Market Dynamics
The
global expanded
polystyrene market is set to demonstrate a striking growth
during the forecast period (2017-2023), forecasts Market Research Future
(MRFR). Expanded polystyrene (EPS) is a plastic material derived from crude oil
which used in multiple applications, including thermal insulation in buildings,
civil engineering applications and decorative moldings and panels. It is also
used as protective packaging for consumer items, and packaging for food and
pharmaceuticals, along with a wide variety of other industrial and consumer
applications. The fact that EPS has negligible effect on the environment works
in favor of the market. Another characteristic that makes it ideal for use in
many industries is its durability and no reaction to moisture and other
external factors. Hence, rapid industrialization all across the globe along
with improving economy of developing regions has shaped the market size
immensely.
However,
the fact that the strength of the EPS is weak and breaks easily could
potentially work against the market growth in the coming years. On the other
hand, the increasing research & development activities and collaborations
along with product development by established market players augment the market
size and will continue to do so well into the forecast period. For instance,
Borough officials have recently partnered with NOVA Chemicals and Beaver County
Waste Management Department to invent new recycling options for expanded polystyrene
in the borough.
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Market Segmentation
The
global expanded polystyrene market is segmented on the basis of type and
application.
By
type, the market is segmented on the basis of white, grey and black expanded
polystyrenes. Among these, the white expanded polystyrene segment claims the
majority of the market share owing to the appealing features of the product
such as water-resistance and reliable nature. On the other hand, the grey
expanded polystyrene segment is estimated to experience a mediocre growth
during the forecast period on account of its high cost of production when
compared to other segments.
By
application, the market is segmented on the basis of construction &
buildings, packaging, automotive, and others. Among these, the packaging
segment claims a substantial share of the market due to increasing popularity
of applications such as egg trays, fast foods, vegetables, fish, and poultry.
Moreover, the automotive segment is anticipated to grow at a higher rate in the
market owing to growing consumption of product in manufacturing high standard
and efficient vehicles.
Regional Analysis
The
report analyzes the global market in major geographic regions namely Asia
Pacific, Europe, North America, Latin America, and the Middle East &
Africa.
Among
these, the Asia Pacific market accounts for a major share of the market due to
the growing consumption of lightweight materials in construction &
buildings, packaging, automotive, and others. In the region, the packaging
industry is flourishing in the region due to growing replacement of cardboard
products in the industry. Thus, the demand for expanded polystyrene is
predicted to witness rapid growth in the market during the forecast period.
Also, presence of countries such as China, Japan, and India triggers the market
growth as well.
The
North America region is also growing significantly owing to increased
consumption of polystyrene in packaging, construction & buildings, and
others. Rising disposable income and increasing investments in the end-use
industries are most likely to drive the market during the forecast period.
Furthermore, the growing consumption of polystyrene product in construction
& buildings has further established the expanded polystyrene market in
countries such as the United States (U.S), Canada and Mexico in the region.
The
Europe market has also observed a tremendous growth owing to implementation of
new rules and regulations proposed by the government to follow lightweight and
biocompatible products in the industry. The market is flourishing in the region
on account of this application in the packaging and construction &
buildings sectors. MRFR also estimates that the increasing innovation and
technological advancement are estimated to propel the growth in the countries
such as the U.K, Italy, Germany, and France during the forecast period.
The
Latin American region is projected to witness a considerable expansion in the
market due to the accelerating consumption of low density, humid resistant
materials and growing awareness of eco- friendly products in the industry.
Furthermore, the Middle East & Africa is expected to witness higher growth
in the market on account of increasing demand for expanded polystyrene in
construction & buildings, packaging, and automotive sectors.
Key Players
The
key players striving to make a market in the global polystyrene market are NOVA
Chemicals Corporation (Canada), StyroChem® (Canada), Unipol Holland B.V. (the
Netherlands), Versalis S.p.A (Italy), BASF SE (Germany), ACH Foam Technologies,
Inc (U.S.), Kaneka Corporation (Japan), SABIC (Saudi Arabia), Alpek S.A.B. de
C.V (Mexico), and Synbra Holding bv (the Netherlands).
Industry News
BASF
is set to increase its global production capacity for Neopor which is an
expandable polystyrene that contains graphite, by a total of 40,000 metric tons
per year. Also, at the Ulsan site in Korea, BASF will switch the plant´s entire
85,000 metric tons capacity from the white expandable polystyrene Styropor to
the improved insulation raw material Neopor which is a gray EPS. This move will
warrant that the company meets with the growing demand for the gray material in
the Asian market.
Intended Audience
- Expanded Polystyrene Market Manufacturers
- Traders and Distributors of Expanded
Polystyrene Market
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
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