PUNE, India, 2021-Aug-23 — /EPR Network/ — The expanded polystyrene market is projected to reach USD 18.97 billion by 2022, at a CAGR of 5.1% from 2017 to 2022. Asia-Pacific is the leading market for expanded polystyrene, in terms of value. Countries in this region, including China, South Korea, India, Thailand, Indonesia, and Malaysia, are witnessing an increase in the use of expanded polystyrene in applications, such as building & construction, and packaging, among others.

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Asia-Pacific is expected to be the fastest-growing market for expanded polystyrene, owing to the presence of rapidly growing economies, such as India and China, in the region. The growing economies in these countries have consequently led to the growth of expanded polystyrene end-use industries. For example, high investments are being made in the building & construction and packaging sectors in the region. Various companies in the market are shifting their production base to Asia-Pacific, owing to the low cost of production and the ease of serving emerging local markets. The region accounts for over half of the world’s population, making it an important region for global trade and commerce. Rapid developments in expanded polystyrene technology in the region’s economies, such as, China, India, Thailand, and Malaysia, is expected to further fuel the growth of the Asia-Pacific expanded polystyrene.

China is estimated to lead the Asia-Pacific expanded polystyrene market, due high population and growing economy in the country. China is also projected to be the fastest- market for expanded polystyrene market during the forecast period.

Grey expanded polystyrene is expected to be the fastest-growing product type segment of the expanded polystyrene market. The growth of the segment is driven by the growing demand from the building & construction industry and the increasing applications of grey expanded polystyrene. Graphite, which is used in grey expanded polystyrene, reduces the amount of radiant heat that moves through the expanded polystyrene. The use of graphite in expanded polystyrene helps reduce heat transfer through the material by 9-21%, depending on density.

Building & construction is projected to be the fastest-growing application segment of the expanded polystyrene market. Expanded polystyrene finds application in the construction of large structures. The outstanding characteristics of expanded polystyrene makes it ideal for use as a lightweight filler, insulation, as an element for decorative or imaginative touches, and so on.

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