Extruded Polystyrene Market | BASF SE Dow, Dupont Kingspan Group, Owens Corning
Extruded Polystyrene Market: Information by End-use Industry (Residential Construction, and Commercial Construction), and Region (Asia-Pacific, North America, Europe, Latin America, and Middle East and Africa) —Global Forecast till 2023
Some of the key players in the global extruded polystyrene are BASF SE (Germany), DowDupont (US), Kingspan Group (Ireland), Owens Corning (US), EMIRATES EXTRUDED POLYSTYRENE L.L.C. (Dubai), Abriso nv (Belgium), ACH Foam Technologies, Inc. (US), Ravago S.A. (Ravatherm) (Luxemburg), Soprema (France), URSA Insulation, S.A (Belgium) and Austrotherm (Germany)
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The global extruded polystyrene demand is expected to reach USD 3.6 billion by 2023.
Polystyrene is a versatile material used to make a range of consumer products. It is often used in products that necessitate clarity such as food packaging and laboratory ware. In combination with numerous additives, colorants, and other plastics, polystyrene is used to manufacture appliances, automobile parts, electronics, toys, equipment, and gardening pots. Polystyrene is also used as a foam material as extruded polystyrene (XPS) and expanded polystyrene (EPS) which are used for insulation. Extruded polystyrene is produced by extrusion process, it is available in foam billets from the extruder. XPS is widely used as an insulation material in an array of construction applications such as roof, ceilings, pipelines, transportation and other.
The major demand side drivers identified in the global XPS market include an expanding construction industry and the increasing adoption of energy efficient materials is expected to drive the market for XPS during the forecast period. Some of the distinct properties of XPS over traditional insulation materials include significant thermal insulation or R-value, water repellence, less prone to rotting, chemical resistant, and durability among others. Thus, due to its efficient R-value properties it is getting more traction in the insulation applications in both residential and commercial construction.
The global extruded polystyrene market has been segmented by end-use industry and region.
Based on end-use industry, the market has been segmented into residential construction and commercial construction
The commercial construction accounted for over more than half of the global extruded polystyrene demand in terms of value and volume. The demand for extruded polystyrene in commercial constructions like office buildings, malls, general commercial, and institutional buildings is expected to drive the demand during the forecast period. Bolstering investments in the commercial construction activities in Asia Pacific and the Middle East region is expected to drive the demand for extruded polystyrene. With rising pressure to increase the LEED (Leadership in Energy and Environmental Design) credits, innovative energy saving materials are being used in new constructions, which in turn is driving the demand for extruded polystyrene owing to its distinct advantages over traditional insulation materials.
Besides, the growing investments by the major insulation material manufactures is expected to drive the demand during the forecast period. For instance, Kingspan Insulation, a leading insulation material provider inaugurated its new USD 25 million extruded polystyrene plant in the US on account of the growing trend i.e., green buildings.
Based on region, the global extruded polystyrene market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The market in Asia-Pacific accounted for the largest value share of the global extruded polystyrene market on account of increased spending on the growing infrastructural development coupled with considerable increase in polymer industry.
North America is another prominent market in the global extruded polystyrene market on account of increasing use of extruded polystyrene as insulation material in residential and commercial construction is expected to drive the demand.
The market in Europe is expected to register a moderate growth with demand for efficient insulation materials.
The market in Latin America and the Middle East and Africa are likely to grow at a healthy CAGR on account of increased investments in the construction industry.
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- Extruded Polystyrene manufacturers
- Polystyrene Producers
- Traders and distributors of Extruded Polystyrene
- Research and development institutes
- Potential investors
- Raw material suppliers