Market Segmentation
Green buildings have been increasingly favored over traditional ones in recent years. Factors such as lower operating costs, enhanced air quality, efficient energy and water usage, and a lighter load on metal structures compared to traditional buildings are driving this trend. The demand for green buildings is growing, spurred by social influences such as fostering community spirit, promoting occupant health and well-being, and encouraging sustainable business practices. Expanded polystyrene (EPS) is utilized in the construction industry to cut down on energy use and greenhouse gas emissions. The superior insulation properties of EPS are leading to a surge in its demand for green buildings. As the demand for green buildings rises, the EPS market is also projected to experience significant growth in the forecast period. The presence of strong government backing, and environmental regulations is expected to further stimulate the demand for green buildings in the forecast period. At present, the U.S., Australia, and Canada are heavily involved in green projects. Notable green buildings in these countries include Telus Garden, VanDusen Botanical Garden, and MNP Tower in Canada; Artists for Humanity, Global Ecology Research Center, Daybreak Corporate Center, and Banner Bank Building in the U.S.; and Aurecon, The Commons, and Central Park in Australia.
Expanded polystyrene (EPS), known for its lightness, strength, and recyclability, is seeing a surge in demand across various sectors due to its wide range of applications. The EPS market is poised for growth, driven by its increasing use in the automotive industry, packaging solutions, and furniture, thanks to its lightweight, reusable, and chemically stable properties. Over the past few years, there has been a rapid increase in the need for protective packaging solutions for industrial and household goods, as well as automotive components and equipment. This is largely due to heightened manufacturing and transportation activities in key countries. Both heavy and lightweight goods necessitate protective packaging during transit to prevent damage and breakage, leading to a rise in demand for impact-resistant packaging materials. The growing emphasis on chemically stable food packaging solutions is also expected to fuel the demand for EPS in the foreseeable future. The automotive industry, in particular, has seen an uptick in the use of EPS due to its excellent shock absorption, lightweight, and impact resistance properties. EPS is increasingly being used in various automotive applications, including foot pads, headrests and seats, storage compartments, and bumper systems, which is anticipated to further drive its demand in the automotive sector. In addition, the use of EPS in applications such as chairs, sports helmets, surfboards, and seedling trays is expected to contribute to market growth in the coming years. Buildings that meet the criteria for environmentally responsible construction are also increasingly using EPS. This trend is supported by organizations and associations such as the Leadership in Energy and Environmental Design (LEED), Canada Green Building Council (CaGBC), World Green Building Council (WorldGBC), The Green Building Council of Australia (GBCA), and The New Zealand Green Building Council (NZGBC).
Crude oil and natural gas are the primary raw materials used in the manufacture of expanded polystyrene (EPS). The prices of these materials are predicted to fluctuate in the future due to changes in supply and demand. Benzene, a raw material for styrene, is derived from crude oil, so changes in crude oil prices significantly affect the price of EPS. Crude oil price fluctuations can be caused by supply-demand imbalances, seasonal changes, and political stability. Petrochemical prices, which greatly influence the prices of EPS’s major raw materials, are largely dependent on crude oil prices. Therefore, any volatility in crude oil prices is expected to cause fluctuations in EPS prices over the forecast period. EPS is not biodegradable, and recycling is the only method to reduce landfill caused by EPS. As a result, environmentally friendly packaging alternatives made from biodegradable materials such as starch, corn, and paper are becoming more popular. This growing environmental awareness is expected to affect market growth over the forecast period. Moreover, the availability of substitutes such as expanded polypropylene and expanded polyethylene, which have similar applications, may further dampen the demand for EPS in the future.
This section will provide insights into the contents included in this expanded polystyrene market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance