The global expanded polystyrene market is projected to reach approximately USD 12.97 billion by 2025, according to a new report conducted by Grand View Research, Inc. Rising growth of millennials and nuclear families as well increase in disposable income towards consumption of single use EPS containers provided by urban food outlets and takeaway stations is expected to promote the usage of expanded polystyrene. In addition, innovation in automotive sector including making cars more light weight and fuel efficient by global car manufacturers will propel to the growth of EPS over the forecast period.
EPS demand in packaging industry are projected to grow at a CAGR of 5.0% from 2016 to 2025. High rate of manufacturing capabilities across developing nations, growing rate of exports across nations, and future growth in high rate of e-commerce business is projected to keep extensive market reach for packaging products over the next nine years.
The rate of inward migration in regions like Europe, and North America will eventually increase the rate of residence complexes aided by employment and spending capabilities among consumers, which will surge the growth of construction sector as well as fuel to the demand for EPS over the projected period.The concept of Green building which requires extensive application of processes that includes efficient use of energy, protecting occupant’s health, as well as reducing waste, pollution, and environmental degradation is expected to be one of the major driving factors for the growth of EPS.
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Further key findings from the report suggest:
Demand for EPS in North America will surge in accordance with growth in automotive and packaging sector having a CAGR of 4.5% in terms of its application. Mature market such as U.S. have expanding client request, greater interest in terms of innovations, as well as implementation of designs.
EPS growth in MEA region is expected to witness growth with focus on exports of apparels, citrus fruits, foodstuffs, electronic equipment well as jewelry adding to a revenue growth of 5.4% by 2025.
White EPS demand will increase over the projected period as emerging markets are investing on developing manufacturing and packaging plants for global and domestic trade
Grey EPS is set to witness a CAGR of 5.4% from 2017 to 2025 in terms of revenue on account of its application in construction of residential buildings. The properties of insulation derived from graphite mixed expanded polystyrene is a key driver for its growth over the forecast period.
Key vendors include BASF, SABIC, DOW chemicals, NOVA Chemicals, TOTAL SA, Versalis S.P.A., Unipol Holland BV, Ravago group, Alpek S.A.B. De Cv, Styrochem, Brodr Sunde group, Synthos SA, Sunpor Kunststoff GMBH, Kaneka Corporation, and ACH foam technologies. In May,2017, Total inaugurated its Carling petroleum complex, which increased polystyrene production capacity leading in Europe, upgraded Polyethylene unit to cater the health care market by delivering advance plastics., and producing lighter plastics for automotive market reducing the consumption of steel.
Grand View Research has segmented the expanded polystyrene market on the basis of product and application:
Expanded Polystyrene Product Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Expanded Polystyrene Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Expanded Polystyrene Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Central & South America
Middle East & Africa (MEA)
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