Global Expanded Polystyrene Market (EPS) - Segmentation by Application and Geography - Growth, Trends and Forecast (2018 - 2023)
The overall demand of expanded polystyrene market (EPS) is expected to grow at a significant rate during the forecast period. Building & insulation and packaging are the major application of EPS, collectively accounting for about 90% of the market share. Growing demand for expanded polystyrene in consumer electronics and food processing industries are projected to play a key role in driving the market.
Growth in Construction Industry in Asia-Pacific Region
The global construction sector is expected to expand by an annual average of 3.2% for the next decade to a nominal value of more than USD 6.0 trillion. The Asia-Pacific construction industry is the fastest growing market among all regions and will 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 in construction activity in developing countries.
Building and Construction – The fastest growing segment by usage
Building and Construction sector finds expandable polystyrene employed 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 construction market are transport, energy, social infrastructure, schools, defense infrastructure etc. Owing to the growing construction industry, the utilization of EPS for various insulation and roofing purposes is expected to increase significantly, further boosting the market for EPS products.
Asia-Pacific Dominates the Market
Asia is the world's largest construction market across the globe, with an annual average growth of 4.1% between 2018 and 2023 and the region will account for approximately 40% of the world's construction industry value by 2023. 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 and packaging industries across Asia-Pacific are contributing to the higher consumption in this region.
Notable Developments in the Market
December 2017: BASF SE was conserving resources with EPS food packaging
Major Players: SABIC, DowDuPont, Kaneka Corporation, BASF SE and Eastchem A.S., amongst others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
Identifying 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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