Europe Expanded Polystyrene Market - Segmented by Product Type, Application and Geography - Growth, Trends and Forecast (2018 - 2023)
The Europe expanded polystyrene (EPS) market is expected to witness a CAGR of approximately 3.1% during the forecasted period (2018 - 2023). The major factor driving the market is the benefits EPS provides over other materials.
Growing Preference for EPS
EPS is one of the most popular materials used for insulation in the construction industry. This is majorly owing to the cost-effectiveness offered by EPS. It has the highest insulating capacity per dollar among all the materials used for rigid insulation, which leads to the lowering of the total cost. Therefore, EPS costs nearly 25% - 50% lesser than the other insulation materials. According to an experiment conducted, EPS insulation system retains just 5% moisture compared to the 19% in the case of extruded polystyrene (XPS), when both were buried under soil for 15 years. Hence, the above-stated factors are causing EPS to gain preference, in turn, this is expected to drive the market during the forecast period.
Building & Construction is expected to have the Largest Share
The construction industry is the largest consumer of EPS in Europe. Owing to its lightweight, durability, thermal efficiency, shock absorption, moisture resistance, and easy-to-use characteristics, EPS is used in the building & construction sector. It is also used in making roofs, walls, floor insulation, closed cavity walls, road construction, etc. Sheathing is one of the most basic and widely used applications for EPS insulation in residential and commercial constructions. With the growth of the construction industry in Germany and France, the market for expanded polystyrene is likely to grow during the forecast period.
Germany Dominates the Market
The recovery of the construction industry in the nation is providing growth opportunities to the EPS market in Germany. The non-residential and commercial buildings in the country are also expected to see significant growth prospects in the coming years. This growth is also supported by the lower interest rates, increase in real disposable incomes, and numerous investments by the European Union and the German Government. Additionally, the demand for EPS from cold chain solutions is expected to grow with the rising demand for frozen foods.
Key Developments in the Market
January 2018: BEWi, one of the leading producers of insulation products and customized packaging solutions made from cellular plastic, EPS, in the Nordics acquired Ruukin EPS.
Major Players: BASF SE, Ravago, Synthos SA, Sunpor, and BEWi among others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and application used in the market
Countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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