Press release
Expanded Polystyrene Market To Witness Heightened Revenue Growth During Forecast Period 2022 - 2031 : Fact.MR
As per Fact.MR - a market research and competitive intelligence provider, the global expanded polystyrene (EPS) market was valued at around US$ 16 Bn in 2020, and is predicted to expand at a CAGR of 5% over the 2021-2031 forecast period.Expanded polystyrene is a lightweight chemical polymer manufactured by using polystyrene beads. This polymer is versatile in nature, provides excellent resistance and durability, and is an effective moisture-resisting polymer.
Expanded polystyrene is an insulation material found in a multitude of shapes and sizes. Expanded polystyrene is a result of the polymerization of a large number of styrene monomers linked together to polystyrene. It is a rigid cellular plastic that also contains an expansion agent.
Rising usage in several different applications across end-use industries such as construction, packaging, etc., will boost demand and provide sustainable growth to the global EPS market.
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Key Segments Covered in Expanded Polystyrene Industry Research
Product
White Expanded Polystyrene
Grey Expanded Polystyrene
Black Expanded Polystyrene
Application
Expanded Polystyrene For Construction
Expanded Polystyrene For Packaging
Expanded Polystyrene For Automotive
Competitive Landscape
Top expanded polystyrene manufacturers are primarily aiming to carry out strategic acquisitions, collaborations, and launch innovative products. Strategic steps such as acquisitions help companies in expanding their reach in the market in terms of both, product portfolio and geography.
In 2019, Styropek Mexico began a collaboration with one of its EPS suppliers to collect pentane emissions from the EPS bead pre-expansion and stabilization process.
In June 2019, BASF SE increased its global production capacity of Neopor (a graphite polystyrene rigid foam and a type of EPS) by 40,000 metric tons per year. The capacity addition was done at two production sites, namely, Ulsan (Korea) and Ludwigshafen (Germany).
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Key Takeaways from Market Study
Global expanded polystyrene market to top US$ 20 Bn by 2031.
Construction industry projected to account around US$ 7 Bn by 2031.
Demand from packaging industry to record above 3% CAGR over next 10 years.
Market in Japan to record 2% CAGR over forecast period of 2021- 2031.
China forecast to reach projected market size above US$ 5 Bn by 2031.
Market in Canada projected to expand at above 3% CAGR over next 10 years.
Market Competition
Majority of 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 their customer base.
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