Expanded Polystyrene Market Share, Size, Trends, Industry Analysis Report, By Product (White Expanded Polystyrene, Grey Expanded Polystyrene, Black Expanded Polystyrene); By Application;; By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3883
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global expanded polystyrene market was valued at USD 10.89 Billion in 2023 and is expected to grow at a CAGR of 8.30% during the forecast period.
Expanded Polystyrene (EPS) is a lightweight foam plastic material derived from solid polystyrene beads. Polystyrene, a solid thermoplastic substance, is subjected to high temperatures and subsequently re-solidified to achieve the desired form. The resulting expanded polystyrene is a remarkable forty-five times larger in volume compared to the original polystyrene granule. EPS is sourced from crude oil and boasts several advantageous properties, including energy efficiency, cost-effectiveness, excellent thermal insulation, resistance to chemicals and bacteria, impressive impact strength, and dimensional stability.
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Various factors are driving the growth of the Expanded Polystyrene Market. There is a growing demand for Expanded Polystyrene (EPS) materials within the building and construction industry. This is mainly because Expanded Polystyrene possesses outstanding insulation properties, durability, and cost-effectiveness. EPS foam finds extensive use in constructing roofs, walls, and floors for both residential and commercial buildings to exceptional thermal insulation, resistance to moisture, and sound insulation capabilities.
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Expanded Polystyrene foam is widely used in cold chain packaging to transport perishable goods safely, particularly in the food and pharmaceutical industries due to its excellent insulation properties. The market revenue is expected to grow due to the increasing use of EPS products in various sectors, including insulation, cold chain packaging, and medical supply packaging.
Furthermore, the COVID-19 pandemic disrupted global supply chains, causing inconstancy in Expanded Polystyrene raw material prices and logistics challenges. This volatility affected the Expanded Polystyrene Market's overall stability. The construction industry, which is a significant consumer of Expanded Polystyrene for insulation purposes, experienced a slowdown during the pandemic. Many construction projects were delayed or canceled, leading to a reduced demand for Expanded Polystyrene in this sector. Moreover, the restaurant industry, another significant Expanded Polystyrene user, faced restrictions and closures, impacting the demand for disposable EPS food containers. On the other side, the demand for Expanded Polystyrene packaging materials surged as the pandemic led to an increase in online shopping and takeout food orders. Expanded foam, due to its insulating and lightweight properties, was favored for its ability to protect fragile items during shipping and keep food warm. This led to a boost in Expanded Polystyrene production for packaging applications.
Industry Dynamics
Growth Drivers
Increasing demand of Expanded Polystyrene in Construction Industry witnesses significant growth
Expanded Polystyrene finds extensive utilization in the building and construction sectors. Its diverse range of applications encompasses insulated panel systems for wall, roof, and floor installations, alongside serving as a key component in facades for residential and commercial structures. Furthermore, EPS takes on roles such as providing void-forming fill material in civil engineering endeavors, serving as a lightweight fill in the construction of roads and railways, and even functioning as buoyant material in the fabrication of pontoons and marinas. Its attributes of strength, durability, and low weight collectively enhance its adaptability and widespread acceptance in these industries.
EPS, due to its low thermal conductivity, closed-air structure, lightweight, mechanical resilience, low water absorption, and sound resistance, has become an excellent design component and the optimal choice for green construction. Its properties provide tangible environmental benefits such as increased energy efficiency, better indoor environmental quality, and enhanced structural sturdiness. Additionally, EPS is suitable for insulation in wall structures, roofs, and flooring, as well as for packaging goods.
Report Segmentation
The market is primarily segmented based on product, application, end-user and region.
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By Application |
By End-Use |
By Region |
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By Product Analysis
The White Expanded Polystyrene segment held the largest revenue share in 2022
The White Expanded Polystyrene segment held the largest revenue share. This phenomenon is driven by the rising demand for products in various packaging applications, including food packaging (such as drink cups, food trays, and clamshell containers), electronics, and consumer goods packaging, among others. Additionally, white Expanded Polystyrene can be observed in various other sectors like furniture, sports helmets, construction materials, and automotive components. Moreover, the growth of the food service industry and the increasing desire for superior-quality packaged foods are anticipated to fuel growth within this segment.
