The US expandable polystyrene market size was USD 10.43 Billion in 2022 and is likely to reach USD 15.91 Billion by 2031, expanding at a CAGR of 4.8% during 2023–2031. The growth of the market is attributed to rising demand for lightweight and sustainable solutions which dispense exceptional durability along with better thermal insulation.
The increasing demand for thermal insulation in buildings and construction industry and acoustic sector in expanding economies is projected to expand the demand for high-quality polymers. Increasing construction activities of residential and commercial buildings, which can withstand extreme external environmental conditions with ease, are further anticipated to fuel the market growth over the forecast period.
Expanded polystyrene is a sustainable and lightweight chemical polymer created with polystyrene beads. It has various utilities such as magnificent durability and resistance and resistant to moisture; thereby, it is used in several sectors such as construction, packaging and others.
Expanded polystyrene is a by-product of polymerization of a large number of styrene monomers linked together to polystyrene. It is an unbending cellular plastic holding an expansion agent.
The COVID-19 pandemic had an unpleasant impact on the expandable polystyrene market. The production has been on halt and both the demand and supply ware affected. The market suffered huge loss; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing urbanization, industrialization, and construction activities is expected to drive the market during the forecast period.
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The rise in the demand for commercial and residential buildings in developing economies is expected to aid polystyrene market
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It is used in the construction industries which helps in reducing energy consumption and greenhouse gas emissions and is likely to spur the market.
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Insulation offered by expanded polystyrene is crucially driving its demand in green buildings. Therefore, with the rising demand for green buildings, the market is anticipated to expand significantly in the near future.
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Factors such as rising product application in various end-use industries and increasing demand for reusable, lightweight, and chemically stable materials in automotive components, furniture, packaging solutions, are estimated to drive the market.
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Unstable prices of raw materials are expected to hinder the market growth.
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Stringent restrictions and regulations on the usage of particular polystyrene product is expected to impede the demand for expanded polystyrene.
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R&D investment and technological advancement in expandable polystyrene market are expected to offer lucrative opportunities for the market players.
Scope of Expandable Polystyrene Market Report
The report on the expandable polystyrene market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Expandable Polystyrene Market - US Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Category (White Expanded Polystyrene, Grey Expanded Polystyrene, and Black Expanded Polystyrene) Application (Building & Construction, Packaging, and Others)
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Country Scope
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US
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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StyroChem, NexKemia, Flint Hills Resources, Alpek S.A.B. de C.V., and SABIC.
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Expandable Polystyrene Market Segment insights
The white expanded polystyrene segment is projected to constitute a large market share
Based on category, the expandable polystyrene market is segregated into white expanded polystyrene, grey expanded polystyrene, and black expanded polystyrene. The white expanded polystyrene segment is expected to account for a key share of the market during the forecast period owing to significant demand in packaging applications, like food packaging, electronics, and consumer goods packaging.
White expanded polystyrene is further used in sports helmets, furniture, automotive, and construction applications. The expanding food service industry leading to demand for quality packaged foods are further anticipated to fuel the segment. However, the grey expanded polystyrene segment is expected to expand at a rapid pace during the forecast period due to its conventional application.
The building & construction segment is expected to register a substantial CAGR
Based on applications, the expandable polystyrene market is divided into building & construction, packaging, and others. The building and construction segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to several favorable applications of expandable polystyrene, such as excellent thermal insulation, lightness, and bacterial & pest resistance.
The packaging segment is projected to grow over the forecast period due to substantial product utility in packaging applications owing to the its shock-absorbing properties that make it beneficial for the storage and transportation of products.
Segments
The US expandable polystyrene market has been segmented on the basis of:-
Category
- White Expanded Polystyrene
- Grey Expanded Polystyrene
- Black Expanded Polystyrene
Applications
- Building & Construction
- Packaging
- Others
Key Companies
Competitive Landscape
Some of the key players competing in the expandable polystyrene market include StyroChem, NexKemia, Flint Hills Resources, Alpek S.A.B. de C.V., and SABIC.
Several players are using market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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