 and is predicted to reach USD 18.6 billion by the year 2031 at a 6.9% CAGR during the forecast period for 2024-2031.
Expanded polystyrene (EPS) is produced using polystyrene beads. Hence, the adoption of Expanded Polystyrene (EPS) is expected to increase in the near future as concerns grow over to save the environment. The growing adoption of polystyrene materials owing to their thermal insulation, moisture resistance, good shock absorption, and easy disposal is a factor expected to drive growth in the global expanded polystyrene (EPS) market. The rising number of food marketing industries coupled with increasing demand for packaged food applications in various industries are some of the other factors likely to augment the target market growth. The rising impact of social factors, such as enhancing health & well-being, promoting sustainable business practices, and fostering a sense of community globally, are expected to boost the market expansion in the coming years.
Nevertheless, the increasing need for packaged and processed foods, together with the surge in internet purchasing due to travel restrictions as well as social distancing measures enforced by the government in reaction to the COVID-19 pandemic, could potentially hinder the growth of the target market in the projected timeframe. Moreover, the forecast period is expected to bring about profitable growth opportunities in terms of revenue for companies in the global Expanded Polystyrene (EPS) market. This can be attributed to the rise in research and development activities, government initiatives to promote the use of sustainable things in production, and investments made by key industry players.
Competitive Landscape
Some Major Key Players In The Expanded Polystyrene Market:
- Alpek, S.A.B. de C.V.
- Kaneka Corporation
- SUNPOR Kunststoff GmbH
- Synthos S.A.
- TotalEnergies SE
- NOVA Chemicals Corporation
- Wuxi Xingda Foam Plastic Co., Ltd.
- BASF SE
- The Ravago Group
- Versalis S.p.A.
- Flint Hills Resources, LLC
- PJSC SIBUR Holding
- Saudi Basic Industries Corporation (SABIC)
- Atlas Roofing Corporation
- BEWiSynbra Group AB
- Brødr. Sunde A/S
- Nexkemia Petrochemicals Inc.
- Unipol Holland B.V.
- Other Market Players
Market Segmentation:
The Expanded Polystyrene (EPS) market is segmented on the basis of end-user industry and type. Based on the end-user industry segment, the market is segmented as packaging, electrical and electronics, building and construction, medical, and others. By type, the market is segmented into white and grey/black.
As Per The End-User Industry, The Building & Construction Segment Is Accounted As A Major Contributor In The Expanded Polystyrene (EPS) Market
The building & construction category is expected to hold a major share in the global Expanded Polystyrene (EPS) market in 2023. This is attributed to the growing usage of EPS due to its properties such as low weight, great thermal insulation, chemical intrenes, resistance to pets and bacteria, and environmental-friendly. Additionally, EPS is also demanded for the storage and transportation of products such as wines, consumer goods, chemicals, and medical supplies owing to its shock-absorption property.
The White Segment Witnessed Growth At A Rapid Rate.
The white segment is projected to grow at a rapid rate in the global Expanded Polystyrene (EPS) market owing to growing usage in packaging, such as food packaging of food trays, consumer goods packaging, drink cups & clamshell containers, and electronic products packaging. Hence, with the growing concern for the environment, there is an increase in demand for Expanded Polystyrene (EPS) in the white segment
In The Region, The Asia Pacific Expanded Polystyrene (EPS) Market Holds A Significant Revenue Share.
The Asia Pacific Expanded Polystyrene (EPS) market is expected to register the most elevated market revenue share in the near future. This can be attributed to the intense concentration on the environment in the region, with the rising adoption of Expanded Polystyrene (EPS) in different industries, including food & beverages, hospitals, commercial buildings, and packaging. In addition, the region's polystyrene industry is focusing on the production of expanded polystyrene (EPS) to develop sustainable and environmentally friendly solutions. In addition, Europe is predicted to grow rapidly in the global Expanded Polystyrene (EPS) market due to growing concerns about the environment, automotive, packaging, building and construction, rapid industrialization, government initiatives, and increasing funding in various industries.
Recent Developments:
- In 2024, BEWI, a provider of insulation and packaging components, will launch new grades of expanded polystyrene (EPS) raw materials as well as environmentally friendly EPS fish boxes. These innovations that use recycled feedstock have the potential to decrease CO2 emissions by as much as 60%. The new fish boxes are a part of BEWI's GreenLine product range, which consists of items manufactured from recycled materials that have reduced carbon emissions
Expanded Polystyrene Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 11.1 Bn |
|
Revenue Forecast In 2031 |
USD 18.6 Bn |
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Growth Rate CAGR |
CAGR of 6.9% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn, Volume (Kiloton) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, End-User Industry |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
BASF SE, Alpek S.A.B. de C.V., Kaneka Corporation, BEWI, SUNPOR, Synthos, TotalEnergies, NOVA Chemicals Corporate, Unipol Holland BV and Others |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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