Asia-Pacific Expanded Polystyrene (EPS) Market - Segmentation by Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific expanded polystyrene (EPS) Market is expected to grow at a significant rate during the forecast period (2018 - 2023). The major trend driving the EPS market in Asia-Pacific is the huge demand from the building & construction sector, where it is used in a myriad of applications, such as floor insulation, insulation foam for closed cavity walls, and roofs.
Growth in Construction Industry
The global construction sector is expected to expand by an annual average of 3.2% over the next decade to a nominal value of more than USD 6 trillion. The Asia-Pacific construction industry is the fastest growing market across all regions and is expected to account for the largest share in the construction market in the world. Many schemes and projects, such as “housing for all” in India, give acceleration to the construction industry in this region. Similarly, the ‘One Belt One Road Initiative’ by China to make a road and marine network from China to Italy to provide acceleration to commercial activities will give boost to the construction industry during the forecast period. Rapid increase in population, especially in China and India, will give a rise to construction activity in developing countries.
Building & Construction – The Fastest Growing Segment by Usage
The building & construction sector finds expanded polystyrene useful in several applications, such as floor insulation, insulation foam for cavity walls, and roofs due to its structural integrity and design flexibility qualities. Increasing energy prices are forcing consumers to work towards developing thermal efficiency of constructions to reduce their energy consumption; this, in turn, is driving the market for EPS-based roofing systems. The key areas of expected growth in the construction market are transport, energy, social infrastructure, defense infrastructure, etc. Owing to the growing construction industry in countries like China, India etc., the utilization of EPS for various insulation and roofing purposes is expected to increase significantly, further boosting the market for EPS products.
China to Lead the Market
Asia-Pacific is the largest consumer and producer of expanded polystyrene, with the greater part of the world capacity in China. Currently, Asia-Pacific dominates the market for EPS, with almost half of the global revenue share, followed by North America and Europe. China alone contributes to 40% of the global consumption in this market. Large population and growing activities in construction, especially in residential and infrastructure projects and packaging industries across China, are contributing to the higher consumption in this region.
Major Players: SABIC, DowDuPont, BASF SE, Formosa Plastics, and Lanxess AG, among others.
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