Global Expanded Polystyrene (EPS) Market: Overview
Expanded Polystyrene is a light weight polymer that provides excellent chemical barrier protection and moistures resistance. The packaging application accounts for the highest share in the global expanded polystyrene (EPS) market. The market is anticipated to grow substantially during the forecast period owing to a growing packaging industry in the developed economies. Additionally, recent technological advancements and product developments have provided a major thrust to the market’s growth.
Global Expanded Polystyrene (EPS) Market: Notable Developments
Below is a new development that may aid the growth of the global expanded polystyrene (EPS) market:
ReFoam has developed a new oxo-biodegradable and recyclable expanded polystyrene (EPS) product. It offers the benefits of the conventional along with environmental benefits. In addition to this, it is recyclable and is proven to be shelf stable for a couple of years when stored in dry storage. Moreover, the materials escaped into the nature and disposed of in bio-reactive landfills will be returned to conditions apt for the oxo-biodegradation process. This recyclable expanded polystyrene (EPS) product has aided expanded polystyrene (EPS) market to grow its global frontiers.
Prominent players in the global expanded polystyrene (EPS) market include Wuxi Xingda, BASF, Synthos, SUNPOR KUNSTSTOFF, Saudi Basic Industries Corporation, and Atlas Roofing Corporation.
Global Expanded Polystyrene (EPS) Market: Key Growth Dynamics
Expanded Polystyrene (EPS) is used in several construction and building applications such as insulation for cavity walls and floor insulation. Moreover, it offers excellent design flexibility and structural integrity. As a result, and expansion in the building and construction industry has facilitated the growth of global expanded polystyrene (EPS) market. Additionally, increasing demand for thermally efficient constructions has propelled the market’s growth.
Expanded Polystyrene (EPS) is employed in a major pharmaceutical industry application of cold chain packaging as it ensures product safety. Consequently, an expansion in the pharmaceutical industry highly driven the expanded polystyrene (EPS) market’s growth. Moreover, lightweight polymer foam has gained immense popularity in the automotive sector, thereby fueling the market’s expansion. Additionally, applications in manufacturing defense industry infrastructure have given a thrust to the expanded polystyrene market.
Furthermore, extensive use of expanded polystyrene (EPS) in the electronics sector for manufacturing refrigerators, capacitors, vacuum cleaners, television, IT equipment has expedited the expanded polystyrene market’s growth. In addition, increasing demand for electronic devices with enhanced functionality and smart design has led to an expansion in the expanded polystyrene (EPS) market. Moreover, high investment in the manufacturing sector is promoting the market’s growth.
On the downside, there are a few hindrances that may cause a shortfall in the global expanded polystyrene (EPS) market. Availability of substitutes such as polypropylene and bio-plastics may thwart the market’s growth. Additionally, volatility of the raw material prices may impede the market’s expansion. Nonetheless, a burgeoning automotive industry and a governments’ initiatives to promote manufacturing activities will play a key role in driving the expanded polystyrene market’s growth.
Global Expanded Polystyrene (EPS) Market: Regional Outlook
Asia Pacific is expected to dominate the global expanded polystyrene (EPS) market owing to a surge in the manufacturing industry. Additionally, a booming construction market has driven the market’s growth in this region. China is a leading consumer of expanded polystyrene in Asia Pacific. North America is expected to grow substantially owing to the high adoption of EPS in construction applications. The Middle East and Africa are also expected to show promising growth during the forecast period. Higher exports of electronics equipment have fuelled the expanded polystyrene market’s growth in this region.
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