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The expanded polystyrene (EPS) market size is estimated to grow at a CAGR of 4.72% between 2023 and 2028. The market size is forecast to increase by USD 2.78 billion. The growth of the market depends on several factors such as the environmental benefits associated with expanded polystyrene, the growth of the e-commerce sector, and the high rate of recycling of expanded polystyrene.
This expanded polystyrene market report extensively covers market segmentation by end-user (building and construction, packaging, and others), product (white, grey, and black), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the expanded polystyrene market growth is the environmental benefits associated with expanded polystyrene. Even though, expanded polystyrene is non-biodegradable, its ease of recycling and composition, which includes a large amount of air and a limited amount of plastic, make it environment-friendly. In addition, the use of expanded polystyrene to package products is more sustainable than the use of plastic, wood, and cardboard. Therefore, consumers prefer expanded polystyrene.
Moreover, recyclability, reusability, and its ability to save energy are some of the key factors that make expanded polystyrene environment-friendly. Therefore, the environmental benefits associated with expanded polystyrene will increase its adoption by enterprises from industries such as retail, healthcare, and food and beverages. Hence, such factors drive the market growth during the forecast period.
A key factor shaping the expanded polystyrene market growth is the growth of the food delivery and takeaway market. The food delivery and takeaway market is growing at a rapid pace across the world. In addition, some factors that drive the growth of the market are rapid urbanization, hectic lifestyles and schedules of people, access to smartphones, and the increasing use of m-commerce.
Moreover, the number of online food orders is growing due to the advent of new online food delivery platforms. In addition, as most people across the world are habituated to the use of the Internet and mobile applications, they prefer ordering food through mobile applications and online portals. Furthermore, food packaging materials, such as expanded polystyrene, are widely used for packaging and delivering different kinds of food, such as burgers, sandwiches, and bread. Hence, such factors drive the market growth during the forecast period.
The popularity of bioplastic packaging is one of the key challenges hindering the expanded polystyrene market growth. Bioplastics can be referred to as biodegradable plastics that are derived from renewable biomass sources, such as corn starch, vegetable fat and oil, straw, woodchip, and food waste. In addition, environmental awareness and sustainability are key areas of concern for customers, which is forcing packaging companies to adopt sustainable packaging.
Moreover, this is increasing the demand for bioplastic packaging. In addition, several governments have started initiatives to promote the use of bioplastics over hazardous polymer and plastic materials. Furthermore, the fund aimed to support projects that utilize household food scrap to create environmentally friendly plastic bags and cups as well as smart labels. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Expanded Polystyrene Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alfa Corporativo S.A. de C.V: The company offers expanded polystyrene solutions, such as expandable polystyrene, which is a rigid cellular plastic made from solid beads of polystyrene, under the subsidiary of Alpek S.A.B. de C.V.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The building and construction segment is estimated to witness significant growth during the forecast period. There is an increasing use of expanded polystyrene in the building and construction industry for various purposes, such as insulation, wall panels, insulation panels, and resource management. In addition, the usage of expanded polystyrene in insulation in walls, floors, and roofs helps in maintaining the temperature of the building. Furthermore, wall panels and insulation panels can be created using expanded polystyrene.
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The building and construction segment was the largest segment and was valued at USD 5.49 billion in 2018. Moreover, due to increasing urbanization, population factors are expected to contribute to the growth of the construction and building sector. In addition, the tremendous growth in the building and construction sector is fuelling significant demand for expanded polystyrene. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main contributors to the expanded polystyrene market growth in APAC include developing economies, such as China and India. In addition, factors such as the rapidly expanding e-commerce, fast-moving consumer goods (FMCG), household appliances, and personal care end-user industries are fuelling the growth of the market in APAC.
In addition, the growth of the e e-commerce industry in APAC is fuelled by the rising population in the region, which drives the overall demand for goods through online distribution channels. Moreover, packaging is a very important aspect of the e-commerce market, as products are prone to damage during transportation. Hence, such factors are driving the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global expanded polystyrene market witnessed a significant slowdown due to the temporary shutdown of manufacturing facilities in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of operations in manufacturing facilities. Such factors are expected to drive the market during the forecast period
The expanded polystyrene market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Expanded Polystyrene Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.72% |
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Market Growth 2024-2028 |
USD 2.78 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.6 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alfa Corporativo S.A. de C.V., Atlas Roofing Corp., BASF SE, BEWI ASA, Eni SpA, Epsilyte LLC, Evonik Industries AG, Jiangsu Sunchem New Materials Co. Ltd., Kaneka Corp., Koch Industries Inc., LG Electronics Inc., PJSC SIBUR Holding, Ravago, Saudi Arabian Oil Co., Sundolitt Ltd., SUNPOR Kunststoff GmbH, Synthos SA, TotalEnergies SE, UNIPOL, and Wuxi Xingda foam plastic new material Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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