Expanded Polystyrene Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Expanded Polystyrene Market Analysis and it is segmented by Product Type (White EPS and Gray and Silver EPS), End-user Industry (Building and Construction, Electrical and Electronics, Packaging, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton).

Expanded Polystyrene (EPS) Market Size

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Expanded Polystyrene (EPS) Market Summary
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Study Period 2019 - 2029
Market Volume (2024) 12.46 Million tons
Market Volume (2029) 14.48 Million tons
CAGR (2024 - 2029) 3.05 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Expanded Polystyrene (EPS) Market Analysis

The Expanded Polystyrene Market size is estimated at 12.46 Million tons in 2024, and is expected to reach 14.48 Million tons by 2029, growing at a CAGR of 3.05% during the forecast period (2024-2029).

The market was negatively impacted by COVID-19 in 2020. With the resumption of operations in major end-user industries, the market recovered significantly in 2021.

  • Over the short term, increasing demand for value and quality enriched products, including organic and fair trade and health and wellness goods, indicates a favorable potential demand for packaging materials. EPS is approved for use in conjunction with food products.
  • On the flip side, the availability of alternative products for EPS and environmental regulations are hindering the growth of the market studied.
  • The increasing demand for bio-based polystyrene and applications in marine floatation and floating decks are likely to act as opportunities for the studied market.
  • The Asia Pacific accounts for the highest market share and is expected to dominate the market during the forecast period.

Expanded Polystyrene (EPS) Market Trends

Increasing Demand from the Packaging Industry

  • EPS is one of the most cost-effective protective packaging materials available and is used worldwide to protect goods from transit damage. Because EPS offers an exceptional balance of lightness, rigidity, and shock absorption, it is frequently used to package delicate items like white goods and other fragile products.
  • Expanded polystyrene is a light cellular plastic made up of tiny hollow spheres. Due to its closed cellular structure, EPS has numerous exceptional qualities that make it useful in a variety of packaging industries, including food packaging, industrial packaging, pharmaceutical packaging, etc.
  • Industrial packaging frequently utilizes EPS packaging. Due to its shock absorption ability, EPS offers industrial items the perfect material for comprehensive protection and safety from risk during transit and handling. The hard, lightweight foam can be moulded into any shape to protect and insulate delicate things during storage and transportation, such as fragile medical equipment, electronic components, electrical consumer goods, toys, and horticultural products.
  • According to a report published by PMMI, 'The Association for Packaging and Processing Technologies,' the value of the global packaging industry reached USD 42.2 billion in 2021, owing to the increasing population, growing sustainability concerns, more spending power in developing regions, and increasing demand for smart packaging, among others.
  • According to the Packaging Industry Association of India (PIAI), the Indian packaging industry is expected to grow at a rate of 22% during the forecast period. Moreover, the Indian packaging market is expected to reach USD 204.81 billion by 2025, registering a CAGR of 26.7% between 2020 and 2025. Therefore, the EPS foam market is expected to grow in the region.
  • EPS is the perfect material for packing a variety of fish and food products. According to Statista, the global seafood market reached a value of USD 253 billion in 2021, and it is projected to reach USD 336 billion by 2025. As a result, the demand for EPS products used for seafood packaging is anticipated to grow throughout the forecast period.
  • Furthermore, the Chinese packaging industry has grown at a rapid and consistent rate in recent years, owing to expanding economy and rising middle class with greater purchasing power. Food packaging is a major player in the packaging industry, accounting for roughly 60% of the total market share in China. According to Interpak, in China, in the foodstuff packaging category, total packaging is expected to reach 447 billion units in 2023.
  • Due to the aforementioned factors, the market for expanded polystyrene in the packaging segment is likely to grow substantially during the forecast period.
Expanded Polypropylene (EPP) Foam Market - Revenue CAGR (%), Application, Global, 2022-2027

Asia-Pacific to Dominate the Market

  • China is the largest consumer in the Asia-Pacific region. China has the world's largest and fastest-growing EPS market. Government proposals to improve public infrastructure and the rising cash-intensive non-residential construction are anticipated to increase the consumption of expanded polystyrene during the forecast period.
  • The construction sector is a key player in China's continued economic development. The value of construction output accounted for 25.7% of China's GDP in 2021, up from 11.0% in 2020, according to the National Bureau of Statistics.
  • According to China's Five-Year Plan unveiled in January 2022, the construction industry is estimated to register a growth rate of 6% in 2022. Prefabricated parts, which are either partially or wholly manufactured and transported to construction sites for assembly, may account for over 30% of the new construction in the country.
  • India is expected to have a digital economy of USD 1 trillion by 2025, and India's electronics system design and manufacturing (ESDM) sector is expected to generate over USD 100 billion in economic value by 2025. Several policies, such as Make in India, National Policy of Electronics, Net Zero Imports in Electronics, and Zero Defect Zero Effect, offer a commitment to growth in domestic manufacturing, lowering import dependence, and energizing exports and manufacturing.
  • According to the Society of Indian Automobile Association, the auto industry produced a total of 22,933,230 vehicles, including passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles from April 2021 to March 2022, as against 22,655,609 units from April 2020 to March 2021.
  • As per reports by the Japan Automobile Manufacturers Association (JAMA), the country produced 7,846,955 units of passenger cars and light vehicles in 2021. However, the industry witnessed a decline of 3% compared to the production numbers in 2020.
  • All these factors are expected to increase the market for expanded polystyrene in the region during the forecast period.
Expanded Polypropylene (EPP) Foam Market - Growth Rate by Region, 2022-2027

