Expanded Polystyrene Market 2030 Growing Worldwide By Best Key players- Atlas Roofing Corp.; Alpek S.A.B. de C.V., BASF SE; Kaneka Corp.; SIBUR Holding PJSC; BEWI; SUNPOR; Synthos; TotalEnergies; Flint Hills Resources; NOVA Chemicals Corporate; StyroChem; Ravago Manufacturing; UNIPOL; Versalis S.p.A.; SABIC; Sundolitt Ltd.

 

The global expanded polystyrene market size is expected to reach USD 19.68 billion by 2030, according to a new report by Grand View Research, Inc. The industry is expected to expand at a CAGR of 8.59% from 2023 to 2030. Due to the rising application potential of the expanded polystyrene market (EPS) across a range of sectors, it is projected that the market for EPP will witness immense growth. Expanded polystyrene demand is anticipated to increase as reusable, chemically stable, lightweight materials are used more frequently in furniture, packaging, and automotive parts.Properties, such as excellent shock absorption, impact resistance, and low weight, have led to an increase in the usage of EPS in the automotive industry.

The use of EPS in several automotive applications, such as foot pads, headrests & seats, storage compartments, and bumper systems, is expected to positively impact its demand in the automotive industry. Moreover, the increasing use of EPS in applications, such as chairs, sports helmets, surfboards, and seedling trays, is further expected to boost market growth over the forecast period. Protective packaging solutions for industrial, household, and automotive components & equipment have witnessed rapid growth over the past few years owing to the increased manufacturing and transportation activities in major countries.

Heavy and lightweight goods require protective packaging during transportation to avoid damage and breakages, which is expected to augment the demand for effective and better impact-resistant packaging materials. The rapid industrialization and urbanization, especially in emerging economies, such as China and India, coupled with rising infrastructure development activities in the Middle East are expected to drive the construction industry, in turn, creating demand for EPS. In addition, increasing infrastructure spending and a rising number of government initiatives, such as smart cities, FDI in the construction development sector, and others are propelling the growth of the global industry.

Owing to the increasing influence of social factors, such as improving occupant health & well-being, encouraging sustainable business practices, and creating a sense of community. Properties of expanded polystyrene (EPS), such as moisture resistance, thermal insulation, and excellent shock absorption, are propelling its demand in packaging applications. Significant gains in the food service industry, on account of an increasing number of food retail chains coupled with the rising demand for packaged food, are expected to boost the consumption of EPS.

The U.S. dominated the North America region and is expected to be one of the fastest-growing markets in the region in 2023. The rising product demand from the construction and packaging sectors in the U.S. is expected to drive the market over the forecast period. The U.S. packaging industry has been experiencing positive demand across various end-user sectors, such as consumer goods, retail, food, and pharmaceuticals, in the country. The rising demand is attributed to the high levels of urbanization and increasing penetration of e-commerce, and the packaged and processed food market in the country. The COVID-19 pandemic further catalyzed the demand for online shopping and packaged & processed food owing to restrictions on the movement and social distancing measures imposed by the governments.

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This, in turn, is expected to boost the EPS demand in the country. Due to favorable market fundamentals for commercial real estate, a robust economy, and rising state & federal financing for institutional buildings & public works, the construction industry in the U.S. is growing rapidly. In addition, ongoing and upcoming initiatives like the construction of a new health center and services for the homeless, the modernization of SFUSD facilities, the creation of affordable housing, the California High-Speed Rail Authority’s (CAHSRA) high-speed rail contract, the SoFi Stadium project in Inglewood, and the redevelopment of Treasure Island, are expected to boost the EPS demand over the forecast period.

Expanded Polystyrene Market Report Highlights

• In terms of revenue, the white EPS product segment accounted for the largest share in 2022 and is further expected to witness prominent growth over the forecast period
• The construction application dominated the industry in 2022, in terms of revenue share. EPS is suitable for construction applications for their physical properties including excellent thermal insulation, lightness, chemical inertness, and bacterial & pest resistance, among others
• Asia Pacific accounted for the largest revenue share in 2022. The ascending product demand from key applications including automotive, packaging, and construction, in emerging economies, such as China and India, has propelled the region’s growth
• Major players are continuously working on developing their manufacturing plants owing to the increased usage of EPS in the consumer goods industry. For instance, in July 2022, Ravago Manufacturing, a Belgian plastic company acquired two U.K. recyclers, Venture Polymers, and Aurora Manufacturing
• Reprocessed PP and HDPE are produced by Lancashire-based Venture and Cheshire-based Venture, with a combined capacity of 20,000 tonnes

Based on applications, the global industry has been further segmented into construction, packaging, automotive, and others. The construction application segment dominated the industry in 2022 and accounted for more than 44.0% of the total revenue share. The demand for expanded polystyrene in construction applications is expected to witness significant growth over the forecast period owing to the various characteristics of EPS, including great thermal insulation, low weight, chemical inertness, and resistance to bacteria and pests, among others. Expanded polystyrene is widely used in packaging applications.

Expanded polystyrene is ideally suited for the storage and transportation of commodities like electronics, consumer goods, wines, medical supplies, and chemicals due to its superior shock-absorbing qualities. The automotive application segment is anticipated to witness considerable growth over the forecast period on account of increasing demand for EPS in automobile parts, such as foot pads, headrests & seats, storage compartments, and bumper systems. The product is used in the automotive application on account of its properties, such as lightness, impact resistance, and shock absorption.

List of Key Players in the Expanded Polystyrene Market

• Atlas Roofing Corp.
• Alpek S.A.B. de C.V.
• BASF SE
• Kaneka Corp.
• SIBUR Holding PJSC
• BEWI, SUNPOR
• Synthos
• TotalEnergies
• Flint Hills Resources
• NOVA Chemicals Corporate
• StyroChem
• Ravago Manufacturing
• UNIPOL
• Versalis S.p.A.
• SABIC
• Sundolitt Ltd.