Expanding Horizons: Exploring the EPS Market with a CAGR of 8.5% and Surging US$ 22.9 billion -BY PMI
Prophecy Market Insights latest research report on the In Expanded Polystyrene Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Nov. 14, 2023 (GLOBE NEWSWIRE) — Expanded Polystyrene (EPS) is a lightweight, rigid, and versatile plastic foam material derived from polystyrene. It is widely used in various applications due to its exceptional insulating, cushioning, and lightweight properties. EPS is created by expanding solid polystyrene beads through the application of heat, which causes them to puff up and form a closed-cell structure filled with air.
Growing environmental concerns and regulations have led to the development of more environmentally friendly alternatives to traditional expanded polystyrene market. However, EPS remains a cost-effective material for many applications and is likely to continue being used in areas where sustainability is less critical.
Key Highlights –
- In April 2023, Epsilyte launched EPS made from 50% PCR content. According to the North American manufacturer of packaging materials, 124LR is made especially for packaging and is intended for moulded items that need a smooth finish.
Analyst View –
One of the main markets for EPS is the building industry, which is projected to expand as urbanization keeps happening. The need for energy-efficient infrastructure and buildings will probably propel the usage of EPS in insulation applications.
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Expanded polystyrene is used in building and construction:
- Thermal Insulation: EPS is widely used as thermal insulation in residential, commercial, and industrial buildings. It is used in the form of EPS boards or sheets to insulate walls, roofs, and floors, providing energy efficiency and reducing heating and cooling costs.
- Concrete Formwork: EPS blocks are used to create lightweight concrete formwork, which simplifies the construction process, reduces labor and material costs, and provides excellent insulation within the concrete structures.
- Exterior Insulation and Finish Systems (EIFS): EPS is a key component of EIFS, a popular cladding system used to improve the energy efficiency and aesthetics of buildings. EPS boards are used as a base for the application of exterior finishes.
- Geofoam: Geofoam, a type of EPS, is used for lightweight fill in construction projects. It’s employed for applications like road construction, bridge abutments, and retaining walls, where traditional fill materials might be too heavy.
- Roofing Insulation: EPS insulation boards are used for flat and pitched roofs to provide insulation and waterproofing. They are often installed under roofing materials to improve thermal performance.
- Void Fill: In construction, EPS is used as void fill material to support structures like roads, runways, and building foundations. It helps reduce settlement and prevents damage to overlying structures.
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Key players in the expanded polystyrene market includes:
- Wuxi Xingda New Foam Plastics Materials Co., Ltd.
- Synthos S.A.
- BASF SE
- Total S.A.
- Sunpor Kunststoff GmbH
- Ravago SA
- Alpek S.A.B. de C.V.
- Versalis S.p.A.
- Flint Hills Resources
- Saudi Basic Industries Corporation
- NOVA Chemicals Corporation.
The expanded polystyrene (EPS) market has experienced steady growth in recent years, driven by several factors:
- Rising Demand for Energy-Efficient Buildings: The growing emphasis on energy efficiency in building design and construction has driven the demand for EPS insulation materials. EPS is an effective thermal insulator, helping reduce energy consumption for heating and cooling in buildings.
- Sustainable Construction Practices: The construction industry is increasingly focusing on sustainability and environmentally friendly building materials. EPS is recyclable and offers a sustainable option for insulation and lightweight construction applications.
- Infrastructure Development: The expansion of infrastructure projects, such as roads, bridges, and tunnels, has contributed to the demand for EPS geofoam as a lightweight fill material. Its use in infrastructure projects helps reduce construction costs and accelerate project timelines.
- Versatility in Construction: EPS is versatile and can be used in a wide range of construction applications, including concrete formwork, EIFS, roofing insulation, soundproofing, and decorative elements. Its versatility contributes to its widespread use.
- Cost-Effectiveness: EPS is a cost-effective insulation and construction material. Its affordability makes it an attractive choice for builders and contractors, especially in residential and commercial construction.
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