Key Players
Market Research Future (MRFR) recognizes Kingspan
Group (Ireland), BASF SE (Germany), EMIRATES EXTRUDED POLYSTYRENE L.L.C. (UAE),
Owens Corning (US), JACKON Insulation GmbH (Germany), Ravago (Belgium), Abriso
nv (Belgium), URSA Insulation, S.A. (Spain), Austrotherm (Austria), and Soprema
Inc (France) as the Key Players operating in the global market.
Segment Analysis
The global Extruded Polystyrene (XPS) Market has been
segmented based on end use and region. Based on end use, the global market has
been divided into residential construction and commercial construction. The
residential constriction segment held the dominant share in the market in 2018
and is projected to register 4.60% CAGR during the assessment period. The
growth of the residential construction segment is driven by the high demand in
residential construction activities in the US and European countries. However,
the commercial construction segment is expected to witness higher CAGR
of 4.86% owing to rapid industrialization and high investments in
the development of special economic zones (SEZs).
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Market Highlights
The Global Extruded Polystyrene (XPS) Market is
estimated to be valued at USD 3,624.6 Million by 2023, registering
a CAGR of 4.71%.
The growth of the global Extruded Polystyrene (XPS) Market
is driven by the growing construction industry.
Extruded polystyrene is used as thermal insulation in
commercial and residential construction. It is commonly used in wall and roof
applications. The global Extruded Polystyrene (XPS) Market is expected to
witness healthy growth mainly driven by the growing constructing industry along
with the increasing focus on green buildings to reduce energy consumption,
thereby reducing carbon footprint.
Regional Analysis
The global Extruded
Polystyrene (XPS) Market, by region, has been segmented into North
America, Europe, the Middle East & Africa, Asia-Pacific, and Latin America.
According to MRFR analysis, Asia-Pacific is the largest
market for Extruded Polystyrene (XPS) Market and is projected to create
significant growth opportunity during the forecast period. China accounted
for 53.6% share of the Asia-Pacific Extruded Polystyrene (XPS)
Market in 2018. China and India are expected to provide a new
engine for the growth of the global market owing to increase in investments for
infrastructure development and residential construction activities in the
region. European market held second-largest market share in 2018,
however is expected to witness moderate growth during the forecast period. The
Middle East & Africa market is expected to be the fastest-growing market
for extruded polystyrene (XPS) due to increasing construction activities in the
region.
Key Findings of the Study:
- The Global
Extruded Polystyrene (XPS) Market is projected to reach
over USD 3,624.6 Million by 2023 at a 71% CAGR during
the review period of 2019 to 2023.
- Asia-Pacific
accounted for the dominant share of the global market. China, Japan, and
India are the major contributor to the growth of the market.
- The
residential construction segment is projected to dominate the global
market during the forecast period.
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