Expanded Polystyrene (EPS) Market Size & Share, by Density (Low Density, High Density); End-user (Packaging, Automotive, Others) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5163
  • Published Date: Aug 16, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Expanded Polystyrene Market size is anticipated to surpass USD 35 billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of expanded polystyrene was around USD 19 billion. EPS is extensively used in packaging materials for protecting fragile items during transportation. It is commonly used in the packaging of electronics, appliances, food and beverages, pharmaceuticals, and other consumer goods. Hence, growth of packaging industry is estimated to boost the global expanded polystyrene market over the projected period.

With growing concerns about energy consumption and environmental sustainability, there is a rising demand for energy-efficient solutions in the construction industry. EPS foam, with its excellent thermal insulation properties, plays a significant role in enhancing energy efficiency in buildings. Expanded polystyrene insulation is used in walls, roofs, and floors to reduce heat transfer, minimize energy losses, and improve overall building performance.


Expanded Polystyrene
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Expanded Polystyrene Sector: Growth Drivers and Challenges

Growth Drivers

  • Growth in the Construction Industry: The construction industry's expansion fuels the demand for EPS building thermal insulation materials due to their thermal insulation properties, energy efficiency benefits, and cost-effectiveness. The global construction industry was noted to account for 13.5% of the world's GDP by the year 2022.
  • Increasing Demand for Lightweight Automotive Components: As automakers strive to improve fuel efficiency and reduce emissions, EPS is used in lightweight automotive components, such as interior parts and impact protection systems, to enhance fuel economy and vehicle performance.
  • Increasing Focus on Energy Efficiency in Buildings: EPS insulation materials are sought after in the construction sector due to their thermal insulation properties, contributing to energy-efficient buildings and reducing carbon emissions. Buildings account for 40% of global energy consumption and 33% of greenhouse gas emissions.

Challenges

  • Environmental Concerns: EPS has been subject to criticism due to its environmental impact. It is not easily biodegradable and can persist in the environment for hundreds of years. Improper disposal and inadequate recycling infrastructure contribute to EPS waste accumulation, leading to pollution and littering. As environmental awareness increases, the industry faces the challenge of addressing these concerns and finding more sustainable alternatives or improving recycling methods.
  • Recycling and Waste Management
  • Volatility in Raw Material Prices

Expanded Polystyrene: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 19 Billion

Forecast Year Market Size (2035)

~ USD 35 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Expanded Polystyrene Segmentation

Density (Low Density, High Density)

The high density segment in the expanded polystyrene market is estimated to gain the largest revenue share of 60% in the year 2035. HD-EPS, with its higher density and greater strength, is well-suited for heavy-duty packaging applications that require enhanced protection and impact resistance. The growing need for secure packaging solutions in industries such as electronics, automotive, and industrial goods drives the demand for HD-EPS. HD-EPS, with its excellent thermal insulation properties, contributes to energy efficiency in buildings by reducing heat transfer. As energy efficiency regulations and sustainability concerns drive the demand for energy-efficient building materials, HD-EPS insulation finds increased utilization in construction projects.

End User (Packaging, Automotive)

The automotive segment is expected to garner a significant share in the year 2035. Automotive manufacturers are increasingly focused on reducing vehicle weight to improve fuel efficiency and meet stringent emission regulations. HD-EPS, being a lightweight material, is favored in the automotive industry for components like interior parts, seat cushions, and impact protection systems, contributing to weight reduction and improved fuel economy. The global electric vehicle industry is projected to reach 26.95 million units by 2030. With the growing adoption of electric vehicles, the demand for HD-EPS in battery packaging applications is increasing.

 

Our in-depth analysis of the global market includes the following segments:

           Density

  • Low Density
  • High Density

 

   

           End User

  • Packaging
  • Automotive
  • Others

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Expanded Polystyrene Industry - Regional Synopsis

APAC Market Forecast

The EPS market in the Asia Pacific region is projected to hold the largest market share of 38% by the end of 2035. The Asia Pacific region is experiencing significant urbanization and infrastructure development, driving the demand for EPS in construction applications. EPS insulation is used in residential, commercial, and industrial buildings to improve energy efficiency and meet sustainability requirements. Asia Pacific is the largest automotive market globally, with over 50% of global vehicle production. The booming automotive industry in the Asia Pacific region contributes to the demand for EPS in automotive components.

North American Market Statistics

The expanded polystyrene market in the North America region is projected to hold the second largest share during the forecast period. The construction sector in North America is witnessing steady growth, driving the demand for EPS insulation materials. EPS is used in residential, commercial, and industrial buildings to enhance energy efficiency, reduce heating and cooling costs, and meet sustainability requirements. The packaging industry in North America is experiencing growth due to factors like e-commerce growth, changing consumer preferences, and increased demand for sustainable packaging solutions.

Research Nester
Expanded Polystyrene Size
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Companies Dominating the Expanded Polystyrene Landscape

top-features-companies
    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Dow Chemical Company
    • Synthos S.A.
    • TotalEnergies SE
    • StyroChem International
    • SABIC
    • NOVA Chemicals Corporation
    • Kaneka Corporation
    • Alpek S.A.B. de C.V.
    • SEKISUI Chemical Co., Ltd.

In-the-news

In The News

  • BASF announced its plans to build a new production plant for EPS in Guangdong, China. The plant, with an annual capacity of 100,000 metric tons, will support the growing demand for EPS in the Asia Pacific region. The facility is expected to start production in 2025.
  • Dow announced in May 2023 that it has partnered with leading European packaging manufacturer, Danapak Flexibles, to develop a recyclable stand-up pouch solution for liquid products. The collaboration aims to leverage Dow's advanced polymers, including EPS, to create sustainable packaging solutions that reduce plastic waste and enhance recycling capabilities.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5163
  • Published Date: Aug 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing automotive sector advancements is the major factor driving the market growth.

The market size of expanded polystyrene is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2035.

The major players in the market are BASF SE, Dow Chemical Company, Synthos S.A., TotalEnergies SE, StyroChem International, SABIC, NOVA Chemicals Corporation, Kaneka Corporation, Alpek S.A.B. de C.V., and SEKISUI Chemical Co., Ltd., and others.

The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Expanded Polystyrene Market Report Scope
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