The global Expanded Polystyrene (EPS) Market size was USD 9.81 Billion in 2021 During the forecast period, revenue is expected to grow at a CAGR of 4.9 percent. Increased usage of expanded polystyrene for electronic product packaging and rising demand for expanded polystyrene in the construction industry are likely to fuel market revenue growth during the forecast period.
Other factors predicted to promote market revenue growth over the forecast period include increased use of expanded polystyrene for helmet and seat cover foaming, and rising demand for expanded polystyrene for food and beverage packaging.
COVID 19’s Impact
The rapid spread of coronavirus has had a significant influence on global markets, as the epidemic has put the world’s biggest economies on lockdown. Because of this enormous blockade, the whole consumer market has suddenly lost interest in acquiring any items. The shutdown of all types of international transportation is one of the biggest challenges that the market is experiencing. The market for expandable polystyrene has slowed due to the global crisis affecting all sectors, including building and construction, which has been hurt by declining demand in commodities production and exports.
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Expanded polystyrene refers to items that are robust, lightweight, and thermoplastic. The majority of white expanded polystyrene is made from pre-expanded polystyrene beads. It’s a polymer formed of styrene, a liquid hydrocarbon produced commercially from petroleum by the chemical industry. Because of its lightweight and thermal insulation features, expanded polystyrene is largely employed in the packaging and building industries, which is likely to drive market revenue growth. Toy manufacturers’ increasing use of expanded polystyrene as a component of plastic model toys is predicted to boost revenue growth in the expanded polystyrene market. Expanded polystyrene adoption is predicted to rise as a result of rising demand for it because to its high energy absorption index, which makes it suitable for protecting delicate products during transport and storage. In the near future, this is projected to fuel the market’s revenue growth. The need for expanded polystyrene to give display effects for sales promotion in stores is predicted to grow as a result of its clean appearance, which can be easily printed and coloured in various ways to attract customers.
Expanded polystyrene’s increased use in industrial packaging helps protect products from harm during transportation and handling, therefore increasing demand. It is driving the expanded polystyrene market’s revenue growth. Expanded polystyrene can be moulded into any shape or structure and is utilised in a variety of applications such as chairs, sports car seats, and infant car seats, which is driving market revenue growth. Expanded polystyrene also has excellent dimensional stability that is virtually unaffected by a variety of environmental variables. According to the American Society for Testing and Materials (ASTM) test method D2126, the maximum dimensional change of expanded polystyrene foam should be less than 2%. This is another driver driving up demand, which is predicted to drive up market revenue. Expanded polystyrene comes in a variety of shapes and sizes, allowing users in a variety of industries to use it. This is likely to boost the market’s revenue growth by increasing expanded polystyrene adoption. Because of its dielectric strength of 2KV/mm, expanded polystyrene is also commonly employed in the electronic sector and military packaging specifications. This is another aspect that is predicted to fuel the expanded polystyrene market’s revenue growth.
The report’s segments are:
This study provides historical data and revenue growth predictions at the global, regional, and national levels, as well as an analysis of market trends in each segment from 2019 to 2030. Reports and Data has divided the global expanded polystyrene market by product type, application, and geography for this report:
By Product Type Outlook
● White Expanded Polystyrene
● Grey Expanded Polystyrene
● Black Expanded Polystyrene
By Application Outlook
● Packaging
● Insulation
● Foaming
● Component Manufacturing
● Chemical Intermediate
Competitive Landscape:
Competitive landscape of the global Expanded Polystyrene (EPS) Market is moderately consolidated with few key players operating on global and regional levels. Key players are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market. Major players in the market include Arkema S.A, Alpek, S.A.B de C.V, S.A.B de C.V, BASF SE, Evonik Industries AG, Styro Limited, Kaneka Corporation, Nova Chemical Corporation, Saudi Basic Industries Corporation, TotalEnergies SE, and Epsilyte LLC.
Driver: The building industry’s rising need for expanded polystyrene is a major revenue driver.
The key driver projected to drive market revenue growth is increased demand for expanded polystyrene in the building industry. Because of its insulation, chemical inertness, bacterial and insect resistance, expanded polystyrene is widely utilised in the building and construction industry. This is driving the revenue growth of the expanded polystyrene market by increasing its demand in the construction industry. Between 2022 and 2028, sales growth is predicted to be driven by increased adoption of expanded polystyrene due to its mechanical strength.
Restraint: Concerns about environmental sustainability and health risks associated with expanded polystyrene manufacturing are a major stumbling block to revenue development.
Over fifty chemicals are released throughout the expanded polystyrene manufacturing process, contaminating the air, water, and communities living near facilities. The Department of Health and Human Services and the International Agency for Research on Cancer believe that expanded polystyrene uses different amounts of styrene units during manufacture, which causes carcinogens. Styrene exposure can cause irritation to the eyes, skin, and respiratory system. This could raise concerns about environmental sustainability and health risks associated with expanded polystyrene manufacturing, which is projected to limit market expansion.
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