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 Globally and regionally the expanded polystyrene market is expected to occupy 7992.3 kilotons and extend to about 10,066.3 billion and projects at a CAGR of 5.50% during the forecast period of 2020 to 2030.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.
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 packaging 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.
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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 covers 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.
Competitive Dashboard:
BASF SE (Germany), SABIC (Saudi Arabia), and StyroChem® (Canada) are some of the key players operating in the global expanded polystyrene market. Other noted players profiled in this MRFR report for a detailed share analysis are ACH Foam Technologies, Inc (U.S.), Alpek S.A.B. de C.V (Mexico), Kaneka Corporation (Japan), Synbra Holding bv (the Netherlands), Unipol Holland B.V. (the Netherlands), and NOVA Chemicals Corporation (Canada), Versalis S.p.A (Italy).
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