(EnergyIndustry.Net, April 23, 2020 ) Market Overview Global Expanded Polystyrene Market is expected to grow at a CAGR of 5.30% during the forecast period (2019-2026) It is made from the expandable polystyrene. It is majorly used in the packaging and construction industries. However, the applications of EPS will vary in the various regions.
Market Drivers and Restraints Growing applications of EPS in the packaging and construction industry is the primary driver of the market. EPS is widely used in the packaging applications. It is the best packaging material for the various products such as electronic components, electrical consumer goods, toys through to horticultural or garden products. Also, it gives complete protection to the industrial products, and it is the best suitable material for the automated production lines. Increasing food packaging trends in the world will also drive the market for EPS shortly. EPS is mostly preferred in the packaging of foods such as fish, shellfish, meat, fruits, and ice cream. Further, new applications for molded EPS is the significant opportunity of the market. EPS can be molded into any shape and allows it to be used for a wide variety of applications such as chairs, book covers, air conditioning units, frog houses, infant car seats, and many more. Growing environmental regulations in North American and European countries are hindering the EPS market growth. EPS is banned in some major US cities, including Washington, DC, Minneapolis, San Francisco, Oakland, Portland, Albany, and Seattle. It was banned in Muntinlupa in the state of Manila in the Philippines in 2010, in Toronto Canada in 2007, in Paris in 2007 and Corsica in France in 1997. EPS takeaway containers and table-ware were banned in China from 1999 to 2013.
Segmentation Analysis The global expanded polystyrene market is segmented on product type and end user. Further, the market is classified based on end user into packaging, construction, and others. Growing residential and commercial construction in the world especially in the emerging economies are propelling the growth of the EPS market. EPS is used in many aspects of building work including large structures such as roads, bridges, railway lines, public buildings or even small family residences. EPS is widely utilized in the construction industry owing to its properties such as low thermal conductivity, low weight, excellent mechanical resistance, ow water absorption, chemical resistance, and aging resistance. Packaging industry also one of the primary end user of the market. Growing packaging industry in Asia-Pacific, especially in countries such as China, India, and South East Asia, is driving the EPS market. Asia-Pacific is leading the global packaging market with approximately 42% of the total demand followed by Europe and North America with 26% and 22% respectively.
Geographical Share The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and rest of the world. Asia-Pacific is expected to be the fastest growing region owing to the rapid growth in the construction industry and the strong demand in the packaging, especially in areas like India, China, and South East Asia. China will continue to forge ahead with strong, robust growth in packaging applications, and with strong growth expected for EPS over the next few years. The high capital investments by the key players in the region are also fuelling the growth of the market in the country. North America and Europe are also expected to witness substantial growth primarily due to the increasing demand for the packaging industry, especially in the packaged food sector.
Competitive Landscapes The global expanded polystyrene market is fragmented with many local and international manufacturers. Most of the companies in the world are showing interest towards increasing their production capacity of EPS. The report includes various companies such as BASF SE, Lanxess AG, SABIC, Formosa Plastic Group, Alpek, Kaneka Corporation, Nexkemia Petro-chemicals, Sunde Group, Synthos SA, and Jiangsu Nijiaxiang Chemical Co., Ltd.
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