Expanded Polystyrene (EPS) Market growing at a CAGR of 3.18%, to surpass US$7.1 billion by 2028

NOIDA, UTTAR PRADESH, INDIA, August 21, 2023/EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the expanded polystyrene (EPS) market is projected to grow at a CAGR of 3.18% between 2021 and 2028 to reach US$7.144 billion by 2028. A major factor driving the Expanded Polystyrene Market growth is the rising consumer awareness and preference towards EPS products.

The expanded polystyrene market is a growing section of the plastics industry, distinguished by the lightweight and flexible foam material it produces. Because of its high thermal insulation capabilities and low cost, EPS is widely utilized in packaging, insulation, and building applications. The market's expansion is being driven by its numerous uses, which include protective packaging, building insulation, and food service items. As companies prioritize sustainability and energy efficiency, EPS continues to play an important role in meeting these demands with new and practical solutions. The expanded polystyrene market is witnessing substantial expansion, which is being driven by a number of variables that are shaping its trajectory collectively.

The expansion of the construction industry and infrastructure developments are critical to the market's success. Due to its insulating qualities, EPS is frequently employed in construction, contributing to energy-efficient and sustainable building solutions. As infrastructure projects expand throughout the world, EPS is finding widespread use in roofing, wall insulation, and concrete void filling. According to Statistics Canada, overall investments in building construction climbed by 6.3% to $19.9 billion in April 2021. EPS usage is fueled by rising demand for lightweight and insulating materials. Because of its low density and good thermal insulation, it is a popular option in a variety of sectors, including packaging, automotive, and appliances.

Another key factor is the expansion of the packaging and consumer goods industries. EPS is a protective packing material that protects fragile products during shipping. Its cushioning capabilities, as well as its low cost, lead to its extensive usage in consumer product packaging. EPS manufacturing technology advancements improve product quality and manufacturing efficiency. Improvements in molding processes and raw material formulas result in superior EPS variations, broadening its application across sectors. Energy Efficiency and Sustainability Requirements highlight the market's expansion. Because of its recyclability, EPS adheres to environmental rules and sustainability goals, decreasing its ecological footprint and appealing to environmentally aware consumers.

Consumer awareness and preference for EPS products are increasing. As customers prioritize ecologically friendly and cost-effective materials, EPS gaining popularity as a flexible and cost-effective option. The usage of EPS in agricultural applications such as greenhouse insulation and hydroponic systems broadens its application. The insulating qualities of EPS promote plant development, which drives its usage in contemporary agriculture. These development factors together present the expanded polystyrene market as a versatile and sustainable solution, serving the changing demands of many sectors and contributing to its ongoing expansion.

Access sample report or view details: https://www.knowledge-sourcing.com/report/expanded-polystyrene-eps-market

The expanded polystyrene market has been categorized based on product, industry, and geography. The market has been segmented based on products into EPS sheets, EPS boxes, EPS chips, and others. The industry segment is further classified into automotive, building & construction, healthcare, packaging, and others.

By region, Asia-Pacific dominates the expanded polystyrene (EPS) market owing to rising industrialization, urbanization, and building activities, countries such as China, Japan, and India have high demand for EPS. The region's booming packaging, automobile, and consumer goods industries all help to explain its supremacy. Asia-Pacific is a big user and producer of EPS, with a large consumer base, growing infrastructure developments, and a focus on energy-efficient construction solutions. Furthermore, favorable government policies, as well as increased awareness of sustainable materials, contribute to the region's leadership in the EPS industry.

As a part of the report, the key companies operating in the expanded polystyrene market that have been covered include Synthos, BASF SE, Styro Limited, Universal Foam Products, Kaneka Corporation, Nova Chemical Corporation, Adeplast, Carpenter Company, and Taita Chemical Company Limited among other significant market players.

The market analytics report segments the expanded polystyrene market as following:

• By Product

o EPS Sheets
o EPS Boxes
o EPS Chips
o Others

• By Industry

o Automotive
o Building and Construction
o Healthcare
o Packaging
o Others

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• UK
• Germany
• France
• Spain
• Others

o Middle East and Africa (MEA)

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others

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• Global Building Insulation Materials Market: https://www.knowledge-sourcing.com/report/global-building-insulation-materials-market

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Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
[email protected]
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