Vancouver, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global Expanded Polystyrene (EPS) market size was USD 11.03 billion in 2022 and is expected to register a rapid revenue CAGR of 9.1% during the forecast period.
The global Expanded Polystyrene (EPS) market is experiencing a surge in demand, driven by its lightweight, affordable pricing, and excellent insulating capabilities. EPS foam, widely used in packaging for electronics, appliances, and food & beverages, protects against transit damage with its shock-absorbing properties. Moreover, the building and construction sector is witnessing increased demand for EPS due to its superior insulation, durability, and cost-effectiveness. Notable product launches, such as BASF SE's Neopor Plus GPS and Sto Corp.'s Sto GPS Board, highlight the industry's commitment to innovation and energy efficiency.
Automotive Industry Boosts EPS Utilization
The automotive industry plays a pivotal role in the EPS market, utilizing EPS foam for components like seat cushions, headrests, and door panels due to its lightweight nature and stress-absorbing qualities. The growing preference for lightweight and fuel-efficient automobiles further contributes to the market's revenue growth.
Environmental Concerns Pose Challenges
While EPS enjoys increasing demand, concerns about its non-biodegradable nature and potential environmental impact are surfacing. Tightened regulations on usage and disposal, coupled with the need for alternative materials, pose challenges to market growth. Intensifying competition among firms may lead to price wars and lower profit margins, making investments in new technologies more challenging for EPS producers.
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Product Insights: White EPS Dominates Market
The white EPS segment claimed the largest revenue share in 2022, driven by its superior cushioning properties, making it ideal for packaging delicate items and as an insulation material in construction. The grey EPS segment is expected to witness moderate growth due to its exceptional insulating qualities and resistance to water, aligning with the demand for sustainable construction methods.
Application Insights: Packaging and Construction Lead
The packaging segment is expected to hold a significant revenue share, fueled by the lightweight, stress-absorbing, and durable nature of EPS foam, making it a preferred choice for delicate items and food packaging. The building and construction segment is poised for the fastest growth, driven by the insulation capabilities of EPS, contributing to energy efficiency and environmentally friendly construction.
Regional Insights: Asia Pacific Takes the Lead
The Asia Pacific region dominated the EPS market in 2022, driven by demand from the construction industry and increasing consumer awareness of sustainable packaging materials. Notable investments in EPS production facilities, such as Steelbird Hi-Tech India's initiative in Himachal Pradesh, underscore the region's commitment to meeting rising demand. North America is expected to witness rapid growth, fueled by increasing exports of packaged food products and technological advancements in EPS manufacturing. Europe, with a considerable share in the global market, is driven by the need for environmentally friendly packaging in the Food & Beverage industry and the expansion of the construction sector.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 11.03 Billion |
| CAGR (2023–2032) | 9.1% |
| Revenue Forecast To 2032 | USD 26.23 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | BASF SE, The Dow Chemical Company, Total S.A., SABIC, Ineos Styrolution, Owens Corning, Kaneka Corporation, Borealis AG, StyroChem International Inc., Sunpor Kunststoff GmbH, Ravago Manufacturing, Versalis S.p.A., UNIPOL, NOVA Chemicals Corporate, and Flint Hills Resources |
| Customization Scope | 10 hours of free customization and expert consultation |
MAJOR COMPANIES and Market Share Analysis
The global Expanded Polystyrene (EPS) market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective EPS products in the market. Some of the major companies included in the global EPS report are:
- BASF SE
- The Dow Chemical Company
- Total S.A.
- SABIC
- Ineos Styrolution
- Owens Corning
- Kaneka Corporation
- Borealis AG
- StyroChem International Inc.
- Sunpor Kunststoff GmbH
- Ravago Manufacturing
- Versalis S.p.A.
- UNIPOL
- NOVA Chemicals Corporate
- Flint Hills Resources
Strategic Development
- On 11 September 2023, Ineos Styrolution launched a new line of EPS insulation boards called Styroboard XPS. These insulation boards feature an innovative extrusion process that provides excellent thermal insulation and compressive strength. These are designed for use in a wide range of applications such as roofing, flooring, and walls.
- On 18 July 2023, AkzoNobel, a Dutch company, entered into a contract to divest its Extruded Polystyrene (XPS) insulation material manufacturing operations in Romania to Hirsch Porozell, the local branch of Austrian conglomerate Hirsch Servo. Hirsch is a prominent player in the realm of premium EPS (EPS) insulation materials, operating over 30 production facilities, primarily situated in Central and Eastern Europe.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global EPS on the basis of product, application, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Black EPS
- White EPS
- Grey EPS
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Building & Construction
- Packaging
- Automotive
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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