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.
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.
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.
Global Key Players
·
NOVA
Chemicals Corporation
·
StyroChem®
·
Unipol
Holland B.V.
·
Versalis
S.p.A
·
BASF
SE
·
ACH
Foam Technologies, Inc
·
Kaneka
Corporation
·
SABIC
·
Alpek
S.A.B. de C.V
·
Synbra
Holding bv
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.
Intended
Audience
- Expanded
Polystyrene Market Manufacturers
- Traders and
Distributors of Expanded Polystyrene Market
- Production Process
Industries
- Potential
Investors
- Raw Material
Suppliers
- Nationalized
Laboratory
Browse key industry insights spread across 138 pages
with data tables and figures of the report “Expanded Polystyrene Market
Information- by Type (White, Grey, Black), by Application (Construction &
Buildings, Packaging, Automotive, and Others) – Global Forecast till 2023”
in detail along with the table of contents@ https://www.marketresearchfuture.com/reports/expanded-polystyrene-market-4834
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