Expanded Polystyrene Because of its structure, is a plastic foam material with specific desirable features. Polystyrene beads are expanded and moulded to create it. Foaming plastics were previously utilised in boat insulation and flotation devices such as life preservers and buoys. Packaging items such as paper, kapok, and other natural packaging products have been linearly replaced since the introduction of Expanded Polystyrene. Because of the massive growth of the fast-food business, expanded polystyrene foam (EPF) began to be utilised in burger boxes and coffee cups, expanded polystyrene became widely known.
The global Expanded Polystyrene market was estimated to be 7,992.8 kilotons in 2018 and is expected to grow at a CAGR of 4.7 percent to 10,066.1 kilotons by 2023. The building and construction industry, which is the major user of Expanded Polystyrene when compared to packaging and other industries, is responsible for the market’s growth.
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Building and construction should be the most efficient -providing a growing end-use industry over the projection period
The largest and fastest-growing end-use industry for Expanded Polystyrene is building. For most insulating needs, expanded polystyrene has ideal physical and mechanical properties. It’s a great design element for green buildings since it gives concrete environmental benefits including increased energy efficiency, enhanced interior air quality, and increased longevity. Because of these considerations, the building and construction industry consumes the most Expanded Polystyrene.
During the projected period, APAC will dominate the Expanded Polystyrene market
Due to growing local demand and rising economic levels, APAC has emerged as the major user and producer of Expanded Polystyrene. The simple availability of low-cost labour and affordable & accessible raw materials is promoting Expanded Polystyrene production in the region, resulting in increased foreign investment. APAC is also the world’s largest and fastest-growing market for expanded polystyrene. The government’s plans to expand public infrastructure, as well as an increase in cash-intensive non-residential building, are boosting market growth.
Driver: Construction and packaging sectors are expanding in emerging countries.
Because of its closed-air low-thermal conductivity, lightweight (easy of handling), mechanical resistance (insulation in wall structures, roofs, and flooring), low water absorption (to prevent humidity), and sound resistance, expanded polystyrene is widely utilised in the building sector (in office and rooms). It has evolved into a powerful design element and an excellent choice for green construction. Expanded Polystyrene provides real-world environmental benefits by increasing energy efficiency, improving indoor air quality, and extending the life of buildings and packaged goods.
Restraint: Crude oil price volatility
Although the price of crude oil will not have a significant impact on the end price of Expanded Polystyrene, any volatility (increase) in the price of Expanded Polystyrene in the future could impair the profitability of styrene producers. Styrene producers such as Royal Dutch Shell (Netherlands), The Dow Chemical Company (US), and LyondellBasell Industries N.V. (Netherlands) are progressively engaging in R&D to reduce investment and cut operational expenses in order to increase their margins as a result of crude oil price changes. Prices for Expanded Polystyrene are projected to be driven by crude oil prices and rising demand in the near future.
Opportunity: Polystyrene products are easily recyclable.
Expanded Polystyrene is a non-toxic, inert material that is created without chlorofluorocarbons and is used in insulation and packaging (CFCs). It has a lower environmental impact than other competing materials. However, it is nearly indestructible, and discarded Expanded Polystyrene takes hundreds of years to biodegrade. It is also photolysis resistant. Previously, Expanded Polystyrene trash was deposited in landfills, but that is no longer the case, and post-consumer and post-commercial Expanded Polystyrene recycling is on the rise.
This research report categorizes the Expanded Polystyrene market based on product type, Application, and region.
On the basis of product type:
● White
● Grey
● Black
On the basis of Application:
● Building & construction
● Packaging
● Others (automotive, medical, marine, and sports & leisure)
Key Market Players
Xingda Group, Synthos, BASF, Jiangsu, and Dalian
Recent Happenings
• ACH Foam Technologies, a prominent manufacturer of moulded polystyrene products with manufacturing locations across North America, was bought by Atlas Roofing in August 2018. Atlas’ product portfolio will be expanded and enhanced, and its position in the North American market will be strengthened.
• BEWiSynbra completed the acquisition of Ruukin Expanded Polystyrene, a Finnish insulation material company, in January 2018. The company will be able to offer expanded polystyrene insulation and packaging solutions in Finland, as it does in the rest of the Nordics, as a result of this acquisition.
• Atlas Roofing reconstructed its Expanded Polystyrene production factory in Perryville, Missouri, in October 2016, after a fire in December 2016 damaged over 85 percent of it.
• Green Expanded Polystyrene, created from recycled Expanded Polystyrene – hard cellular plastic with the same great properties as fresh plastic – was introduced by BEWiSynbra in January 2016 under the GreenLine trademark.
• Synthos Expanded Polystyrene with HBCD for packaging applications was introduced in May 2015 as an upgrade to Synthos’ other Expanded Polystyrene products.
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