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 Extruded Polystyrene Market.
It was estimated prior to this unanticipated outbreak that the Extruded Polystyrene Market was expected to grow at a CAGR of 4.0% 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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Extruded polystyrene or XPS, majorly used as thermal insulator is a rigid foam manufactured from polystyrene extrusions, in the presence of foaming gas. Produced on extruding machines, this hard foam is a closed-cell foam material that offers distinguished properties aiding in moisture management, and resisting both water absorption and freeze cycles.
Extruded polystyrene is used in various applications such as foundation, wall, roof, and floor & ceiling for various end-use industries, such as residential and commercial. Increasing demand for construction activities due to growth in the residential and commercial infrastructure is likely to be the prime factor augmenting the growth of the market.
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 application type, the extruded polystyrene market is segmented as foundation, wall, roof, floor & ceiling, and others. In terms of value, foundation is estimated to be the largest as well the fastest-growing segment of the market. The energy lost through parts of a building such as walls or roofs accounts for a lower percentage as compared to the energy lost through the buildings’ foundation. As a result, foundation requires heavy insulation for prevention of energy losses and penetration of moisture into the foundation. Along with saving energy used for heating/cooling, XPS also strengthens the overall infrastructure because of its favorable properties such as high compressive strength and moisture resistance.
Based on the end-use industry type, the market is segmented as residential, commercial, and others. The residential segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Increase in demand for residential infrastructure development in the emerging countries, as XPS principally improves the insulation of buildings, is driving the growth of this segment.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing extruded polystyrene market during the forecast period. Increasing government and private sector investments in infrastructure development are likely to boost the construction market in countries such as India and China, creating lucrative growth opportunities. The growth of the market is also fueled by rapid urbanization in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major extruded polystyrene manufacturers are-