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APAC Polystyrene (PS) & Expanded Polystyrene (EPS) Market to witness highest gains over 2019-2025, expanding construction sector to drive the regional demand

Author : Rahul Varpe | Published Date : 2019-05-14 

Global polystyrene & expanded polystyrene market will be propelled by the increasing demand for foaming and insulation applications in building and construction industry by 2025. By using EPS geofoam, architects and engineers are developing the ideal materials to provides the effective solutions for the construction industry. EPS is easy for handling and lowers the total cost of construction. The noteworthy applications of PS & EPS include: slope stabilization, lightweight filler for construction, roadway and runway formation level insulation, etc. Global PS & EPS market for construction segment will grow significantly with a CAGR of approximately 5% by 2025.

In the recent years a significant threat of substitution was observed by the global PS & EPS market. The significant market hold by the polyethylene and polypropylene may negatively affect the global polystyrene & expanded polystyrene market during the forecast period. The market will surpass USD 49 billion by 2025; according to a new research report.

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In the year 2017, packaging sector had share of above 30% in global polystyrene & expanded polystyrene market. In recent decade polystyrene has been significantly used as a lucrative solution not only in rigid packaging but also for food packaging. Use of polystyrene in packaging prevents spillage of food and provides good thermal insulation. PS and EPS helps in cost and weight reduction and provides freshness, convenience, aesthetic essential and information. The substantial demand for PS & EPS in packaging applications is expected to grow significantly during the forecast period.

In automobile industry, the trend to replace metal by plastics has been prevailing, due to their higher impact strength, easy moldability, improved aesthetics, scratch resistance, cabin insulation, and lightweight. Transportation segment is expected to be a notable driver for the global polystyrene & expanded polystyrene market during the forecast period.

In 2017, Asia Pacific was leader in the global polystyrene & expanded polystyrene market which has contributed more than 40% market share. This greater share was due to the increase in construction and automotive industries in the region. The growing urbanization and increasing demand for the packaged food will boost the market by 2025.

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The robust demand for these polymers in the construction sector, owing to their excellent water resistance and thermal insulation properties have further led PS & EPS industry to accrue remarkable gains in the ensuing years. In fact, reports depict the polystyrene and expanded polystyrene market size to be valued at USD 34 billion in 2016, pertaining to the massive number of infrastructure development projects across the globe.

In order to increase the overall production capability through chemically recycled PS and EPS, joint ventures are a common strategy undertaken by companies. For instance, Agilyx Corp. has partnered with the styrenics provider, Ineos Styrolution to manufacture products on a large scale from its pyrolysis plant. Speaking of which, some of the key participants in polystyrene (PS) & expanded polystyrene (EPS) market are:

  • BASF SE
  • Dow Chemical Company
  • Synthos
  • ACH Foam Technologies Inc.
  • Total S.A
  • Synbra Holding BV
  • Flint Hills Resources LLC
  • Kaneka Corporation
  • Kumho Petrochemical
  • SABIC

Considering the usability of these polymers, polystyrene (PS) & expanded polystyrene (EPS) market players are focusing on development of cost effective and environment friendly products. Shifting trends toward the usage of biodegradable and renewable products are also expected to favor the industry growth in the ensuing years. The extensive product demand from end-use sectors such as food service and hospitality, in tandem with the global requirement of environmental safety, will certainly fuel market size over the years ahead.

 

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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