The Global Expanded Polystyrene (EPS) Market to Reap $10646.83 Million by 2028

January 12 18:05 2021
The Global Expanded Polystyrene (EPS) Market to Reap $10646.83 Million by 2028

Global Expanded Polystyrene (EPS) Market
As per Triton Market Research’s report, the global expanded polystyrene (EPS) market, which accounted for $6475.44 million in 2019, is likely to exhibit a CAGR of 5.68% by the year 2028.

A recent study by Triton Market Research titled ‘Global Expanded Polystyrene (EPS) Market’ covers the Global Analysis and Forecasts by Type (Gray, White, Black), by Industry Vertical (Automotive, Packaging, Consumer Electronics, Domestic Appliances, Medical, Building & Construction, Other Industry Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

Expanded polystyrene (EPS) is a rigid, lightweight insulation material. It has a closed-cell structure, offering numerous advantages for insulation. EPS has characteristics like shock absorption, humidity resistance, compression resistance, vitamin C retention, chemical resistance, and is also hygienic.

 

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The report by Triton estimates the global expanded polystyrene (EPS) market to register a CAGR of 5.68% (in terms of revenue) and 4.92% (in terms of volume) over the forthcoming period from 2019-2028. It is expected to generate a revenue of $10646.83 million and account for 8308.86 kilotons by 2028.

EPS is one of the most widely used materials for insulation purposes in construction activities. This is because it is cost-effective. Also, the material is 98% air. Stabilized air is an excellent insulator, thus also making expanded polystyrene an effective insulator. Further, EPS is easy to transport and install. These qualities of the material give it an edge over other insulators in the market. Therefore, the demand for EPS has increased in recent years, which is expected to majorly drive the market in the forecasted phase.

However, this material is obtained from crude oil. The prices of crude oil are subject to numerous fluctuations. These price fluctuations directly impact the costs of raw materials, and, in turn, affect the manufacturing process. This is hindering the studied market’s growth.

The global market for EPS is bifurcated into type and industry vertical. Based on type, it includes gray, white, and black. Whereas, based on industry vertical, it includes automotive, packaging, consumer electronics, domestic appliances, medical, building & construction, and other industry verticals.

The Asia-Pacific region is the leader in the global market, accounting for the highest share. It is expected to maintain its leading position until the year 2028. In the domestic market, India is expected to showcase the fastest growth rate. The country’s manufacturing sector is witnessing high growth, with the growing demand for appliances like advanced refrigerators, which requires the use of FDA-compliant polymers. Also, there has been a growing demand for disposable plastic cutleries and other kitchenware, which is raising the demand for polystyrene. All these factors are helping the APAC expanded polystyrene market to grow in the forecasting period.

Total SA, BASF SE, Styrochem, Nova Chemical Corporation, Arkema SA, SABIC, Sibur, Evonik Industries AG, Kaneka Corporation, Bewisynbra Group AB, LG Corporation, Ravago, Jackon GmbH, Alpek SAB De CV, and Sunpor Kunststoff GmbH are some of the established players in this market.

 

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Question & Answer: Expanded Polystyrene (EPS) Market

Question 1: What factors are expected to majorly drive the expanded polystyrene (EPS) market in the forecasted phase?

Answer: EPS is one of the most widely used materials for insulation purposes in construction activities. This is because it is cost-effective. Also, the material is 98% air. Stabilized air is an excellent insulator, thus also making expanded polystyrene an effective insulator. Further, EPS is easy to transport and install. These qualities of the material give it an edge over other insulators in the market. Therefore, the demand for EPS has increased in recent years, which is expected to majorly drive the market in the forecasted phase.

Question 2: What factor is hindering the expanded polystyrene market’s growth?

Answer: Expanded polystyrene is obtained from crude oil. The prices of crude oil are subject to numerous fluctuations. These price fluctuations directly impact the costs of raw materials, and, in turn, affect the manufacturing process. This is hindering the studied market’s growth.

Question 3: How is the market in the Asia-Pacific influencing the growth of the EPS market?

Answer: The Asia-Pacific region is the leader in the global market, accounting for the highest share. It is expected to maintain its leading position until the year 2028. In the domestic market, India is expected to showcase the fastest growth rate. The country’s manufacturing sector is witnessing high growth, with the growing demand for appliances like advanced refrigerators, which requires the use of FDA-compliant polymers. Also, there has been a growing demand for disposable plastic cutleries and other kitchenware, which is raising the demand for polystyrene. All these factors are helping the APAC expanded polystyrene market to grow in the forecasting period.

Question 4: Which are some of the established players in the expanded polystyrene market?

Answer: Total SA, BASF SE, Styrochem, Nova Chemical Corporation, Arkema SA, SABIC, Sibur, Evonik Industries AG, Kaneka Corporation, Bewisynbra Group AB, LG Corporation, Ravago, Jackon GmbH, Alpek SAB De CV, and Sunpor Kunststoff GmbH are some of the established players in this market.

 

Related Report:

Global PET Market

The global PET market is estimated to show growth at a CAGR of 6.76% (revenue) and 5.84% (volume) in the projected period from 2019 to 2027. It is estimated to generate around $45400 million in revenue and 33823 kilotons in volume by 2027.

The use of polyethylene terephthalate in packaging and other applications ensures better ecological balance. PET is recyclable, and therefore, reduces the amount of packaging waste. The raw materials consumed for producing this material is lower than that in many other plastics. Recycling PET results in 60% energy savings, when compared to the energy required for producing new plastics.

Recycled polyethylene terephthalate (RPET) can be used to make several new types of products, such as fiber for polyester carpets and fabric for T-shirts, athletic shoes, long underwear, upholstery, luggage, and sweaters. Many regions across the world are constantly working on recycling plastic waste so as to reduce the level of plastic pollution. These initiatives are raising the demand for PET, and are expected to fuel the growth of the studied market further in the forecasted period.

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