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Extruded Polystyrene (XPS) Insulation Material Market By Application (Residential Construction, Non-residential Construction) | Valuates Reports
According to a new report published by , titled, "Extruded Polystyrene (XPS) Insulation Material Market," The extruded polystyrene (xps) insulation material market was valued at $4.8 billion in 2020, and is estimated to reach $7.9 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.Get Free Sample: https://reports.valuates.com/request/sample/ALLI-Auto-4B440/Extruded_Polystyrene_XPS_Insulation_Material_Market
Extruded polystyrenes (XPS) are thermoplastic polymers manufactured through the extrusion process that involves melting of thermoplastic resin and other additives. Then the formed liquid is extracted with use of dye and cooled in order to expand and form closed cell insulation material.
XPS utilize air as an insulating medium, and are preferred over expanded polyester (EPS), due to high moisture resistance, low thermal conductivity, and high compressive strength.Increased impact of building construction on environment and health has fueled the need for green buildings. According to U.S. Green Building Council's study of Environmental impact of buildings, buildings in the U.S. contribute 38.9 percent of the nation's total carbon dioxide emissions (including 20.8 percent from the residential sector and 18.0 percent from the commercial sector). In addition, advantages of using extruded polystyrene insulation materials over other reinforcement or insulation materials such as expanded polystyrene insulation materials drive the demand of the global market.
Environmental issues related to the use of global warming-causing toxic chemicals such as fluorochlorohydrocarbons and presence of high number of substitutes is expected to hinder the market growth during the forecast period. According to European Union's (EU) Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) program, hexabromocyclododecane (HBDC) present in polystyrene is listed as a chemical of high concern and recommends restricting its use as much as possible.
The concept of green building concentrates mainly on increasing the efficiency and minimizing wastage associated with the use of energy, water, and materials. Extruded insulation material is a crucial part of green building as it reduces energy usage of a structure. This serves both the immediate owner by lowering energy costs and reduces greenhouse gases
However, cobalt sulphate is considered as topical irritant and a recognized cause of occupational contact dermatitis, which is anticipated to hamper the market growth.
Over the past few decades, XPS manufacturers are governed by regulations for the adoption of other blowing agents used to expand plastic into foam. The industry has been doing research to investigate other blowing agents that adhere to the regulatory framework in the coming future. Insulating (HCFCs or HFCs), non-insulating (CO2 and H2O) are the blowing agents used in XPS.
These blowing agents can be a co-polymer that is processed to achieve enhanced solubility and low density. Increased use of CO2 as a blowing agent for XPS is mainly due to its reduced cost, improved sound & heat insulation, and low vapor permeability. This factor is anticipated to create lucrative opportunities for the expansion of the extruded polystyrene insulation materials market in the future.
The extruded polystyrene insulation materialsmarket is segmented on the basis of application and region.
By application, the market is divided into residential construction and non-residential construction. The non-residential construction application dominated the global market in terms of revenue in 2020, with over 69.9% of the total share. Non-residential construction includes retail stores, commercial offices, factories, warehouses, power stations, cold stores, food processing plants, telecom shelters, and public institutions, such as schools and hospitals. Use of extruded polystyrene insulation materials during construction of chemical & food processing plants, retail stores, school facades, and other non-residential buildings drives the demand of the global market.
Region-wise, the extruded polystyrene insulation materials market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific extruded polystyrene insulation materials market size is projected to grow at the highest CAGR during the forecast period and accounted for 31.5% extruded polystyrene insulation materials market share in 2020. Growth of construction industry in emerging economies such as China, India, and Korea, due to rapid increase in industrialization and urbanization is driving the demand of the global market. In addition, the market growth is attributed to the presence of major market players and increase in construction spending.
Key players operating in the global extruded polystyrene insulation materials market include BASF SE, Kingspan Group, Owens Corning, Emirates Extruded Polystyrene LLC, Jackon Insulation GmbH, Abrisonv, Ravago, SopremaInc., URSA Insulation SA and Austrotherm.
COVID-19 Analysis
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. Extruded polystyrene insulation materials market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the building & construction sector. The increasing risk of infection among the workforce has resulted in delayed construction projects amid the COVID-19 scenario. For instance, according to an article published by CNA, the construction Industry Joint Committee (CIJC) has said that the shortage of manpower may lead to delay in construction projects attributed to workplace safety, and other factors. Moreover, several building materials manufacturers have either shut down or shrank their operations which in turn have resulted in supply chain disruptions. Also, different raw materials for producing extruded polystyrene insulation materials such as plastic granules, XPS board, additives, and others are purchased or hired from other enterprises. The decreased purchasing potential of suppliers has also negatively impacted the market amid the COVID-19 scenario. Furthermore, the COVID-19 pandemic has led to disruptions in transportation, contractual implications problems, labor shortage, and other factors that together have led the construction sector to witness a downfall. For instance, according to a report published by the Australian Performance of Construction Index (PCI) Survey, the construction activity has dropped by 16.3 points to 21.6 points from March 2020 to August 2020.
However, emerging geographic scenarios, enhanced domestic supply chain, and strong public investments are projected to drive the growth of extruded polystyrene insulation materials market. For instance, according to an interim report for the 2021 Australian infrastructure plan, the Australian Construction Industry Forum (ACIF) expects the construction industry to return to pre-COVID-19 levels by 2022-23, driven by strong public investments. This is predicted to boost the growth of the extruded polystyrene insulation materials market post-COVID-19 period.
Extruded Polystyrene (XPS) Insulation Material Market By Application (Residential Construction, Non-residential Construction): Global Opportunity Analysis and Industry Forecast, 2020-2030
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