Expanded Polystyrene Market – Market Overview:
The global expanded polystyrene market is growing with the rapid pace; mainly due to the increasing construction industries. According to a recent study report published by the Market Research Future, the global market of expanded polystyrene is prospering and expected to gain strong influence over the forecast period. The market is estimated to demonstrate a remarkable growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Globally, the market for expanded polystyrene is driven by the region Asia Pacific, owing to growing consumption of the product in various end-use industries such as construction & buildings, packaging, automotive, and others. These materials are used to impart lightweight, durable, moisture resistance, versatile, and ease of application to the final product. Additionally, the cost effective nature of the product has led a surge in demand for the product in major sectors.
Increasing demand for the product in applications such as egg trays, fast foods, cold drinks, and others signifies the growth of packaging industries. Moreover, growing consumption of product due to unique features offered by the product such as enhanced mechanical properties, ease of transport coupled with installations provide a boost to the expanded polystyrene market growth.
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On the other hand, extensive use of polystyrene polymers in major industries is projected to propel the market growth during the forecast period.
Expanded polystyrene are used in various end-use industries such as construction & buildings, packaging, automotive, and others. They are utilized to add extraordinary features such as superior performance, enhanced efficiency, and others to the final product. The growing demand of these materials has prompted the manufacturers and investors to shift their focus from heavy metals to lightweight materials in end-use applications. Additionally, the growing research & development activities and innovations of the product in the established companies have resulted into a remarkable growth in the market during the forecast period.
Industry/ Innovation/ Related News:
June 2, 2016 – BASF SE (Germany), one of the leading producers of expanded polystyrene, declared that the company has decided to offer their collection of product services involving graphitic silver-grey Neopor®product to China. The raw materials utilized for the production of thermal insulation materials were included in this service. One of the sources of the company also announced that the graphitic silver-grey Neopor®product can be utilized in end-use industries such as automobiles, construction, electronics, and others. Therefore, these factors are expected to drive the market over the assessment period.
May 24, 2016 – BASF SE (Germany), one of the prominent manufacturers of expanded polystyrene, declared that the company has developed Neopor® Graphite-enhanced Polystyrene (GPS), the only product produced along with a flame retardant. This product has been known for high insulation quality, ease of application, safety, and others. One of the sources of the company also announced that the product was launched to expand its business in the market. Therefore, these factors are expected to drive the market over the assessment period.
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Segmental Analysis:
The Global Expanded Polystyrene Market is segmented into type, and application. On the basis of the type, the market is further categorized into white, grey and black expanded polystyrenes. Among these, the white Expanded Polystyrene segment holds a majority of the market share due to extraordinary features offered by the product such as water-resistance and reliable nature. The grey Expanded Polystyrene segment is projected to witness a mediocre growth in the market due to its high cost of production than other segments. The market by application is further categorized into construction & buildings, packaging, automotive, and others. Among these, the packaging segment is accounts for major share of the market owing to growing popularity of applications such as egg trays, fast foods, vegetables, fish, and poultry. Additionally, the automotive segment is set to grow at a higher rate in the market due to growing consumption of product in manufacturing high standard and efficient vehicles. Therefore, the recyclable ability, safety and a biocompatible nature are the major reasons behind the consumption of polystyrenes in most of the end use industries.
Key Players:
• BASF SE
• ACH Foam Technologies, Inc
• Kaneka Corporation
• SABIC
• Alpek S.A.B. de C.V
• Synbra Holding bv
• NOVA Chemicals Corporation
• StyroChem®
• Unipol Holland B.V.
• Versalis S.p.A
Geographical Analysis:
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Intended Audience
• Expanded Polystyrene Market Manufacturers
• Traders and Distributors of Expanded Polystyrene Market
• Production Process Industries
• Potential Investors
• Raw Material Suppliers
• Nationalized Laboratory
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