US Expandable Polystyrene (EPS) Market - Segmented by Product Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The United States expandable polystyrene (EPS) market is expected to witness a CAGR of approximately 4% during the forecast period (2018-2023), majorly driven by rising demand for light weight and fuel-efficient vehicles, as well as to increase passenger comfort.
Lightweight Vehicles Driving the Market
EPS foam is effectively used by automotive manufacturers to lessen the weight, provide energy absorbing protection and increase passenger comfort. It can be used behind bumper protection and body side molding in cars and trucks. The United States government has expressed its aim to increase average fuel efficiency of newly manufactured cars and trucks to 54.5 miles per gallon by 2025, which is expected to drive the country’s EPS market.
Building and Construction Industry Dominated the Market
Building and construction industry is expected to dominate the US EPS market, accounting for around 70% of the market share, owing to rising importance of insulation property in the building sector. Due to its excellent mechanical properties, quick construction ability and low subsequent maintenance, it is widely used in building and construction industry. The food and beverage industry is expected to grow at a sluggish rate due to the ban imposed on the EPS food packaging application by the government.
Grey EPS is Expected to Witness Highest Growth
In terms of consumption in 2017, grey EPS accounted the highest market share in the United States. White EPS is a rigid, closed-cell foam plastic, with outstanding thermal and mechanical properties along with recyclable and non-corrosive nature. Grey EPS is set to witness a high CAGR in terms of revenue on account of its huge application in construction of residential buildings. The properties of insulation derived from graphite mixed expanded polystyrene ate a key driver for its growth during the forecast period.
Major Players: Flint Hills Resources, Nova Chemicals Inc., StyroChem International, Dart Container Corporation, and Styropek USA Inc., among others.
Reason to Purchase this Report
To understand the impact of various product type on the market
Analyze various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and end-user industry in the market
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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