Expanded Polystyrene Market Size, Share & Trends Analysis Report By Product (White, Grey), By Application (Construction, Packaging, Automotive), By Region (North America, Europe), And Segment Forecasts, 2023 - 2030

Expanded Polystyrene Market Summary

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.

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.

Application Insights

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.

Product Insights

Based on products, the global industry has been further bifurcated into white and grey EPS. The white product segment dominated the industry in 2022 and accounted for more than 62.70% of the overall revenue share. White EPS is majorly used in packaging applications, such as food packaging of food trays, drink cups & clamshell containers, consumer goods packaging, and electronics products packaging. The grey EPS segment is expected to register a significant growth rate over the forecast period on account of its usage in several applications.

It is used in the automotive, construction, furniture, sports apparel, and other sectors owing to its physical properties, such as toughness, rigidity, and high density. Furthermore, compared to white EPS, grey EPS has better performance. The performance of grey EPS is modified by adding graphite to the mixture. However, it is more expensive and is typically utilized in building applications. Additionally, the development of infrastructure and rapid urbanization will propel the building & construction industry resulting in a rise in the demand for EPS. The inclusion of construction enterprises in energy-saving technologies will also aid segment growth. These factors are likely to boost the EPS industry over the forecast period.

Regional Insights

The Asia Pacific region dominated the industry in 2022 and accounted for more than 40.70% of the overall revenue share. Asia Pacific is expected to be one of the largest as well as the fastest-growing regional markets over the forecast period, primarily fueled by the ascending demand for the product from key applications, including automotive, packaging, and construction, in emerging economies, such as China and India. Moreover, the rapidly growing construction industry in the Asia Pacific region will support regional growth. The construction sector in North America is expected to witness significant growth in the coming years owing to the high demand for non-residential construction projects, such as hospitals, commercial buildings, and colleges.

The implementation of the “Affordable Healthcare Act” is also expected to stimulate the construction of a greater number of healthcare units and hospitals, which, in turn, is expected to boost the demand for EPS in the region over the forecast period. In recent years, the product demand from green building design applications in the European market has witnessed a significant increase owing to its excellent environmental advantages that can provide improved indoor environmental quality, maximize energy efficiency, and enhance durability.

Favorable government support for green building construction in various countries including the U.K., Germany, Italy, and France is expected to propel product demand over the forecast period. In Germany, the demand for EPS is significantly influenced by the construction industry. Due to the increased demand for real estate, low financing rates, and growing population, the nation has seen an increase in new residential building permits, and this development trend is anticipated to continue over the projected period. The construction industry is likely to grow rapidly due to the rising real estate and housing markets, which is further anticipated to drive E consumption over the forecast period.

Key Companies & Market Share Insights

The expanded polystyrene (EPS) industry is highly competitive in nature, with the presence of large multinational companies as well as medium-scale local players. In the recent past, the industry has been undergoing consolidation, with the efforts mainly aimed at greater integration into value-added products such as EPS-based insulation materials. For example, In October 2024, Carlisle Companies Inc. announced a definitive agreement EPS insulation business of PFB Holdco, Inc., which includes the latter’s Plasti-Fab and Insulspan brands. PFB is a key player in Canada and Midwestern United States. The acquisition, valued at nearly USD 260 million, focuses on Carlisle’s Vision 2030 strategy, focusing on M&As as a growth driver and identifying cost synergies through PFB’s vertically integrated polystyrene manufacturing capabilities.

Reprocessed PP and HDPE are produced by Lancashire-based Venture and Cheshire-based Venture, with a combined capacity of 20,000 tons. A majority of the global companies are expected to increase their polymer offerings to Asia Pacific, Central & South America, and the Middle East & Africa owing to high market growth potential in these regions given the expansion of the EPS market. Some of the prominent players operating in the global expanded polystyrene market are:

• 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.

Expanded Polystyrene Market Report Scope

Global Expanded Polystyrene Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global expanded polystyrene market report based on product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • White

  • Grey

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Construction

  • Packaging

  • Automotive

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • The Netherlands

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Malaysia

    • Singapore

    • Thailand

    • Vietnam

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • United Arab Emirates (UAE)

    • South Africa

    • Oman