Extruded Polystyrene Market Key Players Forecast to 2028
The global extruded polystyrene market size was valued at USD 9.6 billion in 2021 and is poised to grow at a significant CAGR of 4.9% during the forecast period 2022-28. Polystyrene is inert and does not respond mainly well with either basic or acidic solutions. Such characteristic makes polystyrene to last for a long time in the natural environment, which creates a little risk as the material. Therefore, polystyrene effects on environments are limiting the market growth. Extruded polystyrene (XPS) is a kind of insulation material used in construction industry. It is the mostly used synthetic polymer. This insulation material comes with good moisture resistance, low weight, high R-value and high structural strength. In commercial, residential and industrial construction, polystyrene is used as thermal insulation widely. It is also used in roof and wall applications frequently. Growing population and economic conditions in the countries have led to great housing transaction and more disposable income which have a direct effect on the market.
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There are a few more major factors enhancing the market growth such as the adoption of green building systems, expanding construction industry demand for energy-efficient buildings, distinct properties of XPS over traditional insulation materials and rise in government infrastructure projects. Robust investments in R&D make available best growth opportunity for the market. Moreover, booming construction industry and increasing industrialization are the major factors anticipated to impel the market demand during future period. Increasing number of businesses around the globe is likely to help construction of commercial buildings hence expanding the growth of market. On the other hand, presence of toxic chemicals in polystyrene is hindering the growth of market.
The global extruded polystyrene market segmentation:
- By Application: Floor & Ceiling, Foundation, Roof, Wall and Others
- By End User: Residential, and Non-Residential
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Asia Pacific accounted for larger revenue share in the Global Extruded Polystyrene Market
Global extruded polystyrene market report aims at providing complete outlook on extruded polystyrene across the globe by covering major regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among these regions, Asia Pacific got major revenue share in the global extruded polystyrene market with substantial CAGR rate. This region is growing significantly because of the factor such as the encouraging investments in the commercial construction activities, demand for energy-efficient buildings and adoption of green building systems. Another factor responsible for the market growth is the presence of major market players in the region.
Competitive Analysis - Global Extruded Polystyrene Market
Major players working in the global extruded polystyrene market are Abriso nv (Belgium), ACH Foam TechnologiesInc. (US), Austrotherm (Germany), BASF SE (Germany) and DowDupont (US). These players in the market focus on adopting key strategies.
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