Global Expanded Polystyrene Market 2017 Market Size, Status and Forecast to 2023
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.
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.
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Geographically, Asia Pacific is leading the global expanded polystyrene market. China holds the major portion due to extensive use of lightweight players and increasing replacement of cardboard products in the region. Increasing consumption of the product in numerous applications such as building & insulation, packaging, automotive, aerospace, marine, and others has boosted the market demand in Japan, and India. North America has witnessed a significant growth in the market owing to rapid consumption of polystyrene polymers in end-use industries. A notable growth has been received by the European region due to implementation of strict rules and regulations to adopt eco-friendly products instead of heavy substances in major sectors. Additionally, the market is growing significantly in the Middle East & Africa and Latin America regions, due to extensive consumption of low density, humid resistant materials in the major industries.
The expanded polystyrene market appears to be competitive with the presence of several large and small players operating in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. Expanded polystyrene market is set to grow at a significant rate which is likely to attract many newcomers to the market resulting into strong competition in the future. Manufacturers functioning in the expanded polystyrene market are struggling to respond to an increase in demand for the product from construction & buildings, packaging, automotive, and other sectors attributed to technological advancement and increasing production capacity in major sectors. They ensure to deliver the best quality products based on innovative technologies, solutions and best practices.
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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.
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 are some of the prominent players at the forefront of competition in the Global Expanded polystyrene Market and are profiled in MRFR Analysis.
