Expanded Polystyrene Market Size to Touch USD 13.5 Billion by 2028 | Share and Competitive Landscape

Posted on 2022-11-18 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Nov 18, 2022 — /EPR Network/ —

Expanded Polystyrene Industry Overview

The global Expanded Polystyrene Market size is anticipated to reach USD 13.5 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.8% from 2021 to 2028. The rising demand for eco-friendly, lightweight, durable, and sustainable products and components, primarily for thermal and acoustic insulation, in the automotive, construction, and packaging industries is driving the market growth over the forecast period.

Technological advancements and the growing popularity of Electric Vehicles (EVs) have increased the need for lightweight, durable, and recyclable products. A gradual increase in EVs on roads is expected to positively propel market growth. However, the Covid-19 pandemic has immensely affected the production of automobiles and the value chain of the automotive industry. Production cuts or halt in manufacturing activities, weak consumer sentiments, and declining demand from consumers owing to the pandemic are expected to limit the market growth to some extent.

Expanded Polystyrene Market Segmentation

Grand View Research has segmented the global expanded polystyrene market on the basis of product, application, and region:

Based on the Product Insights, the market is segmented into White and Grey.

The white EPS product segment led the market and accounted for more than 57.0% share of the global revenue in 2020. The segment will expand further at the fastest CAGR from 2021 to 2028 owing to the growing product demand in packaging applications, such as food packaging (drink cups, food trays, and clamshell containers) and electronics and consumer goods packaging among others.
Grey EPS offers enhanced performance as compared to white EPS. Graphite is added to the mixture in grey EPS, which improves the overall performance of the material. It is majorly used in construction applications and is costlier than white EPS.

Based on the Application Insights, the market is segmented into Construction, Packaging, Automotive and Others.

The construction application segment led the global market in 2020 and accounted for more than 46% share of the global revenue. However, the packaging application segment is estimated to record the fastest CAGR from 2021 to 2028. The growth can be credited to the extensive product usage in packaging applications due to the excellent shock-absorbing properties that make it ideal for the storage and transportation of products, such as electronics equipment, consumer goods, wines, healthcare, and chemical products.
The automotive application segment is also anticipated to witness considerable growth over the forecast period on account of increasing product demand in automobile parts, such as storage compartments, headrest & seats, footpads, and bumper systems.

Expanded Polystyrene Regional Outlook

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)

Key Companies Profile

The majority of the market players are engaged in the expansion of manufacturing facilities, mergers & acquisitions, and vertically integrating across the value chain. These initiatives enable companies to cater to increasing global demand, ensure competitive effectiveness, enhance sales & operations planning, develop innovative products & technologies, lower production costs, and expand customer base.

Some prominent players in the global Expanded Polystyrene market include

BASF SE
Kaneka Corp.
Total
NOVA Chemicals Corporate
Ravago
SABIC

Order a free sample PDF of the Expanded Polystyrene Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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