Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The market dynamics of the expanded polystyrene (EPS) industry are influenced by various factors that drive supply, demand, and pricing. EPS, a lightweight plastic foam material, is widely used in packaging, insulation, and construction due to its excellent thermal insulation properties and versatility. One key factor affecting the market is the growth of end-use industries such as construction, electronics, and packaging. As urbanization and industrialization continue to expand globally, there is a growing demand for EPS in construction applications like insulation boards, concrete formwork, and lightweight fill materials. Similarly, the increasing popularity of online shopping and the need for protective packaging solutions have boosted the demand for EPS in the packaging sector.
The automotive industry is attracting manufacturers to donate a certain sum in this market. The growth in demand of emerging countries has given a great opportunity to the key players to cope up with the growth of markets. Recycling these products provides opportunities for expanding the growth of the business.
Another important driver of market dynamics is regulatory policies and environmental concerns. With growing awareness about environmental issues, there is a shift towards sustainable and eco-friendly materials in various industries. This has led to increased scrutiny of EPS due to its non-biodegradable nature and concerns about its impact on the environment, particularly marine ecosystems. As a result, there is a growing demand for alternative materials and recycling initiatives to minimize the environmental footprint of EPS products. Regulatory measures such as bans on single-use plastics and restrictions on EPS packaging in certain regions also affect market dynamics by influencing consumption patterns and driving innovation towards more sustainable solutions.
Supply dynamics also play a crucial role in shaping the EPS market. The production of EPS involves the expansion of polystyrene beads using steam, which requires significant energy inputs. Factors such as energy costs, raw material availability, and technological advancements in manufacturing processes influence the supply side of the market. Additionally, the EPS industry is characterized by consolidation, with a few major players dominating the market globally. Mergers and acquisitions, capacity expansions, and strategic alliances among key players impact supply chain dynamics, market competition, and pricing strategies.
Price volatility is another factor that affects market dynamics in the EPS industry. The price of EPS is influenced by factors such as raw material costs, energy prices, supply-demand dynamics, and currency fluctuations. Volatility in crude oil prices, which is a key raw material for polystyrene production, can have a significant impact on EPS prices. Additionally, changes in demand patterns, seasonal fluctuations, and macroeconomic factors such as economic growth and inflation can contribute to price variability in the market.
In response to these market dynamics, stakeholders in the EPS industry are adopting various strategies to remain competitive and address sustainability concerns. This includes investing in research and development to innovate new products with improved performance and environmental credentials. Companies are also focusing on expanding their recycling capabilities and developing closed-loop systems to minimize waste and promote circularity in the EPS value chain. Furthermore, collaborations between industry players, government agencies, and non-profit organizations are driving initiatives to promote sustainable practices and advance the development of bio-based and biodegradable alternatives to EPS.
Expanded Polystyrene Market Highlights:
Expanded Polystyrene Market Overview
Expanded Polystyrene Market Size was valued at USD 11.05 billion in 2023. The Expanded Polystyrene industry is projected to grow from USD 12.01 Billion in 2024 to USD 23.22 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.60% during the forecast period (2024 - 2032). Moreover, it has also been noticed that more than 65% of companies in the construction sector were being affected by the inactivities so carried out. Expanded Polystyrene formed by the polymerization process. This is a thermoplastic product composed of styrene beads. It is lightweight, has high durability and is resistant to moisture, extremely versatile. They are used for construction, building, automotive, and packaging.
In 2024, BEWI, a supplier of packaging components and insulation solutions, will introduce new expanded polystyrene (EPS) raw material grades and EPS fish boxes with lower environmental footprints. These inventions using recycled feedstock promise to minimize COâ‚‚ emissions by up to 60%. The new fish boxes are part of BEWI's GreenLine product line, which includes goods made with recycled materials and have a lower carbon footprint.
As part of the Environment Agency - Abu Dhabi's (EAD) Single-Use Plastic Policy, which was established in 2020, a ban on a number of Styrofoam goods in the emirate will take effect on June 1, 2024. Styrofoam is a form of plastic called expanded polystyrene, and it has a variety of applications. Abu Dhabi's ban specifically targets unnecessary, single-use consumer products. The banned products include cups, lids, plates, and drinking containers made of expanded polystyrene (including caps and lids).
COVID 19 ANALYSIS
The outbreak of the pandemic had a great impact on the industry. A change in consumer behavior and a transformation in the current market trends were marked. Due to the imposition of lockdown, many production units stopped manufacturing EPS products. The decline in the growth of the construction and automotive industry was observed, which made a huge impact on the overall market sector. The industry faced an economic disruption.
The government of many states imposed certain restrictions for the safety of nationwide people. He made strict rules and regulations for wearing masks and using sanitizers regularly.
MARKET DYNAMICS
Drivers
Products made from expanded polystyrene are convenient to use, cost-effective, and versatile. Its recyclable nature and biocompatible nature are the reasons lying behind the usage of polystyrene expanded polystyrene industries. The expansion of business in the construction industry helps in driving the growth of the industry. A special hike in energy prices is forcing the users to rise their thermal efficiency for minimizing their energy consumption thus acting as a growth drives for the market.
