CHICAGO, Dec. 13, 2019 /PRNewswire/ -- According to the new market research report "Extruded Polystyrene Market by Application (Foundation (Basement & Below Ground), Roof, Wall, Floor & Ceiling), End Use (Residential, Commercial), Region (Europe, North America, APAC, Middle East & Africa, South America) - Global Forecast to 2024", published by MarketsandMarkets™, the global Extruded Polystyrene Market size is projected to grow from USD 5.5 billion in 2019 to USD 6.7 billion by 2024, at a CAGR of 4.0%, during the forecast period.
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The global extruded polystyrene (XPS) market size is driven by the booming construction industry, rapid urbanization, and huge investments by governments in infrastructure development in emerging economies. Established infrastructure in developed countries and unstable economic cycles are restraining the market growth while the utilization of XPS in residential infrastructure offers opportunities to the manufacturers. The wide acceptance of XPS in the construction industry is mainly driving the market growth.
Based on application, the foundation segment is projected to grow at the highest CAGR during the forecast period
Insulating the entire house is very critical in order to reduce the energy loss that can occur through the basement or foundation. Energy loss through basement or foundation is calculated at one-third of the total energy lost through the infrastructure. Exterior basement or foundation insulation is performed underground to achieve best results. High compressive strength and moisture resistance properties of XPS foam makes it an ideal choice for basement and foundation insulation
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The residential segment accounts for the largest share in the XPS market by end use.
The residential end use holds the largest share in the XPS market by end use, and this trend is expected to continue. The residential sector plays an important role in the growth and development of the overall construction sector. The increased demand for houses and the easy availability of funds have led to a strong focus on this sector.
According to the World Economic Forum, the global investment in infrastructure is expected to be USD 79 trillion by 2040.
In order to meet this investment requirement, countries all over the world would have to invest heavily in infrastructure development. Therefore, the increase in construction activities is expected to drive the demand for XPS.
The XPS market in APAC is projected to grow at the highest CAGR during the forecast period.
APAC is projected to be the fastest-growing XPS industry during the forecast period. It is expected to have a huge demand for XPS owing to the increase in government investments in infrastructure and international funding for developing countries. Additionally, the housing demand to meet the expectations of the steadily-growing population, public utilities & development spending, commercial & entertainment structures, and several other similar factors are expected to drive the demand for XPS in this region in the near future.
Major players in the Extruded Polystyrene Market include BASF SE (Germany), Synthos S.A. (Poland), DuPont de Nemours Inc. (US), Saint-Gobain Isover SA (France), Knauf Group (Insulation) (Germany), Owens corning Inc. (US)., TechnoNicol Corporation (Russia), Austrotherm GMBH (Austria), Ursa Insulation SA (Spain), Penoplex SPB LLC (Russia), Ravago Group (Luxembourg), and Loyal Group (China).
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