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Summary

Expanded Polystyrene (EPS) Market by Product (White Expanded Polystyrene,


Grey Expanded Polystyrene, Black Expanded Polystyrene, Others), for Application
(Packaging, Building & Construction, Others), and Region - Global Trends and
Forecast Analysis, 2018-2025

Expanded Polystyrene is a rigid material made from the expanded polystyrene beads.
Polystyrene translated is “polymerized styrene”. That is, the single styrene molecules are
chemically joined together to form a large molecule which is called the polymer. EPS is a
low-density polymer arranged in individual cells and it is lightweight, rigid, plastic foam
insulating material produced from solid beads of polystyrene. EPS beads undergo
various processes and are moulded into larger EPS blocks which are used in the
applications of walls, roofs, floors, crawl spaces and architectural shapes. EPS’s
constantly used in the form of foam and the foam from EPS is generally called styrofoam.

Market Insights and Dynamics

The global market for EPS is projected to reach USD 20.1 billion by 2023 at a CAGR of
around 5.3% during the forecasted period and currently the market size in 2018 was
USD 15.5 billion. The primary reason for the growth of the market by growing
construction and packaging industries in the developing nations. Additionally with
various superior properties such as lightweight, moisture retention, sound resistance,
and durability, etc it offers when compared to its competitors and furthers its increasing
use in various end user based industries such as, construction, packaging, industrial,
and others. Further with properties of shock resistance, and ability to keep the product
fresh for longer periods of time, as allowed it to be highly demanded in the packaging
sector. It has also been increasingly adopted in the pharmaceuticals sector because of
its ability to store products safely and preventing them from general environmental
changes also help in the growth of its market demand. Appliances such as refrigerators,
air conditioner, microwaves, vacuum cleaners, etc use EPS as it does not react with other
materials present in the appliance, and is also economical and very durableRising
importance of insulation property in the building sector of developed economies
including China and India is expected to promote the usage of high-quality polymers.

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Furthermore, increasing spending toward enhancing the durability of commercial
complexes and residential buildings during extreme external environmental factors is
expected to over the next eight years. With cold chain packaging gaining importance in
the pharmaceutical sector as a tool for improving product safety and keeping the
freshness of packaged food fresh during transportation is expected to remain a key
driving factor. EPS is further used in various automotive parts such as door panels,
sound dampening foam, instrument panels, etc. As it is inert, durable, and resistant to
water damage, the lightweight foam is used to provide thermal insulation in cold
storage, refrigerators, walls, and roofing. The key players in this industry are BASF SE,
S.C. Adeplast S.A, Sunpor, Ineos Styrenics, Universal Foam Products, Styro Limited, Saudi
Basic Industries Corporation, Kaneka Corporation, Nova Chemical Corporation, and
Carpenter Company among others. Also, due to increasing competition, more
manufacturers are turning towards R&D to better EPS based products to tackle the
market. The EPS market is highly fragmented due to the presence of many players and
hence these companies use various strategies such as mergers and acquisitions, new
product launches, exclusive agreements, partnerships, etc. However, the market is still
constrained due to volatile prices of crude oil and availability of better substitutes can
act as major deterrents for the growth of the EPS market.

Product Segment Analysis

On the basis of Product, the global EPS market is divided into White Expanded
Polystyrene, Grey Expanded Polystyrene, Black Expanded Polystyrene, Others. Among
the sub segments, the White Expanded Polystyrene sub-segment have dominance in
market share and is expected to have the largest market share in the global EPS market.
With properties such as excellent thermal and mechanical properties, stable
dimensions for end use, easy recyclability, and non-corrosiveness, it has various
applications in different industries.

Applications Segment Analysis

Based on applications segment, the global EPS market report is categorised into
Packaging, Building & Construction, Others. In between them, Building & Construction
sub segment is the key factor for the growth of the EPS market over other application
segments in terms of market share and are expected to do so in the future. EPS can be

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used for insulation, it also offers excellent design element and it is environment friendly
and it also provides better indoor environmental quality, and enhances durability.

Region Segment Analysis

The global EPS market has been analysed across the five regions including, North
America, Europe, Asia Pacific, Latin America, and Middle East & Africa with its major
countries. Among these regions, North America has the highest growth projected during
the forecasted period. Asia Pacific region also has good growth projected in terms of
value during the forecast period. With increasing demand on silicone films for various
applications such as packaging, construction, pharmaceuticals, and others has propelled
the growth of EPS in this region. Countries like China and India are undergoing rapid
economic growth which allows it to have cheap labour and easily available raw
materials, which makes manufacturing and other end user based products manageable.
Further, many key manufacturers of both electronic end and middle products are based
out of this regions which has further led to increasing demand for EPS market.