The global Expanded Polystyrene Market was valued at USD 10.4 Billion in 2022 and is projected to reach a value of USD 18.7 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.8% between 2023 and 2030.
Expanded Polystyrene is a lightweight, versatile plastic material used in various applications. Polystyrene is a colorless, transparent thermoplastic commonly used to produce foam board or beadboard insulation and a type of loose-fill insulation made of small polystyrene beads. EPS has a closed-cell structure containing 95–98% air and relatively low heat conductivity. EPS is a polystyrene material that has been expanded and molded into various shapes and sizes. It is a low-cost material with excellent insulation properties, which makes it popular in construction, packaging, and other industries.
Expanded Polystyrene Market Size, 2022 To 2030 (USD Billion)
Several factors drive the global Expanded Polystyrene market growth, including rising demand for eco-friendly and energy-efficient materials, increased adoption of EPS in various applications, and rising demand from emerging economies. The construction industry is a major EPS end-user, with these products used in insulation, roofing, and other applications. EPS is widely used in the construction sector due to its closed-air low thermal conductivity, lightweight (for ease of handling), mechanical resistance (for insulation in wall structures, roofs, and flooring), low water absorption (to prevent humidity), and good resistance (in office & rooms). It has developed into a potent design component and the best option for green construction. EPS provides tangible environmental benefits by increasing energy efficiency, improving indoor environmental quality, and increasing the durability of buildings and packaged products.
EPS is used in various automotive components, including dashboards and door panels, making the automotive sector another expanding end-user of the material. Besides, the Expanded Polystyrene (EPS) market is also subject to various environmental regulations to reduce plastic waste and promote eco-friendly materials. For instance, some nations have restrictions or outright bans on using EPS in particular applications, like food packaging. This has led to the development of eco-friendly Expanded Polystyrene biodegradable and recyclable products. These products, made from renewable materials, including corn starch, sugarcane starch, or potato starch, have properties similar to traditional EPS products.
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Another emerging trend in the Expanded Polystyrene market is the increased use of EPS in 3D printing. EPS is the perfect material for 3D printing as it is compact, sturdy, and simple to shape. EPS 3D printing has many applications, including creating prototypes, models, and architectural models. Manufacturing process technological advancements result in higher quality products. Compared to other materials, EPS is less expensive, making it a common material for packaging and other uses. Various government regulations requiring EPS in specific applications, such as building insulation, have further led to the growth of the Expanded Polystyrene market.
The Expanded Polystyrene (EPS) industry is complex and influenced by numerous global economic factors. Businesses that can navigate these economic factors and adjust to shifting market trends are more likely to succeed in the long run. The EPS market is heavily reliant on raw material supply, particularly polystyrene. The market is also highly competitive, with numerous players operating at various supply chain stages, from raw material suppliers to manufacturers and distributors. Inflation also affects the global Expanded Polystyrene market, with rising raw material and transport costs leading to higher EPS prices. This creates uncertainty for manufacturers and distributors, who may have to pass on these increased costs to customers, potentially affecting demand. The EPS industry is also affected by crude oil prices because polystyrene, the primary raw material used to produce EPS, is derived from crude oil. Crude oil price volatility can impact the Expanded Polystyrene market's overall profitability.
Top Market Trends
1. Growing Demands for Eco-Friendly Packaging: With rising environmental concerns, there is a shift towards eco-friendly packaging materials such as Expanded Polystyrene (EPS). Manufacturers are focusing on producing recyclable, reusable, and biodegradable EPS packaging. One of the most economical protective, and sustainable packaging materials, EPS is used worldwide to shield goods from damage during transit.
2. Rising Demand for Insulation in the Construction Industry: The thermal insulation capabilities of EPS make it a popular insulation material in the construction sector. The need for EPS insulation and the demand for more energy-efficient buildings are anticipated to increase. EPS is a strong architectural design element and an excellent choice for green building design, providing genuine environmental benefits like increased energy efficiency, improved indoor air quality, non-corrosive properties, and increased durability. Additionally, EPS blocks are frequently used in the building industry to insulate floors and walls and in the packaging sector, where simple shapes can be hot wire cut to protect corners and edges.
