Extruded Polystyrene Market

Extruded Polystyrene Market Size 2023-2028:

Extruded Polystyrene Market size was assessed to be USD 9.2 billion in 2022 and is projected to achieve USD 12.1 billion by 2028, at a compound annual growth rate of 8.21%, during the calculated period 2023-2028

It is employed mainly as a thermal insulator. Extruded polystyrene hard foam is considered a closed-cell foam material that can absorb even a minimum quantity of moisture. It's produced on extruding machines within the type of continuous foam billets. Extruded polystyrene foam provides distinct properties such as moisture management and limits both water absorption and freeze cycle.

Extruded Polystyrene Market Growth Drivers:

The extruded polystyrene insulation material market is majorly propelled by the augmenting demand for XPS from the non-residential construction sector and it will be a rise in construction activities in emerging economies of Asia-Pacific, like India and China, because of rapid industrialization. The urban population of India is predicted to achieve 600 million by 2030, which is projected to fuel the adoption of XPS insulation materials, thereby supplementing the expansion of the market. However, the presence of toxic chemicals in polystyrene is predicted to restrain the market growth in keeping with the European Union’s (EU) Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) program. Hexabromocyclododecane (HBDC) present in polystyrene is listed as a chemical of high concern and recommends restricting its use to the maximum amount possible. This offers rise to the controversy of whether the employment of extruded polystyrene in construction should be considered under green building or not. An increase in R&D activities to provide high-quality XPS, without the employment of greenhouse gases as foaming agents in XPS manufacturing is anticipated to supply potential growth opportunities for the extruded polystyrene insulation material market.

The rise in construction projects with the growing population across the planet is driving the expansion of the market enormously. The increase in the investments from the government is opting to tip users is additionally propelling the demand of the extruded polystyrene insulation market.

Challenges in the Extruded Polystyrene Market

However, the value for installation is a bit expensive because of its superior characteristics which are slowly hampering the expansion of the market. The presence of a high number of substitutes is taken into account to be a challenging factor for market developers.

Opportunities in the Extruded Polystyrene Market

Emerging of advanced technology and the development of innovative products in opting for the industries is surging growth opportunities for the market. Rising demand for standard and efficient products and to formless use of toxic chemicals to guard the environment is simply lavishing the expansion rate of the market.

EXTRUDED POLYSTYRENE MARKET REPORT COVERAGE:

Segmentation of the Extruded Polystyrene Market as per the research report until 2028.

Extruded Polystyrene Market – By End-use

Residential end-use is predicted to grow faster than commercial end-use because of the massive demand for residential infrastructure in developed further as developing countries. The residential segment accounts for the very best share, in terms of import and volume, during the forecast period, as a result of a rise in demand for residential infrastructure development within the emerging countries

Based on end-use, the residential construction segment dominated the world extruded polystyrene (XPS) market with a 53.7% share in 2018. However, the commercial segment is projected to exhibit a CAGR of 6.18% from 2019 to 2023. The expansion of the segment is credited to industrialization and hefty investments in the creation of special economic zones (SEZs), mainly in developing nations.

Extruded Polystyrene Market – By Application

Based on the application

• Foundation
• Wall
• Roof, floor & ceiling
• Others

The foundation segment is predicted to grow at the very best CAGR, in terms of import. The energy lost through buildings’ foundation accounts for an enormous percentage in comparison with the opposite parts of the building like walls or roofs. Thus, the foundation requires heavy insulation so as to stop energy losses and to stay the moisture from penetrating into the muse. The XPS not only saves energy used for heating/cooling but it also strengthens the general infrastructure as a result of its various properties like high compressive strength and moisture resistance.

Extruded Polystyrene Market – By Region

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle east and Africa 

The Asia-Pacific market accounted for the dominant share of 42.6% of the world extruded polystyrene (XPS) market in 2018. With the growing construction activities in Asia-Pacific, especially commercial construction, because of the expansion of the commercial sectors like information technology (IT); banking, financial services, insurance (BFSI); and telecommunication, the demand for extruded polystyrene is anticipated to grow at a major rate. China and India are the foremost prominent market in Asia-Pacific primarily because of the growing commercial and residential construction within the countries.

The XPS industry within the APAC region is also predicted to grow at the very best CAGR during the forecast period. Rapid urbanization is fuelling the expansion of the Extruded Polystyrene Market within the region. Increasing government and personal sector investments in infrastructure development can boost the development market, and countries like India and China are expected to steer the demand for XPS within the APAC region during the forecast period. Thus, the development industry has huge potential for the demand for XPS.

The market in North America is projected to register a CAGR of three.60% to succeed in USD 680.6 Million by the tip of 2023. The expansion within the region is attributed to the increased spending on the construction of the latest residential building within the US. An increasing call for green buildings and mounting renovation activities in Europe are foreseen to accelerate the call in the extruded polystyrene (XPS) market during the forecast period. The center East & Africa market is estimated to register robust growth during the forecast period because of the growing industry within the region.

Key Market Players:

1. BASF SE (Germany)

2. Synthos S.A. (Poland)

3. DuPont de Nemours Inc.(United States)

4. Saint-Gobain SA (France)

5. Knauf Group (Insulation) (Germany)

6. Owens Corning Inc.( United States)

7. technical Corporation (Russia)

8. Austrotherm GmbH (Austria)

9. Ursa Insulation SA (Spain)

10. Penoplex SPB LLC (Russia)

11. Ravago Group (Luxembourg)

12. dependable Group (China).