Expanded Polystyrene Market Expansion Fueled by Construction Growth and Eco-Friendly Packaging Trends in Asia Pacific and Europe

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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The demand for expanded polystyrene (EPS) is anticipated to experience substantial growth, attributed to its superior shock absorption, moisture resistance, and thermal insulation characteristics. Moreover, the rising consumer preference for packaged food products, coupled with a growing shift toward environmentally sustainable materials, is expected to further propel market expansion. Factors such as rapid urbanization, increasing disposable incomes, and supportive government policies promoting the use of EPS in environmentally conscious applications also contribute to the positive market outlook. In addition, ongoing technological advancements and strategic investments by leading industry participants are creating attractive growth opportunities for EPS manufacturers, thereby enhancing their revenue potential across a broad range of end-use sectors.

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:
The rising demand for expanded polystyrene (EPS) is primarily attributed to its favorable properties, including moisture resistance, effective shock absorption, and ease of disposal. The increasing consumption of packaged food products is expected to further enhance market growth. Additionally, growing societal emphasis on health, well-being, and sustainability is projected to contribute significantly to the global expansion of the EPS market.

Challenges:
One of the key challenges facing the EPS market is the limited awareness and promotion of synthetic chemical-based products in developing economies, which may constrain market penetration. Furthermore, elevated production costs and constrained availability of synthetic chemicals-exacerbated by supply chain disruptions resulting from the COVID-19 pandemic-are anticipated to impede the overall growth trajectory of the market.

Regional Trends:
The Asia Pacific region is poised to lead the global EPS market, driven by increased adoption across diverse industrial sectors and a surge in research and development initiatives. Europe also maintains a strong market position, supported by its advanced economic landscape and growing acceptance of EPS products. Collaborative efforts among leading market participants in the region are further expected to strengthen their market presence and promote sustained growth.

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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.