Global expanded polystyrene market to reach $ 18.97 billion by 2022: Study

Growing construction & packaging industries to drive the market in emerging countries

Last Updated : Apr 26 2017 | 4:58 PM IST

The expanded polystyrene market is projected to reach $ 18.97 billion by 2022, at a CAGR of 5.1 percent from 2017 to 2022, according to MarketsandMarkets research report.

The market is mainly driven by the growing construction and packaging industries in emerging countries. Expanded polystyrene is widely used in the construction industry, due to closed air low thermal conductivity, lightweight (ease of handling), mechanical resistance (insulation in wall structure, roofs & flooring), low water absorption (prevents damage due to humidity), and sound resistance (in offices). Packaging is a major component of a company’s successful marketing strategy, fostered by innovation. The growth of the packaging industry is thus consequently expected to fuel the growth of the expanded polystyrene market.

Expanded polystyrene resins are commonly used materials in the building & construction industry. Apart from its application in insulation, expanded polystyrene foam is also used inroad foundations, void forming, flotation, drainage, impact sound insulation, modular construction elements, cellular bricks, bridges, railway lines, public buildings, or even small family residences, among others. Excellent mechanical properties, quick construction & assembly ability, and low subsequent maintenance of expanded polystyrene makes it a preferred material in the building & construction industry. Changing consumer preferences and growing need for technologically-advanced products is expected to boost the market for expanded polystyrene.

Some of the major players in the market are Ach Foam Technologies (USA), Alpek SAB de CV (Mexico), BASF (Germany), Kaneka Corporation (Japan), Sibur Holding (Russia), Sabic (Saudi Arabia), Sunpor Kunststoff GmbH (Austria), Synbra Holding BV (Netherlands), Synthos SA (Poland), and Total SA (France).

Grey expanded polystyrene materials with lesser thermal conductivities but better insulation properties than the white expanded polystyrene have been developed, with the purpose of improving the energy efficiency of the buildings. Graphite, which is used in grey expanded polystyrene, reduces the amount of radiant heat that moves through the expanded polystyrene. The use of graphite in expanded polystyrene helps reduce heat transfer through the material by 9-21 percent, depending on density. The grey expanded polystyrene segment is projected to witness higher growth than that the white expanded polystyrene segment in the next five years.

The expanded polystyrene market in Asia-Pacific is witnessing rapid growth, driven by significant economic growth and infrastructural development in various countries across the region. Increasing activities in the building & construction industry in the region are expected to boost the demand for expanded polystyrene in Asia-Pacific.