Expanded Polystyrene (EPS) Market by Product Type (White, Grey, Black), End-use Industry (Building & Construction, Packaging, Others), and Region (Asia Pacific, Europe, North America, Middle East & Africa, South America) - Global Forecast to 2023
Northbrook, IL -- (SBWIRE) -- 01/14/2019 -- According to the new market research report "Expanded Polystyrene (EPS) Market by Product Type (White, Grey, Black), End-use Industry (Building & Construction, Packaging, Others), and Region (Asia Pacific, Europe, North America, Middle East & Africa, South America) - Global Forecast to 2023" , The EPS market is expected to grow from USD 15.5 billion in 2018 to USD 20.1 billion by 2023, at a CAGR of 5.3% during the forecast period. The major factors driving the EPS market include the growing construction and packaging industries in developing countries.
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The grey EPS segment is projected to register the highest CAGR in the EPS market during the forecast period
Grey EPS is gradually penetrating the global market for the past 10 years. The less thermal conductivity and better insulation of grey EPS than white EPS are making it a preferable choice in the building & construction industry. Grey EPS has an additional elasticity that improves sound insulation and provides better thermal efficiency in comparison to the normal white EPS insulation.
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Building & construction to be the fastest-growing end-use industry during the forecast period
EPS possesses ideal physical and mechanical properties for most insulating needs. It is an excellent design element, an ideal choice for green building, offers tangible environmental advantages that can maximize energy efficiency, provides improved indoor environmental quality, and enhances durability. These factors make the building & construction industry the largest consumer of EPS.
APAC is expected to hold the largest market size in the EPS market during the forecast period
APAC has emerged as the leading consumer and producer of EPS because of the increasing demand from the domestic front and rising income levels. The easy availability of low-cost labor and economical & accessible raw materials are increasing the production of EPS in the region, thereby driving foreign investments. APAC is also the fastest-growing EPS market. The government proposals to improve public infrastructure and rising cash-intensive non-residential construction are positively impacting the market growth. The demand in APAC will further increase in the next five years because of several on-going and upcoming building & construction projects in the developing countries.
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Major vendors in the EPS market include Wuxi Xingda (China), Synthos (Poland), BASF (Germany), Total (France), SUNPOR KUNSTSTOFF (Austria), The Ravago Group (Belgium), Alpek (Mexico), VERSALIS (Italy), Nova Chemicals (US), Flint Hills Resources (US), PJSC SIBUR HOLDING (Russia), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), Kaneka Corporation (Japan), Atlas Roofing Corporation (US), BEWiSynbra Group (Sweden), Brødr. Sunde A/S (Norway), Nexkemia Petrochemicals (Canada), and Unipol Holland (Netherlands).
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