The Expanded Polystyrene (EPS) Market is expected to grow from USD 15.5 billion in 2018 to USD 20.1 billion by 2023, at a CAGR of 5.3% during the forecast period. The major driving factors in the EPS market are the growing construction and packaging industries in the developing countries.
APAC has emerged as the leading consumer and producer of EPS because of the increasing demand from the domestic front and rising income levels. The easy availability of low-cost labor and economical & accessible raw materials are increasing the production of EPS in the region, thereby driving foreign investments. APAC is also the fastest-growing EPS market. The government proposals to improve public infrastructure and rising cash-intensive non-residential construction are positively impacting the market growth. The demand in APAC will further increase in the next five years because of several on-going and upcoming building & construction projects in the developing countries.
The major EPS vendors include Wuxi Xingda (China), Synthos (Poland), BASF (Germany), Total (France), SUNPOR KUNSTSTOFF (Austria), The Ravago Group (Belgium), Alpek (Mexico), VERSALIS (Italy), Nova Chemicals (US), Flint Hills Resources (US), PJSC SIBUR HOLDING (Russia), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), Kaneka Corporation (Japan), Atlas Roofing Corporation (US), BEWiSynbra Group (Sweden), Brødr. Sunde A/S (Norway), Nexkemia Petrochemicals (Canada), and Unipol Holland (Netherlands). These players have adopted various growth strategies, such as mergers & acquisitions, investments & expansions, new product launches, and partnerships & agreements to further expand their presence in the global EPS market. Mergers & acquisitions and investments & expansions have been the most dominating strategy adopted by major players from 2015 to 2018, which help them innovate on their offerings and broaden their customer base.
To know about the assumptions considered for the study download the pdf brochure
In line with the rising demand for EPS materials, Synthos has been working to deliver efficient EPS products to various end-use industries. The company manufactures chemical raw materials, rubber, and polystyrene for foaming applications. It is one of the leading producers of EPS in Europe. The company caters to various end-use industries such as tire & rubber, thermal insulation, construction chemicals, packaging, wood & furniture, and paper. It offers EPS through its Styrenopochodne business segment. In August 2016, Synthos acquired the EPS business of INEOS Styrenics European Holding BV (Switzerland). Through this acquisition, the company accelerated its growth and offered access to expanded technologies and an enhanced product portfolio to the customers of both companies.
BASF is a leading chemical company that offers a range of chemicals and intermediate solutions. The company operates through five business segments, namely, chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. It offers EPS under its functional materials & solutions business segment. The company has a strong customer base and operates in Europe, APAC, North America, and South America, and the Middle East & Africa. In June 2018, the company made investment and announced that it is increasing its global production capacity for Neopor by 40,000 metric tons per year. At the Ulsan site in Korea, BASF will switch the plant’s 85,000 metric tons capacity from white EPS Styropor to the improved insulation raw material grey Neopor EPS by 2018. This will allow the company to meet the growing demand for the grey material in the Asian market.
Read More: https://www.marketsandmarkets.com/PressReleases/expanded-polystyrene.asp
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/expanded-polystyrene-market-1138.html