Expanded Polystyrene (EPS) Market: Global Industry Analysis and Forecast (2023-2029)

Global Expanded Polystyrene (EPS) Market size was valued at US$ 10.31 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 4.8% from 2023 to 2029, reaching nearly US$ 14.32 Bn.
Expanded Polystyrene (EPS) Market Overview:
Expanded Polystyrene (EPS) Market is expected to reach US$ 14.32 Bn. by 2029. White foam plastic known as expanded polystyrene (EPS) is created from solid polystyrene beads. It is largely utilised for insulation, packing, etc. It is made of Styrene, which creates the cellular structure, and is a closed-cell, hard foam. This report focuses on the different segments of the Expanded Polystyrene (EPS) market (Product Type, Material, Process, Application, End User, and Region).

In this report, the top industry participants and regions are in-depthly investigated (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It is an in-depth analysis of the several sectors' fast advancements in the modern era. The primary data analysis from 2018 to 2022 is highlighted through numbers, visualisations, and presentations. The market drivers, restraints, opportunities, and challenges for Expanded Polystyrene (EPS) are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Expanded Polystyrene (EPS) market.

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Expanded Polystyrene (EPS) Market Dynamics:
Growing packaging and construction sectors in developing nations

Due to its closed-air low thermal conductivity, lightweight (for ease of handling), mechanical resilience (for insulation in wall structures, roofs, and flooring), low water absorption (to prevent from humidity), and sound resistance, EPS is widely utilized in the construction industry (in office and rooms). It has developed into a potent design component and the best option for green construction. EPS provides real environmental benefits that increase energy efficiency, promote indoor environmental quality, and increase the sturdiness of structures and packaged goods.

Price volatility for crude oil

Although the price of crude oil won't have a significant impact on the final price of EPS, any volatility (increase) in EPS prices during the forecast period can have an impact on styrene manufacturers' capacity to make a profit. Styrene producers like Royal Dutch Shell (Netherlands), The Dow Chemical Company (US), and LyondellBasell Industries N.V. (Netherlands) are increasingly investing in R&D to reduce investment and cut operating costs in an effort to increase their margins as a result of fluctuations in crude oil prices. During the forecast period, it is expected that rising demand and crude oil prices would influence EPS pricing.

Products made of polystyrene are easily recyclable

Without using chlorofluorocarbons, EPS is non-toxic, inert, and utilised in packaging and insulation (CFCs). Compared to its rivals, it has a smaller environmental impact. It is nearly unbreakable, though, and the discarded EPS takes a very long time to biodegrade. Additionally, it resists photolysis. EPS waste used to be disposed of in landfills, but this practise is changing as post-consumer and post-commercial EPS recycling has risen.

In order to create a variety of durable goods and cutting-edge new building items from recycled content foam packaging, more than 100 million pounds of EPS are recycled and reused globally in both closed-loop and open-loop processes. The amount of virgin material required is decreased by value-added plastic products made from post-consumer and post-commercial EPS, such as artificial marble and stone, picture frames, park seats, and movie props. With advancements in recycling technology, integrated chain management principles, and cooperative collection schemes, recycling gains are being driven by new uses.

In major markets, EPS is prohibited

The EPS items have been prohibited in a few significant economies, including the US (New York). Because they have already been inflated, Styrofoam (EPS) cups cannot be recycled; instead, new polystyrene beads must be used to make them. Some customers dislike single-use (use and toss away) EPS coffee cups since they are made of non-biodegradable materials.

Polystyrene foam single-service goods such as cups, bowls, plates, take-out containers, trays, and packing peanuts are among the prohibited commodities. Polystyrene loose fill packaging is also prohibited. There are a few exceptions, though, including the use of EPS containers for pre-packaged food that are filled and sealed before being received by the food service establishment, mobile food stores, and containers used to store raw meat, pork, fish, seafood, or poultry that are sold from a butcher case or other similar retail appliance.
Segment Analysis:
The Expanded Polystyrene (EPS) Market is segmented by Product Type, Material, Process, Application, and End User.

Based on the Product Type, the market is segmented into White Expanded Polystyrene, Grey Expanded Polystyrene, and Black expanded Polystyrene. White Expanded Polystyrene segment is expected to hold the largest market share of xx% by 2029. This is due to the increasing product demand in packaging applications, including packaging for consumer products and electronics as well as food packaging (including drink cups, meal trays, and clamshell containers).

Additional uses for white EPS include furniture, sports helmets, building materials, and automobiles. Additionally, the need for higher-quality packaged goods and the increasing food service industry are expected to drive the segment's growth. Performance is improved as compared to white EPS with grey EPS. Grey EPS enhances the material's overall performance by incorporating graphite into the composition. It is more expensive than white EPS and is mostly utilised in building applications.

Based on the Application, the market is segmented into Packaging, Insulation, Foaming, Component Manufacturing, and Chemical Intermediate. Packaging segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The growing demand for high-quality packaging of consumer goods to shield their contents from harm during handling, storage, and transportation is one of the key drivers driving the segment's growth. In addition, EPS is frequently used in food packaging. EPS is used to make trays, insulated drinking cups and bowls, burger boxes, clamshell food containers, and plates.

Because of its low weight, strength, and effective thermal insulation properties, EPS is a popular choice for packaging. Additionally, it is the best material for packing and cushioning electrical goods. Due to EPS's capacity to insulate, absorb shock, and avoid or lessen product damage during the shipping of sophisticated equipment, manufacturers depend heavily on it.

