Competitive Analysis:
Some of the major players functioning in the Global Expanded Polystyrene Market are BASF SE (Germany), ACH Foam Technologies, Inc (U.S.), Kaneka Corporation (Japan), SABIC (Saudi Arabia), Alpek S.A.B. de C.V (Mexico), Synbra Holding bv (the Netherlands), NOVA Chemicals Corporation (Canada), StyroChem® (Canada), Unipol Holland B.V. (the Netherlands), and Versalis S.p.A (Italy) among others.
Market Overview:
Expanded Polystyrene comprises of large number of styrene monomers, which are used to design moldable, flexible and disposable materials in the industry. It has various significant properties such as excellent lightweight, durable, and moisture resistance. Furthermore it provide versatility and reliability to the product.
The Global Expanded Polystyrene Market has been driven by the scope of its application in various sectors such as construction & buildings, packaging, automotive, and others. Moreover, it is estimated that the packaging segment is set to witness the highest growth in the market due to the growing consumption of low density materials over the forecast period.
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Market Segmentation:
The Global Expanded Polystyrene Market is segregated into type and application. On the basis of the type, the market is further categorized into white, grey, and black expanded polystyrenes. The white Expanded Polystyrene is the most widely used type in the market due to its growing consumption in egg trays, vegetables, fish, poultry, and others. Moreover, waterproof resistance and superior mechanical durable nature are the major factors behind the popularity of this segment. The grey Expanded Polystyrene segment is set to drive the market on a slow pace due to its high cost effective nature during the assessment period.
On the basis of the application, the market is segmented into construction & buildings, packaging, automotive, and others. Between these, the packaging is the leading segment in the market and is anticipated to observe a rapid growth due to an increased demand for lightweight materials in various applications. Additionally, the automotive segment is predicted to witness a higher growth in the industry due to growing substitution of heavy metals by lightweight materials.
Segmental Analysis:
The Global Expanded Polystyrene Market is spanned across five key regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for Expanded Polystyrene Market in various applications. Countries such as China, Japan and India are the major players in this region. The North America region is estimated to witness a higher growth in the U.S, Canada and Mexico owing to increasing demand for lightweight materials in packaging, automotive, and construction & buildings sectors. The enactment of new rules and regulations set by the European Union has driven the manufacturers to use polystyrene foam in the end-use industries. Moreover, it is projected that the advancing research & development of product in the market has propelled this region to witness a significant growth in Germany, the U.K. and Italy.
The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of lightweight materials in construction & buildings, packaging and automotive sectors. Additionally, the growing demand for humid resistant and low density materials in construction & buildings industry is projected to boost the market in the Latin American region.
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