3. Robust Growth of the Automotive Industry: In the automotive sector, EPS is used for impact resistance, soundproofing, and cushioning. The demand for EPS in this sector is anticipated to rise along with the growth of the automotive industry. The product's attributes, including lightness, impact resistance, and shock absorption, are why it is used in the automotive industry. The increasing demand for electric vehicles due to their energy efficiency and lack of reliance on fossil fuels will drive the automotive industry forward.
4. The Emergence of Bio-based Expanded Polystyrene (EPS): Technological advancements in EPS manufacturing have developed high-performance products with improved insulation, strength, and durability. Technological advancements have enabled the production of EPS products that are stronger, lighter, and more durable. This has led to an increase in EPS demand across numerous industries. Bio-based EPS, which is produced using renewable resources, is becoming more and more popular. It provides an environmentally friendly and sustainable substitute for conventional EPS.
The global Expanded Polystyrene market can be categorized as Product Type, End-Use Industry, and Region. Based on Product Type, the market can be categorized into White, Grey, and Black. Moreover, based on the End-Use Industry, the market can be split into Building & Construction, Packaging, and Others (Automotive, Medical, Marine, and Sports & Leisure). Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Product Type
White Expanded Polystyrene to Lead with the Largest Market Share Attributed to its Rising Usage in Multiple Sectors
The white product type segment accounted for the largest Expanded Polystyrene market revenue share in 2022 due to the increasing usage of white Expanded Polystyrene in various sectors. White expanded polypropylene is a particular variety of polypropylene that has undergone expansion to produce uniformly tiny bubbles. This improves the material's strength and thermal insulation. Additionally, it resists chemicals and moisture. White Expanded Polystyrene is in high demand in the construction industry as it does not leach any substances into the ground and has excellent insulation properties. White Expanded Polystyrene is also increasingly used by sports equipment manufacturers to foam sports equipment such as boxing, hockey, and helmets. In addition, white product types are frequently used in packaging for consumer electronics, goods, and food. Gray product type will have the highest CAGR during the forecast period due to rising demand for lightweight, durable, and waterproof properties. Another factor driving up demand for grey Expanded Polystyrene is that it can be vacuum formed into specific shapes and is unbreakable. Adding graphite to the mixture improves the performance of grey-Expanded Polystyrene.
Based on the End-Use Industry
Building & Construction Account for the Largest Market Share owing to Growing Demands for Expanded Polystyrene for Insulation Purposes in these Sectors
During the forecast period, the building & construction segment will dominate the global Expanded Polystyrene market due to the various properties of Expanded Polystyrene, such as great thermal insulation, lighter weight, chemical stability, and resistance to bacteria and pests, among others. Expanded Polystyrene has physical and mechanical properties suitable for most insulating needs. It is also used to construct floors and roofs in residential and commercial buildings. Expanded Polystyrene is extremely easy to install, provides maximum energy efficiency, increases durability, and is water resistant. It is ideal for green buildings and contributes to its increasing use in the sector. Rapid urbanization and infrastructure investment activities in developing economies will boost the growth of the building and construction sector. Construction companies investing in energy-saving technologies will help the segment grow even more. The packaging segment will grow with the fastest-growing CAGR during the forecast period. The increase in product consumption among manufacturers of automobiles and food and beverages is a factor in the segment's growth. The growing demand for high-quality consumer goods packaging to shield their contents from damage during handling, transportation, and storage is one of the main factors boosting the segment's growth. The product is made of a lightweight material that absorbs shock and provides thermal insulation, making it ideal for packaging.
