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The global expanded polystyrene (EPS) market exhibited robust growth, reaching a valuation of USD 10.19 billion in 2022, with a projected Compound Annual Growth Rate (CAGR) of 8.60% from 2023 to 2030. Social factors like a focus on occupant health, sustainable business practices, and community-building have influenced this growth. EPS, known for its moisture resistance, thermal insulation, and excellent shock absorption properties, has seen increased demand, particularly in packaging applications, driven by gains in the food service industry and the rising popularity of packaged food.
The United States dominated the North American EPS market, anticipated to be one of the fastest-growing markets in 2023. The demand surge is attributed to the construction and packaging sectors, driven by factors such as high urbanization levels, e-commerce penetration, and the impact of the COVID-19 pandemic. Favorable market conditions in commercial real estate, a robust economy, and government financing for institutional buildings and public works are fueling rapid growth in the U.S. construction industry. Initiatives like health center construction, affordable housing, and large-scale projects further contribute to the increasing demand for EPS.
In terms of applications, the construction segment led the industry in 2022, accounting for over 44.1% of total revenue. The growth is fueled by the various characteristics of EPS, including thermal insulation, low weight, chemical inertness, and resistance to bacteria and pests. Packaging applications also witnessed substantial growth, with EPS being ideal for storage and transportation due to its superior shock-absorbing qualities. The automotive segment is expected to grow significantly, driven by the demand for lightweight, impact-resistant, and shock-absorbing materials in automobile parts.
The EPS market is segmented into white and grey EPS, with the white segment dominating in 2022, accounting for over 62.71% of revenue. White EPS is primarily used in food packaging, consumer goods packaging, and electronics products packaging. The grey EPS segment is expected to grow at a significant rate due to its applications in automotive, construction, furniture, sports apparel, and other sectors. Grey EPS, modified with graphite for improved performance, is costlier and finds application in building projects.
The Asia Pacific region held a dominant position in 2022, contributing over 40.70% to the overall revenue share. The region is expected to be a key driver of global market growth, fueled by demand from automotive, packaging, and construction applications in emerging economies like China and India. In North America, the construction sector is set to witness significant growth, driven by the demand for non-residential construction projects, particularly in healthcare.
The industry is highly competitive, with international and regional players. Major companies are focusing on developing polymers for EPS production to meet the rising demand from construction and automotive industries. Key players include Atlas Roofing Corp., Alpek S.A.B. de C.V., BASF SE, Kaneka Corp., SIBUR Holding PJSC, BEWI, SUNPOR, Synthos, TotalEnergies, Flint Hills Resources, NOVA Chemicals Corporate, StyroChem, Ravago Manufacturing, UNIPOL, Versalis S.p.A., SABIC, and Sundolitt Ltd.
The expanded polystyrene market is estimated to reach USD 19.69 billion by 2030, with a projected CAGR of 8.60% from 2023. The report covers historical data from 2018 to 2021, providing forecasts until 2030. Segments include product (white, grey), application (construction, packaging, automotive, others), and region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The expanded polystyrene market is poised for significant growth, driven by factors such as increasing demand in construction, packaging, and automotive applications. Key regions, including the U.S. and Asia Pacific, are expected to be major contributors, with white and grey EPS catering to diverse industry needs. Competitive dynamics and continuous product development will shape the market landscape as it evolves over the forecast period.
The global expanded polystyrene (EPS) market exhibited robust growth, reaching a valuation of USD 10.19 billion in 2022.
The global market is projected to grow at a CAGR of 8.60% during the forecast period, 2023-2030.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65533
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