The global Expanded Polystyrene market size is expected to be worth around US$ 23.5 billion by 2030, according to a new report by Vision Research Reports.
The global Expanded Polystyrene market size was valued at US$ 10.5 billion in 2020 and is anticipated to grow at a CAGR of 5.8% during forecast period 2021 to 2030.
Growth Factors
The rising demand for eco-friendly, lightweight, durable, and sustainable products and components, primarily for thermal and acoustic insulation, in the automotive, construction, and packaging industries is driving the market growth over the forecast period.
Technological advancements and the growing popularity of Electric Vehicles (EVs) have increased the need for lightweight, durable, and recyclable products. A gradual increase in EVs on roads is expected to positively propel market growth. However, the Covid-19 pandemic has immensely affected the production of automobiles and the value chain of the automotive industry. Production cuts or halt in manufacturing activities, weak consumer sentiments, and declining demand from consumers owing to the pandemic are expected to limit the market growth to some extent.
The Asia Pacific regional expanded polystyrene (EPS) market is projected to have an adverse effect in some application segments owing to the pandemic. The pandemic has led to limitations on cross-border trade, complete lockdowns imposed in major economies, and waning consumer demand that has severely affected the regional manufacturing and construction activities and compelled several manufacturers and contractors to either close or slow down their operations.
Report Highlights
The white EPS product segment led the market and accounted for more than 57.0% share of the global revenue in 2020. The segment will expand further at the fastest CAGR from 2021 to 2028 owing to the growing product demand in packaging applications, such as food packaging (drink cups, food trays, and clamshell containers) and electronics and consumer goods packaging among others.
White EPS is also used in furniture, sports helmets, construction, and automotive applications. Moreover, the growing food service industry and demand for better-quality packaged foods are further projected to propel the segment growth. Grey EPS offers enhanced performance as compared to white EPS. Graphite is added to the mixture in grey EPS, which improves the overall performance of the material. It is majorly used in construction applications and is costlier than white EPS.
The construction application segment led the global market in 2020 and accounted for more than 46% share of the global revenue. However, the packaging application segment is estimated to record the fastest CAGR from 2021 to 2028. The growth can be credited to the extensive product usage in packaging applications due to the excellent shock-absorbing properties that make it ideal for the storage and transportation of products, such as electronics equipment, consumer goods, wines, healthcare, and chemical products. Excellent moisture resistance and thermal insulation offered by EPS help retain the freshness of perishable products, such as seafood, fruits, and vegetables.
Furthermore, compression resistance offered by these materials drives their demand for stackable packaging goods. The Covid-19 pandemic is likely to have less impact on the packaging industry as the demand for packaging of healthcare products and food has increased sharply, while the demand for luxury, industrial, and some B2B-transport packaging has declined on account of the slowdown and halt in industrial operations.
The product demand in construction applications is expected to witness significant growth over the forecast period owing to various beneficial characteristics of EPS, such as excellent thermal insulation, lightness, chemical inertness, and bacterial & pest resistance.
The global pandemic has severely affected the growth of the construction sector. Stoppage or slowdown of construction projects, restriction on movements, halts in production, and labor shortages to contain the spread of the virus have led to a decline in the growth of the construction industry, which, in turn, is anticipated to hamper the demand for EPS in construction applications.
The automotive application segment is also anticipated to witness considerable growth over the forecast period on account of increasing product demand in automobile parts, such as storage compartments, headrest & seats, footpads, and bumper systems. The material is used in the automotive application on account of its properties, such as lightness, impact resistance, and shock absorption.
The Asia Pacific regional market accounted for the largest revenue share of more than 54% in 2020. The region is estimated to expand further at the fastest CAGR from 2021 to 2028 due to rising product demand in the key application segments including automotive, packaging, and construction, in emerging economies, such as China and India. The construction sector in APAC is the fastest-growing market across all regions. Rising urbanization & disposable income along with government initiatives, such as the “Housing for All” in India, are driving the growth of the construction sector in the APAC region.
Europe is the second-largest consumer of the market owing to high demand from the automotive, packaging, and construction sectors. The product has applications in several industries due to its versatile benefits and easy molding and shape formation properties. In recent years, the product demand from green buildings design applications in the Europe market has witnessed a significant increase owing to its excellent environmental advantages that can provide an improved indoor environment, maximized energy efficiency, and enhanced durability.
The Central & South America market is expected to witness substantial growth over the forecast period owing to the region’s economic growth in the past few years. Recovering the residential building & construction sector in CSA is expected to fuel the demand for EPS in the construction sector. Significant new investments in housing and public works by the government and green building construction initiatives are expected to boost infrastructural growth in Colombia, thereby propelling the product demand over the forecast period.
Key Players
BASF SE
Kaneka Corp.
Total
NOVA Chemicals Corporate
Ravago
SABIC
Market Segmentation
Product Outlook
White
Grey
Application Outlook
Construction
Packaging
Automotive
Others
Regional Outlook
North America
U.S.
Europe
Germany
U.K.
Asia Pacific
India
China
Central & South America
Brazil
Middle East & Africa
The Expanded Polystyrene market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Expanded Polystyrene market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Expanded Polystyrene market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Expanded Polystyrene market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Expanded Polystyrene market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Expanded Polystyrene capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Expanded Polystyrene by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Expanded Polystyrene market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Expanded Polystyrene market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Expanded Polystyrene market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Expanded Polystyrene industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Expanded Polystyrene market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Expanded Polystyrene market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Expanded Polystyrene market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Expanded Polystyrene market. These factors have benefited the growth of the global market for Expanded Polystyrene. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Expanded Polystyrene. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Expanded Polystyrene are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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