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.

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 industry, 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.

Global Expanded Polystyrene (EPS) Market   – Segments

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.

Global Expanded Polystyrene Market   – Regional Analysis

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.

Expanded Polystyrene Market   – Competitive Analysis

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.

Major Players:

Players leading the EPS market include ACH Foam Technologies, Inc (US), BASF SE (Germany), Kaneka Corporation (Japan), Alpek S.A.B. de CV (Mexico), SABIC (Saudi Arabia), Synbra Holding B V (the Netherlands), StyroChem® (Canada), NOVA Chemicals Corporation (Canada), Versalis S.p.A(Italy), and Unipol Holland BV (the Netherlands), among others.

Industry/Innovation/ Related News: 

May 22, 2020 — Agilyx Corporation (the US), a leading player in the chemical recycling of post-use plastics, announcedits 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.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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