Expanded Polystyrene Market | Business Growth, Comprehensive 2023
Posted by Marketresearchfuture on August 6th, 2020
Expanded Polystyrene (EPS) is a thermoplastic product manufactured by using polystyrene beads. It is composed of many styrene monomers which are linked together to form polystyrene by polymerization process. The lightweight, durable, moisture resistance, versatile and easy use properties of the product are the important trends and factors influencing the market confidently. Therefore, they are used in various applications such as construction & buildings, packaging, automotive, and others.
As per our analysis, the Global Expanded Polystyrene Market is bifurcated into type and application. The market by type is further divided into white, grey, and black Expanded Polystyrenes. Among these, the white Expanded Polystyrene segment holds a major portion of the market on account of its growing use in packaging applications such egg trays, fast foods owing to its cost effective, convenient to use, and versatile nature. Moreover, the grey Expanded Polystyrene segment is predicted to witness a moderate growth in the market due to its high cost of production. Construction & buildings, packaging, automotive, and others are segregated on the basis of application. Among these, the packaging segment is set to grow at a higher rate on account of growing demand for vegetables, fish, poultry, and others. The automotive segment is set to grow at a higher CAGR on account of increasing substitution of heavy metals by lightweight materials. Additionally, the construction & buildings is predicted to witness a rapid growth due to growing consumption of polystyrene in roofs, walls, and other structures.
The Expanded Polystyrene Market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the market due to the growing consumption of lightweight materials in construction & buildings, packaging, automotive, and others. The packaging segment holds the major portion of the market due to growing replacement of cardboard products in the industry. Thus, this segment is predicted to witness a rapid growth in the market during the forecast period. Therefore, countries such as China, Japan and India are the major players in this market.
The North America region is growing significantly due to an increased consumption of polystyrene in packaging, construction & buildings, and others. It is predicted that rising disposable income and increasing investments in the end-use industries are likely to drive the market during the forecast period. The growing consumption of polystyrene product in construction & buildings has propelled the countries such as the U.S., Canada and Mexico to achieve a stunning growth in the market.
European market has also observed a remarkable growth due to an implementation of new rules and regulations proposed by the government to follow lightweight and biocompatible products in the industry. The market has been driven by the application of this rule in the packaging and construction & buildings sectors. It is estimated that the growing innovation and technological advancement are predicted to propel the growth in the countries such as the U.K, Italy, Germany, and France during the forecast period.
The Latin American region is estimated to witness a recognized development in the market due to the growing consumption of low density, humid resistant materials and rising awareness of eco- friendly products in the industry. Moreover, the Middle East & Africa is anticipated to witness a higher growth in the market due to increasing demand for expanded polystyrene in construction & buildings, packaging and automotive sectors.
Global Key Players:
The Global Expanded Polystyrene Market is segmented into type, and application. On the basis of the type, the market is further categorized into white, grey and black expanded polystyrenes. Among these, the white Expanded Polystyrene segment holds a majority of the market share due to extraordinary features offered by the product such as water-resistance and reliable nature. The grey Expanded Polystyrene segment is projected to witness a mediocre growth in the market due to its high cost of production than other segments. The market by application is further categorized into construction & buildings, packaging, automotive, and others. Among these, the packaging segment is accounts for major share of the market owing to growing popularity of applications such as egg trays, fast foods, vegetables, fish, and poultry. Additionally, the automotive segment is set to grow at a higher rate in the market due to growing consumption of product in manufacturing high standard and efficient vehicles. Therefore, the recyclable ability, safety and a biocompatible nature are the major reasons behind the consumption of polystyrenes in most of the end use industries.
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
COVID-19 Impact Analysis on Bio-Based Chemicals Market@ https://www.marketresearchfuture.com/report/covid-19-impact-bio-based-chemicals-marketAlso See: Polystyrene Market, Expanded Polystyrene, Comprehensive 2023, Business Growth, Polystyrene, Market, Expanded
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