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2022

Extruded Polystyrene (XPS) Insulation Material Market

Extruded Polystyrene (XPS) Insulation Material Market Size, Share, Competitive Landscape and Trend Analysis Report by Application : Global Opportunity Analysis and Industry Forecast, 2020-2030

MC : Advanced Materials

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Author's: Chidanand Vijaykumar Bilagi | Eswara Prasad
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Extruded Polystyrene (XPS) Insulation Material Market Research, 2030

The global extruded polystyrene (xps) insulation material market was valued at $4.8 billion in 2020, and is projected to reach $7.9 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.

Polystyrene is a synthetic aromatic polymer that is manufactured from petroleum product derived monomer styrene.  Extruded polystyrene (XPS) is a polystyrene foam that has closed cell structure obtained through extrusion process. XPS is the most efficient thermal insulation material that is used widely during construction of basements, pipelines, and floor. XPS systems use air as an insulating material and form a closely packed structure, which exhibits excellent moisture-resistant properties. The manufacturing process of XPS includes melting of polystyrene, which is then fed into an extruder along with special additives & blowing agents.

Proper thermal regulation is utmost important during construction of basements, loaded roof structures, and transport facility foundations. In addition, thermal regulation plays vital role for maintaining structural integrity of building materials and constructed buildings. Multitude benefits such as compressive strength and flexibility of XPS makes it widely incorporated insulation material during different construction projects including floors, facades, plinth beams, and operated roofs, which are anticipated to drive the demand of the global extruded polystyrene insulation materials market. Maximum compressive strength is important factor considered during construction of railroads and roadways. High compressive strength of extruded polystyrene insulation materials makes it viable to be used during construction of railways and roadway construction projects, a considerable factor that is anticipated to escalate the demand of the global market.

However, poor sound insulation and UV sensitivity nature of expanded polystyrene insulation materials hamper the market growth. Moreover, expanded polystyrene blocks (type of XPS insulation materials) are manufactured with use of thermoplastic resins (plastic compounds). The plastic compound present in the XPS insulation takes longer period to decompose in contrast with other non-synthetic materials that in turn leads to degradation of environmental conditions thus making it less environment friendly product.

On the contrary, advantages such as uniform and miniature closed cells of extruded polystyrene make it widely adopted insulation material as compared to expanded polystyrene insulation materials, which is anticipated to offer new growth opportunities. In addition, minimal water absorption and high bending strength of XPS insulation materials makes it viable to be used for terrace, foundations, and roadway construction projects. High thermal insulation can be created with minimal use of extruded polystyrene insulation, which in turn allows construction contractors to reduce the cost of insulation materials used during construction projects. All these factors are expected to offer lucrative growth opportunities for the global extruded polystyrene insulation materials market.

The extruded polystyrene (XPS) insulation materials market analysis is done on the basis of application and region. The applications covered in the report include residential construction and non-residential construction. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The major companies profiled in this report include BASF SE, Kingspan Group, Owens Corning, Emirates Extruded Polystyrene LLC, Jackon Insulation GmbH, Abrisonv, Ravago, SopremaInc., URSA Insulation SA and Austrotherm.

Extruded Polystyrene (XPS) Insulation Material Market by Region

Source: AMR Analysis

The Europe extruded polystyrene (XPS) insulation materials market size is projected to grow at the highest CAGR of 5.2% during the forecast period and accounted for 5% of extruded polystyrene (XPS) insulation materials market share in 2020. Insulation is an essential attribute for sustainable building products, which functions properly over its useful life without physical property performance degradation. Moreover, there is an increase in requirement for good long-term insulation performance to correctly design a building’s heating and air conditioning system. The demand for XPS insulation is on a continuous rise in Europe, owing to the encouragement of private ownership of real estate and rise in home renovation & construction. The market is further driven by population & economic growth, surge in building floor space, and growth in service demands.

Extruded Polystyrene (XPS) Insulation Material Market
By Application
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Residential construction end-user is the most lucrative segment

Source: AMR Analysis

In 2020, the non-residential application was the largest revenue generator, and is anticipated to grow at a CAGR of 4.8% during the forecast period. Increased use of extruded polystyrene (XPS) foam insulating material has led to profound effects on reducing consumption of natural resources such as coal, gas, and oil. It provides superior moisture resistance, thermal performance, and compressive strength. Extruded polystyrene (XPS) is extensively adopted in non-residential construction owing to its high compressive strength and low water absorption. It is commonly used in wall and roof applications in industrial and commercial construction applications.