Opportunities
The automotive industry is attracting manufacturers to donate a certain sum in this market. The growth in demand of emerging countries has given a great opportunity to the key players to cope up with the growth of markets. Recycling these products provides opportunities for expanding the growth of the business.
Challenges
Variation in the costs of raw materials harms the manufacturing process of the market thus creating a huge challenge on the industry. Reduction in the availability of substituted solutions and materials also becomes a challenging factor.
Cumulative Growth
The growth of the expanded polystyrene market at first took place in the food industry where packing of food by bugger boxes and coffee cups were made. Highly using up of grey expanded polystyrene in construction purposes due to its insulating thermal property drives up the market. Its low water absorption capability, sound resistance capability, and mechanical resistance increase the growth of the market.
Restraints
Stringent factors and laws imposed by the government may decrease the expanded polystyrene market size.
MARKET SEGMENTATION
By type
Globally the expanded polystyrene market has been segmented into type and application. Based on type, the market is further divided into white, grey, and black expanded polystyrenes. Among all the white polystyrene markets cover a large expanded polystyrene market share. The white segment is used for various other applications like egg trays and fast foods. The grey segment covers a little large expanded polystyrene market share and shows moderate growth. Based on application, the expanded polystyrene market is divided into construction, buildings, packaging, automotive, and many more. The packaging segment occupies a large area and is famous for fish, poultry, and vegetables. The automotive segment occupies a high CAGR by replacing heavy metals with light-weight metals. The construction and building division grows at a high rate due to the usage of polystyrene in the roofs, walls, and flooring structures.
By technology
The advancement of technology had lessened its impact on the environment. The products of expanded polystyrene are made up of chlorofluorocarbons which makes the packaging non-toxic and inert. Technology has made it resistant to photolysis. Roplsturene products are not recyclable and can be reused both in the closed and open loo. Technology makes the use of recyclable products for the production of new modernized and durable polystyrene products. The adoption of Technology had led to the development of integrated chain regulated systems besides developing the recycling technology.
REGIONAL ANALYSIS
The expanded Polystyrene Industry is in high demand in five regions Asia-Pacific, North America, European region, Latin American region, Middle East, and African region. Asia Pacific region contributes much more for expansion of expanded polystyrene market size due to high growth in usage of this light-weight expanded polystyrene materials. In this region, this material is used for construction, automotive, building purposes, and many others. Here, the packaging segment is in high demand due to the growth in the substitution of cardboard products in the expanded polystyrene industry. This segment covers a large area of the expanded polystyrene market during the forecast period. Some regions of China, India, and Japan are the dominant competitors of the expanded polystyrene market.
COMPETITIVE ANALYSIS
Some of the competitors operating in the expanded polystyrene market are
- BASF SE of Germany
- ACH Foam Technologies Inc of the United States
- Kaneka Corporation of Japan
- SABIC of Saudi Arabia
- Alpek S.A.B de C.v of Mexico
- Synbra Holding of the Netherlands
- NOVA Chemicals Corporation of Cannada
- StyroChem of Cannada
- Unipol Holand B.V of the Netherlands
- Versalis S.P of Italy
and many more. Investing of funds, merging and acquisitions are the major strategies operating in the industrial sector.
RECENT DEVELOPMENTS
- March 2021 : Around 18 European brands operating in the expanded polystyrene market covering packaging, manufacturing, recycling and raw materials, have come up with an initiative called Smart Packaging Europe. This initiative highlights the economic, social, and environmental advantages of expanded polystyrene (EPS) packaging. This initiative has come up right as the European policymakers are trying to incentivize circular packaging and resource-efficient while preventing the negative effects on the environment. Smart Packaging Europe strives to show that EPS plays a vital role in the packaging market’s future and can be an ideal environment-friendly packaging solution for numerous applications.
- August 2021 : Dixons Carphone, UK-based technology developer, has launched a new scheme that lets consumers at Currys PC World stores recycle expanded polystyrene packaging. The EPS recycling initiative indicates the company’s aim to create 100% of its own proprietary plastic packaging recyclable technology, with reducing the environmental impact being the bigger picture.
- May 22, 2020 -Agilyx Corporation (the US), a leading player in the chemical recycling of post-use plastics, announced its 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.
- In the year of January 2018, BEWiSynbra merged with Ruukin EPS and manufactured insulation materials. Due to this partnership, the company was highlighted to cover better areas of covering the region geographically and regionally, in Finland, and offers a wide variety of polystyrene insulation materials and good quality packaging solutions as it is being carried out in the rest of Nordics.
- In October 2016, the most renounceable company named Atlas Roofing rebuilt its expanded polystyrene facility in the regions of Perryville, Missouri which was being damaged by a fire.
- In January 2016, BEWiSyndra again launched green EPS which was manufactured from the recycled material of EPS.
- Synthia along with HBCD in May 2015, developed an EPS named Synthia EPS and thus offered packaging applications which was an improvement to other EPS components offered by Synthia.
REPORT OVERVIEW
The report gives market analysis about the geographical region spread out throughout the market. The EPS market summarises the proper segmentation of the markets. The report covers in-depth analysis about the expanded polystyrene market size and gives information about the forecast of its expansion majorly in the emerging countries.
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
