Expanded Polystyrene Market Top Companies Study - SUNPOR, Synthos, TotalEnergies, NOVA Chemicals Corporate, Unipol Holland BV.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Expanded Polystyrene Market - (By End-User Industry (Packaging, Electrical and Electronics, Building and Construction, Medical, Others), By Type (White, Grey/Black)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Expanded Polystyrene Market is valued at US$ 11.1 Bn in 2023, and it is expected to reach US$ 18.6 Bn by 2031, with a CAGR of 6.9% during the forecast period of 2024-2031.

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Expanded polystyrene beads are used in the production of polystyrene. The increased market for polystyrene is anticipated to rise in the coming years as a result of its strong shock absorption, moisture resistance, and thermal insulation qualities. The rising number of food marketing coupled with increasing demand for packaged food are among the other factors expected to boost the growth of the global expanded polystyrene market. Furthermore, the global expanded polystyrene market is anticipated to benefit from the changing customer preference for eco friendly products, as well as the increasing urbanization and high disposable income, which are likely to generate revenue possibilities for industry participants. Significant investments from key industry players and recent technological breakthroughs have resulted in profitable revenue prospects for major manufacturers and suppliers of expanded polystyrene, which is used in numerous end-use products. The target market is anticipated to experience expansion due to favorable government activities aimed at promoting the usage of expanded polystyrene in response to increasing environmental concerns.

List of Prominent Players in the Expanded Polystyrene Market:
• Alpek S.A.B. de C.V.
• Kaneka Corporation
• SUNPOR
• Synthos
• TotalEnergies
• Nova Chemicals Corporate
• Wuxi Xingda,
• Synthos,
• BASF,
• SUNPOR KUNSTSTOFF,
• The Ravago Group,
• Alpek,
• VERSALIS,
• Nova Chemicals,
• Flint Hills Resources,
• PJSC SIBUR HOLDING,
• Saudi Basic Industries Corporation (SABIC),
• Kaneka Corporation
• Atlas Roofing Corporation,
• BEWiSynbra Group,
• Brødr. Sunde A/S,
• Nexkemia Petrochemicals
• Unipol Holland

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Market Dynamics:
Drivers-
Growing demand for expanded polystyrene owing to its properties such as moisture resistance, good shock absorption, and ease of disposable are key factors estimated to drive the improvements of the target market. Increasing demand for packaged food is another factor expected to contribute significantly to revenue share in the global expanded polystyrene market. Additionally, the rising impact of social factors, such as enhancing health & well-being, promoting sustainable business practices, and others, is a factor expected to augment the growth of the world's expanded polystyrene market.

Challenges:
The main obstacle is in the insufficient knowledge and promotion of synthetic chemical products in emerging nations, which is expected to hinder the growth of the expanded polystyrene industry. Nevertheless, the exorbitant price of expanded polystyrene and the limited supply of synthetic chemicals are projected to impede the overall expansion of the expanded polystyrene industry in the foreseeable future. Due to the COVID-19 pandemic, there has been a rise in the number of cases, resulting in a worldwide or partial closure in order to enforce social distancing measures. Recent reports indicate that the worldwide expanded polystyrene sector is experiencing significant economic losses as a result of interruptions in global supply chains for major industry players. Distributors, wholesalers, and retailers own inventory that they are unable to sell, while manufacturers are compelled to halt production in order to address the shutdown.

Regional Trends:
The Asia Pacific Expanded Polystyrene market is anticipated to control the market revenue and is forecasted to experience significant growth at a high compound annual growth rate in the near future. The expanded polystyrene market in the area is predicted to rise due to the increasing utilization of expanded polystyrene in various sectors and the rising research and development efforts by key players. In addition, Europe had a significant portion of the market as a result of its advanced economy and increasing acceptance of the product. This is a result of the implementation of novel strategies by the key participants in the expanded polystyrene market. Furthermore, the global expanded polystyrene market has the potential for growth due to the existence of influential industry players and the increasing collaboration among significant companies to extend their market share in the region.

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Recent Developments:
• In 2024, BEWI, a provider of insulation and packaging components, will launch new grades of expanded polystyrene (EPS) raw materials as well as environmentally friendly EPS fish boxes. These innovations that use recycled feedstock have the potential to decrease CO2 emissions by as much as 60%. The new fish boxes are a part of BEWI's GreenLine product range, which consists of items manufactured from recycled materials that have reduced carbon emissions.

Segmentation of Expanded Polystyrene Market-
By End-User Industry-
• Packaging
• Electrical and Electronics
• Building and Construction
• Medical
• Others
By Type-
• White
• Grey/Black
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.