The expandable polystyrene acts as an excellent suitable material for the packaging of heavy and fragile products such as – consumer electronics and household goods. The material aids in proper transport and handling of such goods with efficient scratch protection, therefore surging its demand in the market
JERSEY CITY, N.J., Oct. 14, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Expandable Polystyrene Market" By Product Type (White Grey, And Black), By Application (Building and Construction, Packaging), and By Geography. According to Verified Market Research, the Global Expandable Polystyrene Market size was valued at USD 8.7 Billion in 2020 and is projected to reach USD 13.05 Billion by 2028, growing at a CAGR of 5.20 % from 2021 to 2028.
Increasing application of expanded polystyrene in the construction and packaging industries owing to its closed-air low-thermal conductivity, ease of handling, mechanical resistance (insulation in the wall structure and roofs & flooring), low water absorption, and sound resistance is the key factor driving the growth of global expanded polystyrene market.
The ability to provide the best packaging solution to keep the product safe and shock absorbent from risk in transport and providing total protection for the industrial product is fostering the growth of the overall expanded polystyrene market. Additionally, food packaging safety through expanded polystyrene is another prospective factor for the growth of the expanded polystyrene market. The overall market is also driven by the environmental benefits associated with expanded polystyrene and high rate of recycling of expanded polystyrene.
Despite having various advantages of expanded polystyrene, some factors restrain and challenge the growth of the overall market. The factors like volatility in crude oil prices and availability of substitutes such as polypropylene and bio-plastics may thwart the overall growth of the expanded polystyrene market.
Key Developments inExpandable Polystyrene Market
In 2019, Versalis (Eni) a chemical company launched its new type of expandable polystyrene (EPS) named Extir FL 3000 to prevent plastic leakage. This material offers the industry an opportunity to increase sustainable products in sectors such as food packaging, industrial packaging (for appliances, furniture, and automotive vehicles), protective helmets, containers, and seats. It also minimizes the risk of plastic granules leaking into the environment.
The major players in the market are BASF SE, Nova Chemicals Corporation, Synthos S.A., Saudi Basic Industries Corporation (SABIC), Wuxi Xingda New Foam Plastics Materials Co., Ltd., The Ravago Group, Flint Hills Resources, LLC, Alpek S.A.B. de C.V.
Verified Market Research has segmented the Global Expandable Polystyrene Market On the basis of Product Type, Application, and Geography.
Post-Consumer Recycled Plastics Market By Type (Polypropylene (PP), Polystyrene (PS), Polyethylene (PE)), By Service (Recycling, Landfills, Incineration), By End-User (Building & Construction, Packaging, Furniture), By Process (Chemical Process, Mechanical Process, Biological Process), By Geography, Forecast, 2021-2028
Specialty Polystyrene Resin Market By Function (Protection, Insulation, Cushioning), By Application (Protective Packaging, Electrical And Electronics, Healthcare), By Geography, Forecast, 2021-2028
Styrenic Polymers Market By Product (Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Expanded Polystyrene (EPS)), By Application (Building and construction, Automotive industry, Packaging), By Geography, Forecast, 2020-2027
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