Extruded Polystyrene Insulation Materials Market Overview:
Global Extruded Polystyrene Insulation Materials Market was valued at $2,418 million in 2016, and is expected to reach $3,827 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. Extruded polystyrene (XPS) are polystyrene foams obtained through an extrusion process. XPS systems use air as an insulating material and form a closely packed structure, leading to their 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. Moreover, the efficiency of an insulation XPS system depends on its thickness and installation.
The global extruded polystyrene insulation materials market is driven by the growth in demand for energy-efficient buildings from the non-residential and residential segments of the construction industry, and rise in government infrastructure projects. However, certain environmental issues related to the use of global warming-causing toxic chemicals like fluorochlorohydrocarbons and presence of high number of substitutes are expected to hinder the market growth during the forecast period. Manufacturers are investing large capital to eliminate the use of these toxic chemicals and develop safer XPS systems. The introduction of high-quality, energy-efficient XPS systems and frequent product launches by market players to enhance their product portfolio provide various growth opportunities for market expansion.
Extruded Polystyrene Insulation Materials Market Segmentation
The global extruded polystyrene insulation materials market is segmented based on application and geography. The application segment is bifurcated into residential construction and non-residential construction. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Investment Pocket
Asia-Pacific is anticipated to be the top investment pocket for market players, owing to the growth of construction industry in emerging economies such as China, India, and Korea, due to rapid increase in industrialization and urbanization. In addition, the market growth is also attributed to the presence of major market players and increase in construction spending. The Asia-Pacific extruded polystyrene insulation materials market generated revenue of $1,096 million in 2016, and is expected to reach $1,978 million by 2023, growing at the highest CAGR of 8.5%.
Top Investment Pockets
Asia-Pacific dominated the market in 2015, and is projected to maintain its lead throughout the forecast period, growing with the highest CAGR. However, LAMEA is also expected to show high growth due to rise in infrastructure activities as a result of growing population and subsequent demand for residential buildings. Moreover, investments for development of transportation and telecommunication sector are anticipated to promote market growth.
Extruded Polystyrene Insulation Materials Market, By Geography, 2016 & 2023
Korea generated revenue of $102 million in 2016, and is expected to reach $172 million by 2023. High demand for XPS in Korea is attributed to the increased demand for insulated homes in the country, owing to the changing climatic conditions such as high precipitation, high temperature, and extreme variations in temperature during the four seasons.
Korea Extruded Polystyrene Insulation Materials Market, 2016-2023 ($Million)
Top players operating in the extruded polystyrene insulation materials market include BASF SE, The Dow Chemical Company, Honeywell International Inc., Kingspan plc, Bayer Material Science, ITW Insulation Systems, Saint-Gobain S.A., Evonik Industries AG, Knauf Insulation, and E. I. du Pont de Nemours and Company.
Other major players functioning in this market (not included in the report) are Delta Power Solutions, Foamex, Huntsman Corporation, Atlas Roofing Corporation, GAF Materials Corporation, Foster Engineering Pte. Ltd., Shenzhen Mysun Insulation Materials Co Ltd, Austrotherm, OMNIE, and URSA Insulation, S.A.
Key Benefits for Stakeholders
- This report provides a detailed study of the extruded polystyrene insulation materials market trends and forecast from 2015 to 2023, which assist to identify the prevailing market opportunities to capitalize on.
- In-depth coverage of the global market, including drivers, restraints, and opportunities, aids professionals to understand the market behavior in a better way.
- This study further includes market share analysis in terms of applications across all geographical regions.
- Detailed study of the strategies of key leaders, such as partnerships and acquisitions, is provided.
- Porter’s Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.
Extruded Polystyrene Insulation Materials Market Key Segments
- Residential Construction
- Non-Residential Construction
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA