South America Expanded Polystyrene Market - Segmented by Product Type, Application and Geography - Growth, Trends and Forecast (2018 - 2023)
The South America expanded polystyrene (EPS) market is expected to witness a CAGR of approximately 2.6%, during the forecasted period. The major factor driving the EPS market is the benefit EPS provides over other materials.
Growing Preference of EPS
EPS is highly cost effective due to which it is one of the most popular materials used for insulation in the construction industry. EPS is used in a variety of applications, such as floor insulation, insulation foam for closed cavity walls, and roofs. The demand for EPS is expected to witness an increase in demand from Brazil during the coming years. This is majorly owing to the increasing investments in the construction sector of the country, which include, the government’s plan to resume nearly 7,000 construction projects worth USD 40 billion, by the end of 2018. Hence, due to such factors, the demand for EPS is expected to rise, which in turn shall drive the market during the forecast period.
Building and Construction is expected to have the Largest Share
The construction industry is the largest consumer of EPS in South America. 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, and so on. Sheathing is one of the most basic and widely used applications for EPS insulation in residential and commercial constructions. With the growth in the number of construction projects in Brazil and Argentina the demand for expanded polystyrene is likely to grow. Hence, building and construction is expected to witness the highest demand for EPS in the region during the forecast period.
Brazil Dominates the Market
Brazil is expected to witness the highest demand of EPS during the forecast period. There has been a steady growth in the construction activities in Brazil owing to the increasing investments in the sector. Some of the major upcoming construction projects in the country include the construction of a 1.5-gigawatt combined cycle power plant located near Aracaju, Sergipe, and rail line paralleling BR-163 and connecting Mato Grosso with Miritituba. This has provided growth opportunities to the EPS market in the country. 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
December 2017: BASF’s customer Schaumaplast GmbH & Co.KG, an internationally active manufacturer of molded parts made from particle foams, started offering packaging made from biomass-balanced Styropor
Major Players: BASF SE, LG Chem, Ravago, Sabic, and Total S.A., amongst 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
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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