The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Expanded Polystyrene Market.
It was estimated prior to this unanticipated outbreak that the Expanded Polystyrene Market was expected to grow at a CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Expanded Polystyrene (EPS) is a recyclable plastic material produced from solid beads of polystyrene and is majorly used in the food and construction industries. EPS is lightweight with low thermal conductivity and has excellent cushioning properties.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the product type, the market is segmented as white EPS, grey EPS, and black EPS. White EPS is expected to be the largest segment during the forecast period, driven by its excellent thermal and mechanical properties, stable dimensions for end-use, non-corrosive nature, and easy recyclability.
Based on the end-use industry type, the expanded polystyrene (EPS) market is segmented as building & construction, packaging, and others. The building & construction industry segment dominates the market, as EPS is the supreme choice for green building and provides maximum energy efficiency, improved indoor environmental quality, and enhances durability.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing expanded polystyrene (EPS) market during the forecast period, driven by various government proposals for improving public infrastructure and the rising cash-intensive non-residential construction. Also, developing countries of the region have several upcoming building & construction projects.
Some of the major expanded polystyrene (EPS) manufacturers are-