Foaming segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The use of EPS in helmets, car seats, and other products is rising, which is causing revenue to increase. Another factor boosting the segment's revenue growth is the widespread use of EPS foams in the packaging of industrial goods.

Based on the End User, the market is segmented into Electronics, Construction, Automotive, Consumer Goods, Foods & Beverages, and Others. Construction segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The building and construction industry uses expanded polystyrene because of its qualities, such as lightweightness, toughness, thermal efficiency, shock absorption, moisture resistance, use, etc. It is employed in the construction of roads, walls, floors, closed cavity walls, and other structures. Expanded polystyrene (EPS) is utilised in external insulation and finish systems, structural insulated panels (SIPs), insulated concrete forms (ICFs), and walls, roofs, and foundations as insulation in the construction industry.

The Insulating Concrete Form Association (ICFA) claims that because corporations now design and market the majority of ICF dwellings, EPS shape-moulders can assume a significant increase in the production of Insulating Concrete Forms (ICFs). Expanded polystyrene (EPS) materials are therefore expected to see an increase in demand as the demand for ICF housing grows. The market for EPS-based roofing systems is expected to be driven by consumers who are being compelled by rising energy costs to improve their thermal efficiency in order to lower their energy usage.

Electronics segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The demand for electronic product packaging to ease product handling during transit is expected to drive the segment's revenue growth. EPS is used to package electrical devices.
Regional Insights:
The Asia Pacific region is expected to dominate the Expanded Polystyrene (EPS) Market during the forecast period 2022-2029. The Asia Pacific region is expected to hold the largest market share of xx% by 2029. Because of increasing product demand in key industry sectors including building & construction, packaging, and automotive in developing nations like China and India. Growing urban populations, rising disposable income, and government programmes like "Housing for All" in India are all factors contributing to the construction sector's growth in the Asia Pacific region.

One of the economies in the world with the highest growth rates is China. In 2019, the country generated a significant share of the world's EPS demand. During the forecast period, the market growth rate is expected to be boosted by the rising number of infrastructure development projects and the increasing packaging industry. Government programmes like the State Council Green Building Action Plan and the 13th Five-Year Plan for Building Energy Efficiency and Green Building Development are encouraging the construction of green buildings in China, which may help the country's EPS market flourish.

Europe region is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The construction, automotive, and packaging industries had a high need for expanded polystyrene, which led to Europe becoming the next major market during the forecast period. Due to its ability to take on various shapes, ease of moulding, and other adaptable features, the product finds use across a variety of sectors. Expanded polystyrene has seen an increase in demand in recent years in Europe for usage in green building design applications because of its strong environmental benefits, which include increased durability, maximised energy efficiency, and a better indoor atmosphere.

The objective of the report is to present a comprehensive analysis of the Global Expanded Polystyrene (EPS) Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Expanded Polystyrene (EPS) Market dynamic and structure by analyzing the market segments and projecting the Global Expanded Polystyrene (EPS) Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Expanded Polystyrene (EPS) Market make the report investor’s guide.
Expanded Polystyrene (EPS) Market Scope: Inquire before buying



Expanded Polystyrene (EPS) Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 10.31 Bn.


Forecast Period 2023 to 2029 CAGR:
4.8%
Market Size in 2029:
US $ 14.32 Bn.


 Segments Covered:
by Product Type
White Expanded Polystyrene
Grey Expanded Polystyrene
Black expanded Polystyrene


by Material
Raw beads
Expanded Beads


by Process
Black Moulding
Shape Moulding


by Application
Packaging
Insulation
Foaming
Component Manufacturing
Chemical Intermediate


by End User
Electronics
Construction
Automotive
Consumer Goods
Foods & Beverages
Others



Expanded Polystyrene (EPS) Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
South America (Brazil, Argetina and Rest of South America)
Expanded Polystyrene (EPS) Market Key Players
1. Wuxi Xingda (China)
2. Synthos (Poland)
3. BASF (Germany)
4. Total (France)
5. SUNPOR KUNSTSTOFF (Austria)
6. The Ravago Group (Belgium)
7. Alpek (Mexico)
8. VERSALIS (Italy)
9. Nova Chemicals (US)
10. Flint Hills Resources (US)
11. PJSC SIBUR HOLDING (Russia)
12. Saudi Basic Industries Corporation (SABIC) (Saudi Arabia)
13. Kaneka Corporation (Japan)
14. Atlas Roofing Corporation (US)
15. BEWiSynbra Group (Sweden)

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Expanded Polystyrene (EPS) Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Expanded Polystyrene (EPS) Market.

2] Who are the top key players in the Expanded Polystyrene (EPS) Market?
Ans. Wuxi Xingda (China), Synthos (Poland), BASF (Germany), Total (France), SUNPOR KUNSTSTOFF (Austria) The Ravago Group (Belgium), and Alpek (Mexico) are the top key players in the Expanded Polystyrene (EPS) Market.

3] Which segment is expected to hold the largest market share in the Expanded Polystyrene (EPS) Market by 2029?
Ans. White Expanded Polystyrene segment is expected to hold the largest market share in the Expanded Polystyrene (EPS) Market by 2029.

4] What is the market size of the Expanded Polystyrene (EPS) Market by 2029?
Ans. The market size of the Expanded Polystyrene (EPS) Market is expected to reach US $14.32 Bn. by 2029.

5] What was the market size of the Expanded Polystyrene (EPS) Market in 2022?
Ans. The market size of the Expanded Polystyrene (EPS) Market was worth US $10.31 Bn. in 2022.