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2020

Expanded Polystyrene Market

Expanded Polystyrene Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type and End-User Industry : Global Opportunity Analysis and Industry Forecast, 2019-2026

MC : Advanced Materials

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Author's: Ayushi Choudhary & Eswara Prasad | Eswara Prasad
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Expanded Polystyrene Market Outlook - 2026

The global expanded polystyrene market was valued at $15.3 billion in 2018 and is projected to reach $22.8 billion by 2026, growing at a CAGR of 5.1% from 2019 to 2026. Expanded polystyrene (EPS) is a rigid and light weight insulation material with various properties such as shock absorption, resistance to humidity, resistance to compression, retention to vitamin C, hygienic, and resistance to chemicals. It finds application in automotive, furnishing, packaging, and construction industry. 

EPS is used in many aspects of building work including large structures such as roads, bridges, railway lines, public buildings, or even small family residences. The characteristics of EPS make it ideal for use as light weight filler, insulation, as an element for decorating or imaginative touches, as a lightweight filling material in roads to facilitate land drainage, and so on. The perfect combination of mechanical and physical properties makes it ideally suited for use in the construction industry. In addition, EPS is the perfect material for packaging as it is lightweight, non-abrasive, water resistant, and has excellent cushioning ability.

Expanded Polystyrene Market

The expanded polystyrene market growth is driven by growing application of EPS in the construction and packaging industries. However, EPS is made from expandable polystyrene, which is a rigid cellular plastic containing an expansion agent. EPS is obtained from crude oil. Through further processing, the plastics are obtained from which polystyrene material are further converted into expanded polystyrene to attain desired properties. Fluctuations in crude oil prices directly impact the costs of raw materials further impacting the manufacturing process. Thus, volatility in crude oil prices restrains the market growth.

The global expanded polystyrene market is divided on the basis of product type, end-user industry, and region. Based on product type, the expanded polystyrene market is divided into white, grey, and black. The white segment was the highest contributor to the market. The growing use of white EPS in construction and packaging drives the market growth. Moreover, the cost benefit over the grey and black EPS also acts as a driving factor for white EPS market growth. However, the grey segment is estimated to grow with the highest CAGR during the forecast period. The only difference of grey EPS from white EPS is that graphite has been added to the mixture. Graphite significantly improves the performance of the polystyrene.

Expanded Polystyrene Market
By Type
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Grey Expanded Polystyrene is projected as the fastest growing segment.

Based on end-user industry, the expanded polystyrene market analysis is done on the basis of packaging, building & construction, domestic appliances, consumer electronics, medical, and others. The packaging segment was the highest contributor to the market in 2018. Packaging materials made from EPS are corners, edge protectors, flat pads, custom cut pads, specialty items, end caps, door cores, wall panels, roof panels, concrete void fillers, and specialty panels.

Expanded Polystyrene Market
By End-user Industry
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Building & Construction segment would exhibit CAGR of 6.3% during 2019-2026.

Wide applications of EPS in packaging drive the market growth. The building & construction segment is estimated to grow with the highest CAGR during the forecast period. EPS is an innovative building material that aids in the design and structural integrity of many buildings. EPS has been recognized as a mainstream insulation material. It offers maximized energy efficiency, improved indoor environmental quality, and enhanced durability. Therefore, EPS is increasingly used in the construction industry.

Based on region, the global expanded polystyrene market trends is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2018. Asia-Pacific has risen as the central region and maker of EPS due to expanding interest from household front. The adoption of EPS is expected to increase in Asia-Pacific in the coming five years due to various on-going and upcoming building structure and development projects. The major key players in the market include Wuxi Xingda, Synthos, BASF, and The Ravago Group, Alpek. Moreover, increase in adoption of EPS for cold chain packaging in the pharmaceutical segment to improve product safety as well as to maintain the freshness of packaged food during transportation is expected to drive the growth of the market.

Expanded Polystyrene Market
By Region
2026
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific would exhibit CAGR of 5.6% during 2019-2026.

The expanded polystyrene market is fragmented with different manufacturers namely Alpek, S.A.B. de C.V., Arkema S.A., BASF SE, Evonik Industries AG, Kaneka Corporation, LG Corporation (LG Corp), NOVA Chemical Corporation, SABIC, Styrochem, and TOTAL S.A. Among these, BASF SE, Evonik Industries AG, Kaneka Corporation, LG Corporation (LG Corp), and NOVA Chemical Corporation occupy the highest market share in the expanded polystyrene market based on their focused strategies toward the market. The market dominance of these companies is characterized by their vast product portfolio and high investment in R&D activities for expanded polystyrene, revenue, capital expenditure, employee strength, and geographical presence of companies.