On the other hand, the Grey Expanded Polystyrene segment is anticipated to witness fastest market growth throughout the forecast period. This growth is linked to the increasing utilization of gray Expanded Polystyrene as an insulation material in construction endeavors, driven by the demand for eco-friendly and sustainable construction practices. The demand for effective packaging solutions in the electronics industry has been on the rise lately. This is because the proper packaging of electronic devices is crucial for their safe transportation and storage. As a result, the Grey Expandable Polystyrene market has experienced significant growth. Additionally, the adoption of Grey Expandable Polystyrene in the Heating, Ventilation, Refrigeration, and Air-Conditioning (HVAC) sector has contributed significantly to the overall revenue growth of the industry segment.
By Application Analysis
The construction segment dominated the market in 2022
The construction segment dominated market in 2022, In 2022, the construction application sector emerged as the dominant force in the industry, contributing to over 44.0% of the total revenue share. This strong performance is anticipated to continue into the forecast period, driven by the growing demand for expanded polystyrene (EPS) in construction applications. EPS stands out due to its exceptional attributes, such as outstanding thermal insulation, lightweight properties, chemical inertness, and resilience against bacterial and pest-related damage, among other advantages. Furthermore, the versatile nature of expanded polystyrene makes it a popular choice in various packaging applications.
The automotive industry is expected to experience significant growth in the coming years due to the rising demand for Electric Power Steering (EPS) in various automobile components, including foot pads, headrests, seats, storage compartments, and bumper systems. The expanded Polystyrene market is chosen for automotive applications because of its advantageous properties, such as its lightweight nature, excellent impact resistance, and effective shock absorption capabilities.
Regional Insights
Asia-Pacific region dominated the market in 2022
In 2022, The surge in demand for products within vital industry sectors such as building and construction, packaging, and automotive in emerging economies like China and India can be attributed to several factors. Among these, the burgeoning urban populations, the increase in disposable income levels, and government initiatives like "Housing for All" in India play pivotal roles in driving the growth of the construction sector across the Asia Pacific region. China is one of the world's fastest-growing economies, and its economic expansion is poised to receive a significant boost during the projected period. This growth is anticipated to be driven by the escalating number of infrastructure development initiatives and the burgeoning packaging sector. Government initiatives, such as the State Council Green Building Action Plan and the 13th Five-Year Plan for Building Energy Efficiency and Green Building Development, are actively promoting the construction of environmentally friendly buildings in China. This concerted effort may contribute to a thriving market for Expanded Polystyrene in the country.
Europe is anticipated to grow rapidly during the forecast period of time, driven by the substantial demand for expanded polystyrene (EPS) in the construction, automotive, and packaging sectors. The versatility of EPS, with its capacity to assume diverse forms and its ease of molding, has made it a valuable resource across various industries. Furthermore, EPS has experienced a surge in demand in Europe in recent years, particularly in applications related to green building design. This heightened interest is attributed to its notable environmental advantages, including enhanced durability, heightened energy efficiency, and the creation of a superior indoor environment.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- Alpek
- Atlas Roofing Corporation
- BASF SE
- BEWiSynbra Group
- Flint Hills Resources
- Jablite Group
- Kaneka Corporation
- Kingspan Group
- Nova Chemicals
- PJSC SIBUR HOLDING
- Saudi Basic Industries Corporation
- SUNPOR KUNSTSTOFF
- Synthos
- The Ravago Group
- TOTAL SE
- VERSALIS
- Wuxi Xingda
Recent Developments
- In July 2022, BEWI ASA entered into a letter of intent to acquire BalPol, an insulation business based in Lithuania. This acquisition will expand BEWI's geographical footprint.
- In June 2022, Jablite Group, a company specializing in insulation and packaging, secured an additional 51% stake with the support of BEWI ASA. This acquisition could enhance BEWI's presence in the United Kingdom.
- In September 2021, BEWI, a prominent European component, packaging, and insulation provider, agreed with Swedish Plastic Recycling. This partnership aims to recycle Expanded Polystyrene from BEWI's upcoming Site Zero facility in Motala, Sweden. Anticipated to handle between 1,000 to 3,000 tonnes of Expanded Polystyrene annually, Site Zero is set to become the world's largest and most advanced plastic recycling plant.
Expanded Polystyrene Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 11.73 Billion |
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Revenue forecast in 2032 |
USD 22.26 Billion |
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CAGR |
8.30% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Product, By Application, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
