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Expanded polystyrene (EPS) is a versatile, lightweight, yet durable thermoplastic product that demonstrates high resistance to moisture. EPS finds its applications in various industries, including construction, packaging, automotive, and other several industries. Properties of EPS are important trends influencing the growth of the market. Resultantly, expanded polystyrene materials witness colossal demand, and its market garners immense traction on a global platform.
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Augmenting demand for lightweight automotive components is another key factor accelerating market growth. Also, the rising consumption of EPS materials in packaging industries acts as a significant tailwind. Market Research Future (MRFR), in its Covid-19 Analysis on the global expanded polystyrene market, asserts that the market is estimated to grow with an impressive CAGR during the forecast period (2017-2023). The market had garnered colossal traction in 2016, States MRFR in its Covid-19 EPS market analysis.
Augmenting demand from burgeoning automotive & packaging industries drives a larger share of the market. Over recent years, the packaging industry is making quite a stride worldwide due to the improvements in packaging solutions. EPS materials, due to their cost-effectiveness, convenience, and versatile nature, are increasingly used as unique packaging solutions. Usages of EPS increases in the packaging of fresh goods and produces on account of the high demand for vegetables, egg trays, fish, poultry, and fast foods.
Additionally, EPS is predicted to witness the increasing consumption in commercial and residential construction activities for applications such as roofs, walls, and other structures. On the other hand, price volatility and the demand-supply gap in raw materials required for EPS production is a major factor expected to act as an impeder for market growth. Nevertheless, the cost-competitiveness of expanded polystyrene as compared to its substitute, extruded polystyrene, would support the market growth.
Highly competitive, the global expanded polystyrene market appears to be fragmented, with many large and small players churning the competition. To gain a larger competitive advantage, these players incorporate strategic initiatives such as mergers & acquisitions, collaborations, s expansion, and technology launch.
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Players leading the EPS market include
The market is segmented into three dynamics;
By Type: White, Black, and Grey.
By Application: Construction & Buildings, Packaging, Automotive, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Asia Pacific region dominates the global Expanded Polystyrene Market. The largest market share attributes to the growing consumption of lightweight materials in construction, packaging, automotive, and other industries. Besides, growing usages of cardboard products in the packaging industry and increasing production & investments in construction & automotive industries provide a considerable impetus to the regional market growth. The booming economy in the region acts as a significant tailwind to the growth of the market.
Furthermore, raw material advantage and the availability of cost-competitive workforce contribute to the market growth in the region. Rapidly developing APAC countries, such as China, Japan, and India, account for key contributors to the growth of the regional market. The APAC expanded polystyrene market is projected to retain its leading position in the global market throughout the assessment period.
North America stands second in the global expanded polystyrene market. The market growth is majorly driven by the increasing consumption of polystyrene in packaging, construction, and several other applications. Moreover, the high per capita income of consumers and increasing investments in the end-use industries in North America drive the regional market growth. Also, the growing consumption of polystyrene products in construction applications propels the market growth.
Furthermore, countries such as the U.S., Canada, and Mexico help the region to achieve a remarkable growth in the market. Besides, the increasing demand for EPS from heavy industries is a major tailwind pushing the regional market. The North American expanded polystyrene market is estimated to create a substantial revenue pocket over the review period.
Europe expanded polystyrene market has been experiencing substantial growth. Factors such as the implementation of new regulations by the government to increase the use of lightweight & biocompatible products in the construction & automotive industry drive regional market growth. Also, growing innovations and advances in polystyrene production and plastic recycling in the UK, Italy, Germany, and France boost the growth of the regional market.
The increasing automotive production and the demand for lightweight vehicles aid in the regional market's growth. Furthermore, the burgeoning packaging industry, led by consumer goods demand, alongside the rapid industrialization in some of the European countries, drives the regional market growth. The European expanded polystyrene market is to observe a remarkable growth during the anticipated period.
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