(MENAFN- GlobeNewsWire - Nasdaq) The Global Extruded Polystyrene market Size was Valued at USD 5.52 Billion in 2023 and the Worldwide Extruded Polystyrene Market Size is Expected to Reach USD 8.83 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: BASF SE, Kaneka Corporation, Synthos S.A., TotalEnergies, SABIC, SUNPOR Kunststoff GmbH, Flint Hills Resources, PJSC SIBUR Holding, Nova Chemicals Corporation, Alpek S.A.B. de C.V., Saudi Basic Industries Corporation (SABIC), ACH Foam Technologies, StyroChem, BEWiSynbra Group AB, and other key vendors.
New York, United States , June 06, 2024 (GLOBE NEWSWIRE) -- The Global Extruded Polystyrene Market Size is to Grow from USD 5.52 Billion in 2023 to USD 8.83 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.81% during the projected period.
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Extruded polystyrene is a beneficial and robust insulation material serene of closed-cell foam. It is formed by heating polystyrene resin and then extruding it into stiff boards or panels. Extruded polystyrene delivers superior thermal insulation, making it ideal for construction applications in walls, roofs, floors, and foundations. Furthermore, its closed-cell structure protects moisture absorption, certifying long-term performance and structural reliability. Extruded polystyrene is widely used in commercial buildings for its high inclusive strength, moisture resistance, and capacity to preserve insulating properties over time, beneficial to energy competence and sustainability in numerous construction projects in various industries like residential, commercial, and others. Extruded polystyrene is widely used in the building sector for insulation in residential, commercial, and industrial structures. Thus, the demand for extruded polystyrene insulating materials is directly wedged by the expansion of the construction industry. Moreover, extruded polystyrene declines energy use for heating and cooling, it is in high demand owing to strict rules and policies targeted at increasing energy efficiency in buildings. However, stringent environmental laws regulating the use and disposal of extruded polystyrene products might hinder the growth of the market. Extruded polystyrene is not biodegradable and might have adverse effects on the environment, governments and environmental organizations might put restrictions on its utilization. Moreover, the possibility for polystyrene to drip hazardous chemicals into the environment or food products might be causing growing public fears about the material's effect on health.
Browse key industry insights spread across 234 pages with 120 Market data tables and figures & charts from the report on the " Global Extruded Polystyrene Market Size, Share, and COVID-19 Impact Analysis, By Application (Foundation, Wall, Roof, Floor and Ceiling, and Others), By End Use (Residential, Commercial, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The foundation segment is anticipated to hold the greatest share of the global extruded polystyrene market during the projected timeframe.
Based on the application, the global extruded polystyrene market is divided into foundation, wall, roof, floor & ceiling, and others. Among these, the foundation segment is anticipated to hold the greatest share of the global extruded polystyrene market during the projected timeframe. This can be credited to other building components like walls or roofs, the foundation of a structure drops a substantial quantity of energy.
The residential segment is anticipated to hold the greatest share of the global extruded polystyrene market during the projected timeframe.
Based on the end use, the global extruded polystyrene market is divided into residential, commercial, and others. Among these, the residential segment is anticipated to hold the greatest share of the global extruded polystyrene market during the projected timeframe. The reason behind this is residential buildings are presently being built or enhanced with a strain on energy-efficient performance due to growing awareness of energy efficiency and the need to reduce carbon releases.
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Asia Pacific is expected to hold the largest share of the global extruded polystyrene market over the forecast period .
Asia Pacific is expected to hold the largest share of the global extruded polystyrene market over the forecast period. This can be due to the high development in the business of building and construction in recent years. In addition, continuous economic development in the regional market is also predicted to drive demand for polystyrene. Moreover, rising trends that are associated with urbanization and infrastructural goods are predicted to offer lucrative opportunities in the market. A perceptible growth in the food and beverages industry, expressly in China can show a positive trend in the coming years.
North America is predicted to grow at the fastest pace in the global extruded polystyrene market during the projected timeframe. North America grasps noteworthy progress in the extended polystyrenes market due to vital demand in the building and packaging industries. The region's eminence on energy-efficient construction, obsessed with stringent regulations, boosts extruded polystyrene applications. Additionally, the thriving e-commerce sector fuels the need for lightweight and protective packaging, further conducive to extruded polystyrene market dominance.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Extruded Polystyrene Market include BASF SE, Kaneka Corporation, Synthos S.A., TotalEnergies, SABIC, SUNPOR Kunststoff GmbH, Flint Hills Resources, PJSC SIBUR Holding, Nova Chemicals Corporation, Alpek S.A.B. de C.V., Saudi Basic Industries Corporation (SABIC), ACH Foam Technologies, StyroChem, BEWiSynbra Group AB, and others.
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Recent Developments
In January 2023, BASF announced the development of the polymer dispersions business in Merak, Indonesia. The new development aims to produce more styrene-butadiene dispersions to meet the increasing demand for new paper mills in Southeast Asia and Oceania.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Extruded Polystyrene Market based on the below-mentioned segments:
Global Extruded Polystyrene Market, By Application
Foundation Wall Roof Floor and Ceiling Others
Global Extruded Polystyrene Market, By End Use
Residential Commercial Others
Global Extruded Polystyrene Market, Regional
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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