Global Polystyrene Foam Market (2021 to 2026) – High Energy Requirements Present Opportunities – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Polystyrene Foam Market by Resin Type (EPS and XPS), End-User Industry (Construction and Industrial Insulation, Packaging, Building and Construction), Region (APAC, Europe, North America, South America, and Middle East & Africa) – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The Polystyrene Foam market is projected to grow from USD 26.4 billion in 2021 to USD 32.2 billion by 2026, at a CAGR of 4.1% between 2021 and 2026. Growing demand from the building and construction industry in APAC is likely to boost the Polystyrene Foam market.
Polystyrene (PS) foams are thermoplastic, closed-cell, lightweight, rigid-foam, moisture-resistant material with high compressive strength and exceptional thermal and acoustic insulation properties. In general, polystyrene foams come in two forms: EPS (Expanded PS) and XPS (Extruded PS). XPS products can be far more superior to the EPS products when R-value (thermal resistance per unit area.) is considered. XPS products can outperform EPS products in various aspects such as thermal performance, moisture resistance, and compressive strength.
The building and construction industry is projected to be the largest end-use industry of Polystyrene Foam market
The building and construction industry is the largest end-use industry segment, in terms of both volume and value, between 2021 and 2026. Polystyrene Foam used in the Building and Construction sector are specially used as insulated panels formulated to counter extremely harsh environments such as saltwater, temperature, pressure, and organic formation. Emerging markets such as China, India, and South Korea, and other countries (which include Malaysia, Indonesia, and Thailand) are the major growth drivers of the APAC market.
EPS is the fastest-growing type of the Polystyrene Foam market
EPS is the fastest-growing resin segment, in terms of volume, between 2021 and 2026. EPS is a lightweight thermoplastic material with special properties because of its structure that helps protect the product from getting damaged. The growing building & construction and packaging industries in developing countries are driving the EPS market.
EPS is an excellent material for applications in these industries, as it is lightweight yet rigid foam with good thermal insulation and high impact resistance. However, volatility in crude oil prices and the availability of high-performance substitutes are restraining the market growth. The easy recyclability of polystyrene products is expected to offer opportunities for the growth of the EPS market during the forecast period.
APAC is the fastest market for Polystyrene Foam during the forecast period
APAC is projected to be the largest and the fastest-growing market for Polystyrene foam during the forecast period. APAC is the hub of foreign investment and booming industrial sectors due to the low-cost labor and cheap availability of lands. Increase in the demand for Polystyrene foam can be largely attributed to the growing industrial, infrastructure & construction, and marine industries. APAC has a growing industries that is likely to drive the market for Polystyrene foam.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.
Market Dynamics
Drivers
- Stringent Regulations to Reduce Greenhouse Gas Emissions
- Development of Green Buildings
- Reduction in Energy Consumption and Its Related Cost
- Presence of Stringent Building Energy Codes
- Rebates and Tax Credits
Restraints
- Volatility in Raw Material Prices
Opportunities
- Polystyrene Products Can be Recycled
- High Energy Requirements
Challenges
- Growing Preference for Molded Pulp Packaging
- Rising Stringent Government Regulations
- Lack of Awareness
Companies Mentioned
- Alpek
- BASF SE
- BEWI Group
- Business Overview
- Dupont
- Finnfoam Oy
- Jiangsu Leasty Chemicals Co. Ltd.
- Jiangsu Sunchem New Materials Co. Ltd.
- Kingspan Group plc
- LG Chem
- Loyal Group
- Ming DIH Group Corporation
- Owens Corning
- Sibur
- Styro Insulation Mat. Ind. LLC.
- Styrochem
- Sunpor Kunststoff GmbH
- Supreme Petrochemical Ltd.
- Synthos S.A.
- Taita Chemical Co. Ltd.
- Technonicol Corporation
- The Ravago Group
- Total SE
- Unipol
- Versalis S.P.A.
- Wuxi Xingda New Foam Plastics Materials Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/nbsw49
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