SAN FRANCISCO, Feb. 24, 2020 /PRNewswire/ -- The global expanded polystyrene market size is projected to reach approximately USD 13.66 billion by 2027, according to a new report conducted by Grand View Research, Inc. It is expected to register a revenue-based CAGR of 4.8% during the forecast period. High number of millennials and nuclear families along with increasing disposable income is anticipated to positively impact the consumption of single use expanded polystyrene (EPS) containers provided by food outlets and takeaway stations. These factors are expected to significantly drive the EPS market.
Key suggestions from the report:
- Demand for EPS in North America will surge in accordance with growth in automotive and packaging sector. Mature markets such as U.S. have expanding client request, greater interest in terms of innovations, as well as implementation of designs, which is anticipated to further drive the growth
- Middle East and Africa is expected to witness significant rise in demand with rising focus on exports of apparels, citrus fruits, foodstuffs, electronic equipment, and jewelry
- White EPS demand will increase over the projected period as emerging markets are investing on developing manufacturing and packaging plants for global and domestic trade
- Grey EPS is set to witness a CAGR of 4.5% from 2020 to 2027 in terms of revenue on account of its application in construction of residential buildings. The properties of insulation derived from graphite mixed expanded polystyrene is a key driver for its growth
- Some of the key players operating in the expanded polystyrene market are BASF, SABIC, DOW chemicals, NOVA Chemicals, TOTAL SA, Versalis S.P.A., Unipol Holland BV, Ravago group, Alpek S.A.B. De Cv, Styrochem, Brodr Sunde group, Synthos SA, Sunpor Kunststoff GMBH, Kaneka Corporation, and ACH foam technologies
Read 92 page research report with ToC on "Expanded Polystyrene Market Size, Share & Trends Analysis Report By Product (White, Grey), By Application (Construction, Automotive, Packaging), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/expanded-polystyrene-eps-market
In addition, innovation in automotive sector including light weight and fuel efficient car manufacturing is anticipated to propel to the demand for expanded polystyrene over the forecast period. The demand for EPS in packaging industry is projected to expand at a CAGR of 4.9% from 2020 to 2027. High rate of manufacturing capabilities across developing nations, rising exports, and future growth in high rate of e-commerce business are some of the factors projected to continue driving the demand for packaging products over the next nine years, which in turn is anticipated to fuel the EPS market.
The rise in inward migration in regions like Europe and North America will eventually increase the rate of residence complexes aided by employment and spending capabilities among consumers, which will surge the growth of construction sector as well as fuel the demand for expanded polystyrene over the projected period. Rising awareness regarding green building and encouragement from governments for its adoption is anticipated to fuel the demand for EPS in the forthcoming years.
Grand View Research has segmented the global expanded polystyrene market on the basis of product, application and region:
- Expanded Polystyrene Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Expanded Polystyrene Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Expanded Polystyrene Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Find more research reports on Specialty Polymers Industry, by Grand View Research:
- Super Absorbent Polymer Market – Global super absorbent polymer market size was valued at USD 7.9 billion in 2018 and is anticipated to progress at a CAGR of 6.3% during the forecast period.
- Lactic Acid Market – Global lactic acid marketsize was valued at USD 2.64 billion in 2018 and is expected to grow at an estimated CAGR of 18.7 % from 2019 to 2025.
- Polyphenylene Sulfide Market – Global Polyphenylene Sulfide (PPS) market size was estimated at USD 1.19 billion in 2018. It is anticipated to expand at a CAGR of 8.8% during the forecast period.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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