Increasing adoption of expanded polystyrene for the decorative and imaginative appearance
The global Expanded Polystyrene (EPS) Market size is expected to reach USD 14.88 Billion in 2030 and register a revenue CAGR of 4.6% over the forecast period, according to a latest report by Reports and Data. Rising demand for expanded polystyrene in the construction industry and increasing adoption of expanded polystyrene for electronic packaging products are expected to drive market revenue growth during the forecast period. Increasing adoption of expanded polystyrene for its decorative and imaginative appearance is expected to boost the growth of the expanded polystyrene market in the near future. Expanded polystyrene can enhance structural integrity and aesthetic design on the floors and walls, increasing demand for expanded polystyrene. Increasing demand for expanded polystyrene due to low maintenance, long shelf life, and fast and economical construction is another factor increasing its adoption, which is expected to propel the revenue growth of the market in the near future. Additionally, increasing usage of expanded polystyrene for the packaging of electronic products to avoid any product breakage is also expected to drive the revenue growth of the market.
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Expanded Polystyrene (EPS) Market Upcoming Trends 2023-2030:
Expanded Polystyrene (EPS) is a lightweight and versatile plastic material commonly used for insulation, packaging, and other applications. Here are some upcoming trends in EPS:
- Sustainable EPS: As environmental concerns continue to rise, there is a growing demand for sustainable EPS materials. This includes EPS made from renewable resources, biodegradable EPS, and EPS that can be recycled or reused.
- High-performance EPS: There is a growing demand for EPS that can meet the demands of high-performance applications, such as in the construction and automotive industries. This includes EPS with improved insulation properties, fire resistance, and durability.
- New applications for EPS: EPS is already used in a wide range of applications, but there are new and emerging applications that could drive demand for EPS even further. For example, EPS could be used in the production of lightweight, high-strength composite materials.
- Increased use in developing economies: As developing economies continue to grow and develop, there is an increasing demand for affordable and versatile materials like EPS. This could drive demand for EPS in regions such as Asia and Africa.
- Adoption of EPS alternatives: While EPS is a popular material, there are also growing concerns about its environmental impact, particularly its contribution to plastic waste. As a result, there is an increasing interest in alternative materials that can replace EPS in certain applications. This includes materials like bioplastics, natural fibers, and paper-based materials.
Top Lading Players: Arkema S.A, Alpek, S.A.B de C.V, S.A.B de C.V, BASF SE, Evonik Industries AG, Styro Limited, Kaneka Corporation, Nova Chemical Corporation, Saudi Basic Industries Corporation, TotalEnergies SE, and Epsilyte LLC.
Some Key Highlights from the Report:
- Packaging segment is expected to account for larger share of revenue over the forecast period. Increasing need for the proper packaging of consumer goods to protect their content from any damage during transportation, handling, and storage is expected to boost the revenue growth of the segment. Increasing usage of expanded polystyrene due to its wide application across several industries such as electronics, foods, and beverages for effective packaging is another factor expected to drive the segment growth.
- Construction segment is expected to account for largest revenue share in the global expanded polystyrene market between 2022 and 2030. Increasing demand for expanded polystyrene for insulation purposes in the construction industry is driving revenue growth in the segment. Increasing demand for expanded polystyrene for the flooring and roof construction of residential and commercial buildings is another factor. This is expected to drive the revenue growth of the segment.
- Asia Pacific expanded polystyrene market is expected to account for largest revenue share in the global market over the forecast period. Rapid growth of the packaging and construction industries in the countries in the region is expected to drive market revenue growth.
Segments covered in the report:
Product Type Outlook (Revenue, USD Billion; Volume; Kilo Tons; 2019-2030)
- White EPS
- Grey EPS
- Black EPS
Application Outlook (Revenue, USD Billion; Volume; Kilo Tons; 2019-2030)
- Component Manufacturing
- Chemical Intermediate
End-Use Outlook (Revenue, USD Billion; Volume; Kilo Tons; 2019-2030)
- Consumer Goods
- Foods & Beverages
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- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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