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.
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.
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Further key findings from the repot suggest:
- 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