Hyderabad, April 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Europe Expanded Polystyrene (EPS) Market - (2023 – 2028),” the market is expected to register a CAGR of 2.5%. Europe, particularly Western Europe, has been one of the hardest hits by COVID-19. The European Union's stimulus packages are expected to hasten the recovery process, with demand for expanded polystyrene rising in tandem with the expanding construction industry. Increased demand from the packaging sector is expected to drive market growth in the medium term. During the forecast period, recycling in the expanded polystyrene industry is likely to present an opportunity.
Building and Construction are expected to dominate the market:
Because of its excellent mechanical properties, EPS is ideal for load-bearing roof insulation, sub-pavement flooring, road construction, load-bearing insulation, and other applications. Furthermore, EPS does not absorb moisture and is unaffected by dampness, humidity, or moisture.
- EPS is used in combination with other materials, such as steel, concrete, gypsum, and plasterboard.
- Flooring and ceilings account for the largest market share of EPS applications in the construction sector, followed by roofing systems.
- Moreover, EPS roofing insulation is used in roofing systems and provides cost-effective and consistent thermal performance.
- Increasing energy prices are driving the market for EPS-based roofing systems.
- The building and construction industry is the largest consumer of EPS.
- The consumption of EPS is increasing across the world due to growing applications.
- Moreover, the European construction industry is recovering.
According to the European Commission, in comparison to 2020, annual average construction production increased by 5.2% across the Euroregion and by 4.8% in the European Union in 2021. Furthermore, in December 2021, the UK monthly construction output increased by 2% compared to the previous month.
Germany is expected to be the market leader:
According to Eurostat, total construction production in Germany increased by 5.4% in Q1 2022 compared to Q1 2021 production and by 3.6% compared to the previous quarter in the same year, boosting the country's consumption of EPS from various construction applications.
In April 2022, the country’s production from the construction industry declined by 1.2% compared to the same month in the previous year and decreased by 2.1% compared to March 2022.
Furthermore, according to the Federal Statistical Office (Destatis), in March 2022, the construction of 34,794 dwellings was permitted in Germany, registering a decline rate of 8.9%, or 3,410 building permits, compared to March 2021.
There is an increasing demand for value and quality-enriched products, such as organic and fair-trade goods, as well as health and wellness products, indicating a favorable potential demand for packaging materials. EPS can be used in conjunction with food products.
Who are the key players in the Europe Expanded Polystyrene (EPS) Market?
The Europe Expanded Polystyrene Market is concentrated, with the top five players accounting for over 50% of the production capacity in Europe.
- BASF SE
- Ravago
- SUNPOR
- BEWiSynbra Group
- Synthons Group
- KANEKA Belgium NV
- SABIC
- SIBUR International GmbH
- StyroChem
- Sundolitt Ltd
- Unipol Holland BV
- Versalis SpA
Recent developments in the Europe Expanded Polystyrene (EPS) Market:
- In July 2021, BEWI ASA entered a letter of intent to acquire the Lithuanian insulation company BalPol. This acquisition may help BEWI to expand its geographic presence.
- In March 2022, BASF SE expanded its portfolio of graphitic expandable polystyrene (EPS) granulate by launching Neopor F 5 Mcycled, which contains 10% recycled material and is suitable for numerous applications in buildings, particularly facade insulation.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/europe-expanded-polystyrene-eps-market
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