Key Benefits for Stakeholders:

  • The Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current expanded polystyrene market share and future scenario of the market size from 2018 to 2026 to understand the prevailing opportunities and potential investment pockets.
  • Major countries in the region have been mapped according to their individual revenue contribution in the expanded polystyrene market size at the regional and country-level market.
  • The key drivers, restraints, and expanded polystyrene market opportunities and their detailed impact analyses are elucidated in the study.
  • The profiles of key players and their relative expanded polystyrene market share are enlisted in the report.
  • Expanded polystyrene market forecast is studied from 2019-2026.

Expanded Polystyrene Market Report Highlights

Aspects Details
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By Type
  • White
  • Grey
  • Black
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By END-USER INDUSTRY
  • Packaging
  • Domestic Appliances
  • Consumer Electronics
  • Building & Construction
  • Medical
  • Others
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By Region
  • North America  (U.S, Canada, Mexico)
  • Europe  (UK, Germany, France, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, South Korea, India, Malaysia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

LG Corporation, KANEKA CORPORATION, Evonik Industries AG, BASF SE, Styrochem, Alpek, S.A.B. de C.V, Total S.A, SABIC, ARKEMA S.A, NOVA Chemical Corporation

Analyst Review

The global expandable polystyrene market is set to grow at a moderate rate during the forecast period. Expandable polystyrene is light weight, rigid, closed-cell foam plastic. Its chemical, mechanical, and insulation properties are ideal for use in several markets. The market growth is driven by increased application of expandable polystyrene in packaging, building & construction, medical, and consumer electronics and appliances. However, fluctuations in crude oil prices are expected to hamper the manufacturing process acting as restraint for the market growth.

Meanwhile, expandable polystyrene is environment friendly and can easily be recycled, which offers lucrative opportunities for the industry growth. The building & construction industry is experiencing high growth in demand for EPS; thereby, fueling the market growth. Asia-Pacific is experiencing fastest grow as both consumer and producer, owing to increased demand from building & construction, packaging, infrastructure, and appliances markets.

Author Name(s) : Ayushi Choudhary & Eswara Prasad | Eswara Prasad
Frequently Asked Questions?

The expanded polystyrene market is impacted by its applications in various industries. The properties such as thermal insulation, versatility, mechanical resistance, and slow ageing are desirable in construction markets. Therefore, increase in use of EPS in the construction industry drives the growth of the expandable polystyrene market. Furthermore, it is the lightest packaging available due to its low weight and is ideal for packaging fruit and vegetables. Therefore, these applications in the packaging industry further fuels the market growth.

The global expanded polystyrene market was valued at $15.3 billion in 2018 and is projected to reach $22.8 billion by 2026, growing at a CAGR of 5.1% from 2019 to 2026.

Expanded polystyrene market is impacted by its applications in various industries. The properties such as thermal insulation, versatility, mechanical resistance, and slow ageing make them suitable as construction material or for large structures such as roads, bridges, railway lines, public buildings, or even small residences. The wide use of EPS in the construction industry acts as a driving factor for expanded polystyrene market growth. Furthermore, it is preferred for packaging due to its low weight. Moreover, retention of vitamin C also makes it ideal for packaging fruit and vegetables

Asia-Pacific was the highest revenue contributor in 2018 and is expected to grow with a CAGR of 5.6% . The demand for EPS insulation is on a continuous rise in Asia-Pacific, owing to the encouragement of private ownership of real estate and rise in home renovation & construction activities.

Acquisition is the key growth strategy of expanded polystyrene market players. Alpek acquired Petroquímica Suape and Citepe from Petróleo Brasileiro S.A. (“Petrobras”) through its two wholly owned subsidiary. With this acquisition, Alpek increased its production capacity for PTA and PET.

The key players operating in the expandable polystyrene industry are Alpek, S.A.B. de C.V., Arkema S.A., BASF SE, Evonik Industries AG, Kaneka Corporation, LG Corporation, NOVA Chemical Corporation, SABIC, Styrochem, and TOTAL S.A.

The white segment wholds the maximum share of the expanded polystyrene market in 2018.

Companies involved in packaging, building & construction, domestic appliances, consumer electronics, and medical industry are the potential customers of expanded polystyrene industry.

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Expanded Polystyrene Market

Global Opportunity Analysis and Industry Forecast, 2019-2026