The Global Expanded Polystyrene Market is set to demonstrate a striking growth during the forecast period (2017-2023), forecasts Market Research Future (MRFR). Expanded Polystyrene (EPS) is a plastic material derived from crude oil which used in multiple applications, including thermal insulation in buildings, civil engineering applications and decorative moldings and panels. It is also used as protective packaging for consumer items, and packaging for food and pharmaceuticals, along with a wide variety of other industrial and consumer applications. The fact that EPS has negligible effect on the environment works in favor of the market. Another characteristic that makes it ideal for use in many industries is its durability and no reaction to moisture and other external factors. Hence, rapid industrialization all across the globe along with improving economy of developing regions has shaped the market size immensely.
However, the fact that the strength of the EPS is weak and breaks easily could potentially work against the market growth in the coming years. On the other hand, the increasing research & development activities and collaborations along with product development by established market players augment the market size and will continue to do so well into the forecast period. For instance, Borough officials have recently partnered with NOVA Chemicals and Beaver County Waste Management Department to invent new recycling options for Expanded Polystyrene in the borough.
BASF is set to increase its global production capacity for Neopor which is an expandable polystyrene that contains graphite, by a total of 40,000 metric tons per year. Also, at the Ulsan site in Korea, BASF will switch the plant´s entire 85,000 metric tons capacity from the white Expandable Polystyrene Styropor to the improved insulation raw material Neopor which is a gray EPS. This move will warrant that the company meets with the growing demand for the gray material in the Asian market.
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The Global Expanded Polystyrene Market is segmented on the basis of Type and Application.
By Type, the market is segmented on the basis of white, grey and black Expanded Polystyrenes. Among these, the white Expanded Polystyrene segment claims the majority of the market share owing to the appealing features of the product such as water-resistance and reliable nature. On the other hand, the grey Expanded Polystyrene segment is estimated to experience a mediocre growth during the forecast period on account of its high cost of production when compared to other segments.
By Application, the market is segmented on the basis of construction & buildings, packaging, automotive, and others. Among these, the packaging segment claims a substantial share of the market due to increasing popularity of applications such as egg trays, fast foods, vegetables, fish, and poultry. Moreover, the automotive segment is anticipated to grow at a higher rate in the market owing to growing consumption of product in manufacturing high standard and efficient vehicles.
The report analyzes the global market in major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Among these, the Asia Pacific market accounts for a major share of the market due to the growing consumption of lightweight materials in construction & buildings, packaging, automotive, and others. In the region, the packaging industry is flourishing in the region due to growing replacement of cardboard products in the industry. Thus, the demand for Expanded Polystyrene is predicted to witness rapid growth in the market during the forecast period. Also, presence of countries such as China, Japan, and India triggers the market growth as well.
The North America region is also growing significantly owing to increased consumption of polystyrene in packaging, construction & buildings, and others. Rising disposable income and increasing investments in the end-use industries are most likely to drive the market during the forecast period. Furthermore, the growing consumption of polystyrene product in construction & buildings has further established the Expanded Polystyrene Market in countries such as the United States (U.S), Canada and Mexico in the region.
The Europe market has also observed a tremendous growth owing to implementation of new rules and regulations proposed by the government to follow lightweight and biocompatible products in the industry. The market is flourishing in the region on account of this application in the packaging and construction & buildings sectors. MRFR also estimates that the increasing innovation and technological advancement are estimated to propel the growth in the countries such as the U.K, Italy, Germany, and France during the forecast period.
The Latin American region is projected to witness a considerable expansion in the market due to the accelerating consumption of low density, humid resistant materials and growing awareness of eco- friendly products in the industry. Furthermore, the Middle East & Africa is expected to witness higher growth in the market on account of increasing demand for Expanded Polystyrene in construction & buildings, packaging, and automotive sectors.
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