Expanded Polystyrene Market to accelerate at 6.57% CAGR, USD 8.35 Bn incremental growth expected during the forecast period | ZMR
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The market for expandable polystyrene was worth USD 9.60 billion in 2022 and is expected to increase to USD 14.13 billion by 2030, with a CAGR of 4.89 percent from 2022 to 2028.
Expandable polystyrene is a great material for packaging large and delicate items like consumer electronics and household goods. The material aids in the proper shipping and handling of such goods while also providing effective scratch protection, increasing its market demand. The Global Expandable Polystyrene Market study offers a comprehensive analysis of the industry. The research includes a detailed analysis of key segments, trends, drivers, constraints, the competitive landscape, and other important market aspects.
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Definition of the Global Expandable Polystyrene Market
Expanded Polystyrene (EPS) is a white foam plastic material made from solid polystyrene beads. Polystyrene is a solid thermoplastic material that is melted at high temperatures and then re-solidified for the appropriate use. Expanded polystyrene has a volume of 45 times that of the original polystyrene granule. Expanded Polystyrene is largely utilised in packaging, insulation, and other applications. It is a hard, closed-cell foam substance made of Styrene and Pentane. Styrene and pentane are hydrocarbon molecules that can be found in petroleum and natural gas byproducts.
Crude oil is used to make expanded polystyrene (EPS). Energy efficiency and savings, thermal resistance and insulation, chemical inertness, microbiological resistance, cost-effectiveness, superior impact strength, and dimensional stability are all advantages of expanded polystyrene. Although expanded polystyrene is not biodegradable, it is chemically inert, making it a stable fill material for landfill reclamation.
Overview of the Global Expandable Polystyrene Market
The growing use of expanded polystyrene in the construction and packaging industries is attributed to its closed-air low-thermal conductivity, simplicity of handling, mechanical resistance (insulation in wall structures, roofs, and flooring), low water absorption, and sound resistance. The ability to provide the best packaging option to keep the product secure and shock absorbent during transportation, as well as giving total protection for the industrial product, is driving the expanded polystyrene market forward. Additionally, the safety of food packaging made of expanded polystyrene is a potential driver of the expanded polystyrene industry. The environmental benefits of expanded polystyrene, as well as the high rate of expanded polystyrene recycling, are driving the entire market.
Despite the numerous benefits of expanded polystyrene, some constraints limit and hinder the overall market’s growth. Factors such as crude oil price instability and the availability of replacements such as polypropylene and bio-plastics may stymie the expanded polystyrene market’s overall growth.
Global Expandable Polystyrene Market: Segmentation Analysis
The Global Expandable Polystyrene Market is Segmented on the basis of Product Type, Application, And Geography.
Expandable Polystyrene Market, By Product Type
• White
• Grey
• Black
Expandable Polystyrene Market, By Application
• Building and Construction
• Packaging
• Others
Key Players
The study report on the “Worldwide Expandable Polystyrene Market” will provide useful information with a focus on the global market and some of the leading players such as – BASF SE, Nova Chemicals Corporation, Synthos S.A., Saudi Basic Industries Corporation (SABIC), Wuxi Xingda New Foam Plastics Materials Co., Ltd., The Ravago Group, Flint Hills Resources, LLC, Alpek S.A.B. de C.V.
Our market analysis also includes a part dedicated only to such large firms, in which our experts present an overview of all of the main players’ financial statements, as well as product benchmarking and SWOT analysis. The competitive landscape section also contains an analysis of the above-mentioned players’ global development strategies, market share, and market position.
Important Developments
• Versalis (Eni), a chemical business, launched Extir FL 3000, a new type of expandable polystyrene (EPS) to avoid plastic leakage, in 2019. Food packaging, industrial packaging (for appliances, furniture, and automobile vehicles), protective helmets, containers, and seats are just some of the things that might benefit from this material. It also reduces the chance of granules of plastic escaping into the environment.
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