Market Synopsis:
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 the global expanded
polystyrene market is prognosticated expand at a moderate CAGR over the projection
period 2017 to 2023.
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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.
Competitive Dashboard:
·
BASF SE
·
SABIC
·
StyroChem®
·
ACH Foam
Technologies, Inc
·
Alpek S.A.B.
de C.V
·
Kaneka
Corporation
·
Synbra
Holding bv
·
Unipol
Holland B.V.
·
NOVA
Chemicals Corporation
·
Versalis
S.p.A
Market Segmentation:
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.
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 cover 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.
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