By Product (Grey White Black); By Application (Building & Construction, Aerospace, Packaging, Automotive, Electrical & Electrical Others) - Global Historical Growth (2012-2016) & Future Outlook (2017-2027) Demand Analysis & Opportunity Evaluation
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Our in-depth analysis has segmented global expandable polystyrene market into the following segments:
By Product
By Application
Global expandable polystyrene market is further classified on the basis of region as follows:
Global Expandable polystyrene is anticipated to grow at a CAGR of 6% over the forecast period. The EPS market is projected to reach USD20 Billion by the 2027. Due to lightweight, good air permeability, ability to bear load, good sound resistance and water absorption, it is widely used in packaging and building & construction sector. The growing demand of the expandable polystyrene is depend on the growing and expansion of the packaging industries.
Geographically In 2016, Asia Pacific accounted for the highest percentage of market share in the regional platform and is expected to continue its dominance over the forecast period. Rapid increase in the population count in the some of the Asia countries such as China, India and others is responsible for the rise in construction activity. Factor such as rising building & construction project in developing countries is expected to bolster the growth of the expandable polystyrene market in upcoming years.
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In the regional market North America is prominent market of expandable polystyrene is expected to witness of high growth rate over the forecast period. EPS foam is majorly used in packaging of electronic items, foods and others to protect from damage. The growing demand of the expandable p0lystyrene is packaging sector is expected to drive the growth of the expandable polystyrene market across the globe. Further Europe is expected to grow at a significant CAGR over the forecast period.
As the population increases across the world, the demand of the houses, office and other building & construction related project also increases. EPS is widely used in buildings for insulation purposes. Further it provides several applications such as roof insulation, floor insulation and others due to its reliable structure and flexibility properties. Owing to rising adaption of the EPS in building & construction is expected to bolster the growth of the expandable polystyrene market in the upcoming years.
Further, it is also used for the packaging to protect electronics product, food items and other expensive product from the damage. The growing demand of the expandable polystyrene in packaging sector is also envisioned to foster the growth of the expandable polystyrene market across the world over the forecast period. Moreover it is also used in refrigeration, microwaves and other for insulation purposes so they are the major application of the EPS in the electronics.
However, monomers of the expandable polystyrene are petroleum products. Fluctuating cost of the raw material is expected to dampen the growth of the expandable polystyrene market over the forecast period. Further alternatives of EPS have good properties which may also restraint growth of the market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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