Expanded Polystyrene Market Size, Growth And Forecast To 2030

(MENAFN- Straits Research) Introduction

Expanded Polystyrene (EPS) is a rigid, closed-cell, thermoplastic foam material made from solid beads of polystyrene polymerized from styrene monomer and containing an expansion gas (pentane) dissolved within the polystyrene bead. Each solid polystyrene bead contains minute quantities of gas, and when heat (in the form of steam) is introduced, the gas expands to form closed EPS cells. Massive EPS blocks can be molded into precise custom shapes using a second heat treatment and a mold, as the expanded cells occupy around 40 times the volume of the initial polystyrene bead. The closed-cell structure of expanded polystyrene (EPS) has various advantages for insulation.

Market Dynamics Growth in Demand in the Building and Construction and Packaging Industry Drives the Global Market

EPS is used in numerous types of construction, including massive constructions such as roads, bridges, railroad lines, and even modest single-family houses. EPS is ideal for use as insulation, lightweight filler, and as a decorative or imaginative touch due to its properties. Due to the optimal mix of mechanical and physical qualities, it is suitable for construction industry use. EPS provides developers and builders with superior thermal performance, compressive strength, durability, and sustainability credentials. Several applications of EPS in the building and construction sector serve as driving factors. EPS is also the ideal packaging material. EPS is a lightweight, nonabrasive, water-resistant, and cushioning material that is also nonabrasive. In addition, chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs) are free of contaminants and expanded polystyrene (EPS) has the compressive strength and thermal qualities to safeguard delicate components and breakables.

Injection-molded polystyrene is used to manufacture parts for various applications due to its rapid production, design flexibility, material versatility, and high production volume. With the development of injection molding technology, it is anticipated that the manufacturing process for polystyrene will become more efficient. It also makes the process laborious. Moreover, combining computer-aided engineering (CAE) and automation in the injection molding process increases manufacturing precision and efficiency. Due to their long service life and great degree of adaptability, robots are utilized extensively in injection molding industries. They are designed to execute many tasks, including finishing and assembling injection-molded parts and feeding components into the injection molding process. As automation becomes increasingly prevalent, the production of expanded polystyrene is anticipated to increase dramatically, creating growth prospects for the market.

Regional Analysis

Asia-Pacific is the most significant global expanded polystyrene market shareholder and is anticipated to exhibit a CAGR of 5.4% during the forecast period. EPS interest in the Asia-Pacific is expected to increase in the coming years because of the numerous ongoing and upcoming building structures and construction projects. Wuxi Xingda, Synthos, BASF, The Ravago Group, and Alpek are among the market's top participants. The market is projected to grow due to rising EPS interest in cold chain packaging in the pharmaceutical industry to improve product safety and preserve the freshness of packaged food during transport. In the Asia-Pacific region, the demand for EPS insulation is expanding due to increased home ownership, construction, and renovation. In addition, the Chinese government has implemented policies boosting the energy efficiency of buildings. The industry is also propelled by population and economic expansion, an increase in building square footage, and rising service expectations. In addition, growing industrialization and better living standards in this region's developing countries are anticipated to create significant growth prospects for existing and new market participants.

Europe is estimated to exhibit a CAGR of 5.1% over the forecast period. The European expanded polystyrene market is one of the world's most developed. The expansion of the expanded polystyrene market is fueled by the high demand for insulation materials in the renovation and remodeling of existing buildings. Polystyrene foams are an inexpensive, long-lasting, and risk-free method for lowering carbon emissions, contributing to global warming. Although the market for expanded polystyrene in Europe has matured, the demand for energy conservation will continue to fuel the market growth during the projection period. By evaluating EPS, European producers of expanded polystyrene have enhanced competitiveness in the EPS market. In addition, the proliferation of flame retardants, graphite, and other additives has led to the evolution of modified EPS. Expanding graphite's refractive and reflective characteristics has enabled grey EPS to provide more effective thermal insulation. It has exceptional mechanical qualities, strong water resistance, and higher fire resistance. Hence, it safeguards outside walls, roof frameworks, floors, thermo-acoustic protection, and lightweight structure squares. This is expected to drive market growth over the forecast period.

Key Highlights

• The global expanded polystyrene market was valued at USD 18.5 billion in 2022. It is estimated to reach USD 28.4 billion by 2031, growing at a CAGR of 4.9% during the forecast period (2023–2031).
• Based on type, the global expanded polystyrene market is bifurcated into white, grey, and black.
  The white segment is the highest contributor to the market and is projected to exhibit a CAGR of 4.6% over the forecast period.
• Based on the end-user industry, the global expanded polystyrene market is segmented into packaging, building and construction, domestic appliances, consumer electronics, medical, and others.
  The packaging segment owns the highest market share and is estimated to exhibit a CAGR of 5.2% during the forecast period.
• Asia-Pacific is the most significant global expanded polystyrene market shareholder and is anticipated to exhibit a CAGR of 5.4% during the forecast period.