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Extensive insights into the Growth of Expandable Polystyrene Market amidst COVID-19

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Expandable Polystyrene Overview

Expandable polystyrene (EPS) is closed cell insulation, rigid and light weight substance. It is available in various compressive strength to bear load. Basically expandable polystyrene is thermoplastic resin that consist expandable agent. EPS has excellent properties over the mould pulp. It is ecofriendly emits fewer amounts of greenhouse gases as compared to over mould pulp. Taking these benefits into account It find wide application in packaging and building & construction sector.

Market Size & Forecast

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.

expandable polystyrene market

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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.

Market Segmentation

Our in-depth analysis has segmented global expandable polystyrene market into the following segments:

By Product

Grey
White
Black

By Application

Building & Construction

Aerospace
Packaging
Automotive
Electrical & Electrical
Others

By Region

Global expandable polystyrene market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.

Growth Drivers & Challenges

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.