IMPACT OF COVID-19 ON GLOBAL EXTRUDED POLYSTYRENE (XPS) INSULATION MATERIALSMARKET

  • The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. Extruded polystyrene insulation materials market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the building & construction sector.
  • The increasing risk of infection among the workforce has resulted in delayed construction projects amid the COVID-19 scenario. For instance, according to an article published by CNA, the construction Industry Joint Committee (CIJC) has said that the shortage of manpower may lead to delay in construction projects attributed to workplace safety, and other factors.
  • Moreover, several building materials manufacturers have either shut down or shrank their operations which in turn have resulted in supply chain disruptions. Also, different raw materials for producing extruded polystyrene insulation materials such as plastic granules, XPS board, additives, and others are purchased or hired from other enterprises.
  • The decreased purchasing potential of suppliers has also negatively impacted the market amid the COVID-19 scenario. Furthermore, the COVID-19 pandemic has led to disruptions in transportation, contractual implications problems, labor shortage, and other factors that together have led the construction sector to witness a downfall. For instance, according to a report published by the Australian Performance of Construction Index (PCI) Survey, the construction activity has dropped by 16.3 points to 21.6 points from March 2020 to August 2020.
  • However, emerging geographic scenarios, enhanced domestic supply chain, and strong public investments are projected to drive the growth of extruded polystyrene insulation materials market. For instance, according to an interim report for the 2021 Australian infrastructure plan, the Australian Construction Industry Forum (ACIF) expects the construction industry to return to pre-COVID-19 levels by 2022-23, driven by strong public investments. This is predicted to boost the growth of the extruded polystyrene insulation materials market post-COVID-19 period

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Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the extruded polystyrene (xps) insulation material market analysis from 2020 to 2030 to identify the prevailing extruded polystyrene (xps) insulation material market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the extruded polystyrene (xps) insulation material market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global extruded polystyrene (xps) insulation material market trends, key players, market segments, application areas, and market growth strategies.

Extruded Polystyrene (XPS) Insulation Material Market Report Highlights

Aspects Details
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By APPLICATION
  • Residential Construction
  • Non-residential Construction
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, U.K., France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

Synthos S.A., Kingspan Group Plc, COMPAGNIE DE SAINT-GOBAIN S.A., Austrotherm GmbH, Ridgespear Ltd., Foamex Victoria Pty. Ltd., BASF SE, Xella International GmbH, Knauf Insulation, DuPont de Nemours Inc.

Analyst Review

The global extruded polystyrene insulation materials market is expected to exhibit high growth potential owing to its use during construction of residential and non-residential projects. Lack of interconnected voids or closed cell structure of extruded polystyrene insulation materials makes it suitable to be used during insulation of inverted roofs. In addition, closed cell structure of XPS prohibits penetration of water particles inside the insulation material. This factor makes it viable to be used for construction projects that are susceptible to cold climatic conditions and below freezing temperature. All these factors tend to drive the demand of the global market.

In addition, according to the perspectives of CXOs of the leading companies, rise in demand for XPS insulation materials from the construction industry, especially from developing countries, is the key driver of the global extruded polystyrene materials market, as these materials offer enhanced insulation. Increased globalization plays a vital role in restructuring the construction industry. A shift in the industry trends has been observed owing to rapid economic growth in India and China. As majority of the countries in Asia-Pacific being in the developing stage, the economic growth is set to foster the ongoing urbanization. Moreover, surge in working population in these countries is expected to boost the demand for non-residential infrastructure, which in turn is projected to drive the global extruded polystyrene market

Author Name(s) : Chidanand Vijaykumar Bilagi | Eswara Prasad
Frequently Asked Questions?

Proper thermal regulation is utmost important during construction of basements, loaded roof structures, and transport facility foundations. In addition, thermal regulation plays vital role for maintaining structural integrity of building materials and constructed buildings. Multitude benefits such as compressive strength and flexibility of XPS makes it widely incorporated insulation material during different construction projects including floors, facades, plinth beams, and operated roofs. These are the upcoming trends of Extruded Polystyrene (XPS) Insulation Material Market in the world

Thermal insulation is the leading application of Extruded Polystyrene (XPS) Insulation Material Market

Asia-Pacific is the largest regional market for Extruded Polystyrene (XPS) Insulation Material

The global extruded polystyrene (XPS) insulation materials market was valued at $4.8 billion in 2020, and is projected to reach $7.9 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030

BASF SE, Kingspan Group, Owens Corning, Emirates Extruded Polystyrene LLC, and Jackon Insulation GmbH are the top companies to hold the market share in Extruded Polystyrene (XPS) Insulation Material

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Extruded Polystyrene (XPS) Insulation Material Market

Global Opportunity Analysis and Industry Forecast, 2020-2030