Global Expanded Polystyrene Market - Overview

Expanded polystyrene is manufactured using polystyrene beads and is likely to witness rising applications in the foreseeable future. The report offered by Market Research Future (MRFR) unfolds that Globally and regionally the expanded polystyrene market is expected to occupy 7992.3 kilotons and extend to about 10,066.3 billion and projects at a CAGR of 5.50% during the forecast period of 2020 to 2030.

The growing adoption of lightweight auto components is one of the crucial factors expected to boost the growth of the expanded polystyrene market in the years to come. In addition, the regulations implemented by the governments for promoting the adoption are poised to favor the development of the market over the forecast period. The increasing demand from the construction industry is also anticipated to catalyze the expansion of the expanded polystyrene market through the assessment period.

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Global Expanded Polystyrene Market – Prominent Players
BASF SE of Germany, ACH Foam Technologies Inc of the United States, Kaneka Corporation of Japan, SABIC of Saudi Arabia, Alpek S.A.B de C.v of Mexico, Synbra Holding of the Netherlands, NOVA Chemicals Corporation of Cannada, StyroChem of Cannada, Unipol Holand B.V of the Netherlands and Versalis S.P of Italy and many more. Investing of funds, merging and acquisitions are the major strategies operating in the industrial sector are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Expanded Polystyrene Market.

Market Dynamics -

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.

Other factors fostering the growth of the market include towering demand from end-user industries, growth within the global Expanded Polystyrene Industry.

In contrast, problems associated with cost, unfamiliar processing, design issues, and competition from alternatives are likely to undermine the growth of the market. Meanwhile, rigorous R&D activities aimed at overcoming the shortcomings of Expanded Polystyrene is expected to yield positive results which would further enhance the growth of the global Expanded Polystyrene Market.

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Expanded Polystyrene Market   - Segments:

This MRFR report covers an exhaustive segmental analysis of the expanded polystyrene market based on type and application. On the basis of type, the market is segmented into white, grey, and black. The white segment holds the maximum market share owing to the rising demand across the packaging industry. It offers key benefits such as versatility, cost-effectiveness, and convenience. It is expected to catapult the segment on upward trajectory in the foreseeable future. The grey segment is anticipated to expand at a moderate pace. The cost of production of grey expanded polystyrene is comparatively higher, which is anticipated to check the expansion of the segment across the projection period.

Based on application, the global expanded polystyrene market has been segmented into packaging, construction & buildings, automotive, and others. The packaging segment is likely to retain its control over the maximum share of the market in the foreseeable future. The increasing demand for the product for packing food & beverages is projected to lead the expansion of the segment in the years to come. The automotive segment is likely to register a higher CAGR over the assessment period. The adoption of lightweight components is prognosticated to drive the segment’s growth over the next couple of years.

  
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Expanded Polystyrene Market   - Regional Analysis:       

A detailed geographical evaluation of the global expanded polystyrene market has been covered in this MRFR report. The regional segments of the market covers Asia Pacific, Europe, Latin America, and the Middle East & Africa (MEA), and North America. Asia Pacific is the largest regional segment of the market and is expected to grow significantly over the next couple of years. The increasing shift towards lightweight components in the automotive sector is expected to drive the expansion of the regional market in the foreseeable future. In addition, the growth of the packaging industry in the region is also projected to favor the growth rate of the expanded polystyrene market. China, Japan, and India are anticipated to contribute substantially to the development of the regional segment in the forthcoming years.

North America is a crucial region and is likely to benefit from the burgeoning packaging industry. The U.S., Canada, and Mexico are expected to lead the growth of the regional market across the forecast period. The increasing consumption of polystyrene is expected to revolutionize the trajectory of growth in the forthcoming years. Expanded polystyrene market in Europe, on the other hand, is projected to capitalize on the implementation of new regulations promoting the adoption of lightweight materials.

Industry/Innovation/ Related News: 

May 22, 2020 --- Agilyx Corporation (the US), a leading player in the chemical recycling of post-use plastics, announced its collaboration with Oregon Metro (Metro - the US), a regional government group, to pilot a polystyrene foam collection program. Agilyx is engaged in converting waste plastic into synthetic crude oil. It uses the chemical recycling process to convert post-use plastics back into polymers, chemicals, and low carbon fuels.

Through this program, The Polystyrene foam (EPS) will be collected at the Metro South Transfer Station and recycled back to new material using Agilyx's technology. Agilyx will pre-process the collected EPS and ship it to Regenyx, a joint venture between Agilyx and Americas Styrenics, an advanced recycling facility. The Metro South Transfer Station will begin accepting clean Expanded Polystyrene foam (EPS) packaging in their recycling area.

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