Based on Region
Asia Pacific to Lead Global Market Revenue Driven by the Growing Regional Construction and Packaging Industries
The global Expanded Polystyrene market is expected to be dominated by the region of Asia Pacific in terms of growth and revenue. Asia Pacific is anticipated to be one of the largest and fastest-growing regional markets due largely to the increasing demand for the product in key markets like construction, packaging, and automotive in developing nations like China and India. Moreover, the Asia Pacific region's rapidly expanding construction industry will support overall Expanded Polystyrene market growth. The high demand for non-residential construction projects, like hospitals, office buildings, and colleges, is expected to propel the growth of the construction sector in Asia Pacific over the next few years. China is the Asia-Pacific region's largest consumer. China has the world's largest and fastest-growing Expanded Polystyrene (EPS) market. Government proposals to promote public infrastructure and rising cash-intensive non-residential construction are expected to boost Expanded Polystyrene consumption during the forecast period. Moreover, the region's developing countries have several upcoming construction and development initiatives to drive market revenue growth.
The North American Expanded Polystyrene market is expected to grow rapidly during the forecast period, owing to the increasing growth of the packaging industry, particularly for foods and beverages. The growth and expansion of retail chains in North America will increase demand for insulation, driving the use of polystyrene foams. In North America, the construction sector is a significant end-user of EPS, using the material in applications such as insulation and roofing. The region's demand for EPS insulation products is expected to be driven by rising demand for energy-efficient buildings. Furthermore, the region is home to major electric vehicle manufacturers such as Tesla Inc. The increasing use of electric vehicles in the United States will further help the regional Expanded Polystyrene market growth.
The key players in the global Expanded Polystyrene market include - Atlas Roofing Corp. (U.S.), Alpek S.A.B. de C.V (Mexico), BASF SE (Germany), Kaneka Corp. (Japan), SIBUR Holding PJSC (Russia), SUNPOR (Austria), Synthos (Poland), Flint Hills Resources (U.S.), NOVA Chemicals Corporate (Canada), Ravago Manufacturing (Luxembourg), UNIPO (Kenya), Versalis S.P.A. (France), SABIC (Saudi Arabia), Sundolitt Ltd. (Norway), among others.
Recent Market Developments
· July 2022: BEWI ASA signed a letter of intent to purchase BalPol, a Lithuanian insulation business. The geographic reach of BEWI will increase as a result of this purchase.· June 2022: Insulation and packaging firm Jablite Group added a further 51% interest, thanks to BEWI ASA. BEWI could increase its presence in the United Kingdom thanks to this acquisition.
· February 2022: Carlisle Companies Incorporated has divided its construction materials business into two segments centered on its products and applications for the sustainable Building Envelope. One of the primary products offered by the company is block-molded Expanded Polystyrene insulation.
· September 2022: BEWI, a leading European component, packaging, and insulation solutions provider, has contracted with Swedish Plastic Recycling to reprocess Expanded Polystyrene from their planned Site Zero facility in Motala, Sweden. The Expanded Polystyrene volume from the new plant is estimated to be 1,000 to 3,000 tonnes per year, making Site Zero the largest and most technologically advanced plastic recycling plant globally.
· August 2021: Dixons Carphone, the parent company of Currys PC World, has launched a free recycling program that allows customers to return Expanded Polystyrene (EPS) packaging to stores for recycling.
· April 2021: In Europe, INEOS Styrolution, Recycling Technologies, and Trinseo built commercial polystyrene recycling plants. Recycling Technologies has been chosen as the technology partner for this Expanded Polystyrene facility expansion.
Segmentation of the Global Expanded Polystyrene Market
- Product Type (White, Grey)
- End-Use Industry (Building & Construction, Packaging, Other Industries (Automotive, Medical, Marine, & Sports & Leisure))
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, 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 & Africa)
- Atlas Roofing Corp. (U.S.)
- Alpek S.A.B. de C.V (Mexico)
- BASF SE (Germany)
- Kaneka Corp. (Japan)
- SIBUR Holding PJSC (Russia)
- SUNPOR (Austria)
- Synthos (Poland)
- Flint Hills Resources (U.S.)
- NOVA Chemicals Corporate (Canada)
- Ravago Manufacturing (Luxembourg)
- UNIPO (Kenya)
- Versalis S.P.A. (France)
- SABIC (Saudi Arabia)
- Sundolitt Ltd. (Norway)
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