Polystyrene Foam Market worth $32.2 billion by 2026 | Key players operating in the market include Loyal Group, Wuxi Xingda New Foam Plastics Materials, BASF SE, Synthos, Jiangsu Leasty Chemicals

According to recent market research "Polystyrene Foam Market by Resin Type (EPS AND XPS), End-use Industry (Construction and Industrial Insulation, Packaging, Building and Construction), Region(APAC, Europe, North America, South America, and Middle East & Africa) - Global Forecast to 2026", The global Polystyrene Foam market size will grow to USD 32.2 billion by 2026 from USD 26.4 billion in 2021, at a CAGR of 4.1% during the 2021-2026 period. The use of Polystyrene Foam in building & construction, packaging industry and others is expected to increase in APAC in the next five years.

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EPS is the largest type in Polystyrene foam market in terms of volume. EPS is a lightweight thermoplastic material with special properties because of its structure that helps protect the product from getting damaged. The growing building & construction and packaging industries in developing countries are driving the EPS market. EPS is an excellent material for applications in these industries, as it is lightweight yet rigid foam with good thermal insulation and high impact resistance. However, volatility in crude oil prices and the availability of high-performance substitutes are restraining the market growth. The easy recyclability of polystyrene products is expected to offer opportunities for the growth of the EPS market during the forecast period.

Building and Construction is the fastest growing end-use industry in Polystyrene Foam market, in terms of value and volume both. Polymer foams are used in the building & construction industry for forging, pipe-in-pipe, doors, roof board, and slabs. PU is the dominant foam used in the building & construction industry for insulation. It has low heat conduction coefficient, low density, low water absorption, and relatively good mechanical strength and insulating properties, which are helpful in the building & construction sector.

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The Polystyrene Foam market is projected to grow from USD 26.4 billion in 2020 to USD 32.2 billion by 2026, at a CAGR of 4.1% between 2021 and 2026. Growing demand from the building & construction and packaging industry in APAC is likely to boost the Polystyrene Foam market.

The key EPS market players are Wuxi Xingda (China), Synthos (Poland), BASF (Germany), Total (France), SUNPOR KUNSTSTOFF (Austria), The Ravago Group (Belgium), Alpek (Mexico), VERSALIS (Italy), Nova Chemicals (US), Flint Hills Resources (US), PJSC SIBUR HOLDING (Russia), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), Kaneka Corporation (Japan), Atlas Roofing Corporation (US), BEWiSynbra Group (Sweden), Brødr. Sunde A/S (Norway), Nexkemia Petrochemicals (Canada), and Unipol Holland (Netherlands).

These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2021 and 2026. This strategy strengthened their market position and increased their presence in emerging economies.

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Loyal Group is the biggest EPS manufacturer in Asia. The company also produces high impact polystyrene and general grade polystyrene products. It is based in China, where its manufacturing and research facilities are primarily located. The company manufactures various grades of EPS as well as XPS foam products. Export level products are primarily manufactured without the HBCD (Hexabromocyclododecane) additive as it has been banned in many international markets. Loyal Group has a total production capacity of over 1.5 million tons per year. The company offers excellent quality of Expandable Polystyrene to over 60 countries.

Wuxi Xingda manufactures and sells EPS products. The products under the XIFA brand EPS series produced by the company are widely used in the packaging, construction, decoration, transportation, and infrastructure applications, among others. The company operates as a subsidiary of Xingda Investment Group Co., Ltd. Wuxi Xingda’s EPS production capacity ranks top three in the world. The company produces 1,350 kilotons per year. The company’s EPS products have been sold in more than 30 provinces in China and exported to over 20 countries and regions in Europe, America, Oceanian, and Middle East.

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