Expanded Polystyrene (EPS) Industry Overview

The expanded polystyrene market is fragmented, with the major players (in no particular order) comprising Wuxi Xingda Foam Plastic New Material Limited, Loyal Group, BASF SE, Synthos, and Alpek SAB de CV.

Expanded Polystyrene (EPS) Market Leaders

  1. Wuxi Xingda Foam Plastic New Material Limited

  2. Loyal Group

  3. BASF SE

  4. Synthos

  5. Alpek SAB de CV

*Disclaimer: Major Players sorted in no particular order

Expanded Polypropylene (EPP) Foam Market Concentration
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Expanded Polystyrene (EPS) Market News

  • July 2022: BEWI ASA entered a letter of intent to acquire the Lithuanian insulation company BalPol. This acquisition will help BEWI to expand its geographic presence.
  • June 2022: BEWI ASA acquired an additional 51% stake in Jablite Group, an insulation and packaging company. This acquisition may further help BEWI expand its presence in the United Kingdom region.

Expanded Polystyrene (EPS) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Building and Construction Industry

      2. 4.1.2 Rising Demand from the Packaging Industry

    2. 4.2 Restraints

      1. 4.2.1 Environmental Regulations

      2. 4.2.2 Alternative Products For EPS

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter Five Forces

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Import-Export Trends

  5. 5. Market Segmentation (Market Size in Volume)

    1. 5.1 Product Type

      1. 5.1.1 White EPS

      2. 5.1.2 Grey And Silver EPS

    2. 5.2 End-user Industry

      1. 5.2.1 Building and Construction

      2. 5.2.2 Electrical and Electronics

      3. 5.2.3 Packaging

      4. 5.2.4 Other End-user Industries (Agriculture and Automotive)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Nordic Countries

        6. 5.3.3.6 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Atlas Roofing Corporation

      2. 6.4.2 Alpek SAB de CV

      3. 6.4.3 BASF SE

      4. 6.4.4 BEWI

      5. 6.4.5 Epsilyte LLC

      6. 6.4.6 Kaneka Corporation

      7. 6.4.7 Ravago Petrokimya Uretim AS

      8. 6.4.8 SABIC

      9. 6.4.9 SUNPOR

      10. 6.4.10 Synthos

      11. 6.4.11 Unipol Holland BV

      12. 6.4.12 Versalis SpA

      13. 6.4.13 Wuxi Xingda Foam Plastic New Material Limited

      14. 6.4.14 Loyal Group

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand for Bio-based Polystyrene

    2. 7.2 Applications in Marine Floatation and Floating Decks

**Subject to Availability
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Expanded Polystyrene (EPS) Industry Segmentation

Expanded Polystyrene (EPS) is a lightweight cellular plastic material consisting of small hollow spherical balls. It is closed cellular construction that gives EPS its remarkable characteristics. It is a well-established insulation material used in various applications as it has a light yet rigid foam with good thermal insulation and high impact resistance. The expanded polystyrene market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into white EPS and grey and silver EPS. By end-user industry, the market is segmented into building and construction, electrical and electronics, packaging, and other end-user industries. The report also covers the market size and forecasts for the market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton).

Product Type
White EPS
Grey And Silver EPS
End-user Industry
Building and Construction
Electrical and Electronics
Packaging
Other End-user Industries (Agriculture and Automotive)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Nordic Countries
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Expanded Polystyrene (EPS) Market Research FAQs

The Expanded Polystyrene (EPS) Market size is expected to reach 12.46 million tons in 2024 and grow at a CAGR of 3.05% to reach 14.48 million tons by 2029.

In 2024, the Expanded Polystyrene (EPS) Market size is expected to reach 12.46 million tons.

Wuxi Xingda Foam Plastic New Material Limited, Loyal Group, BASF SE, Synthos and Alpek SAB de CV are the major companies operating in the Expanded Polystyrene (EPS) Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Expanded Polystyrene (EPS) Market.

In 2023, the Expanded Polystyrene (EPS) Market size was estimated at 12.09 million tons. The report covers the Expanded Polystyrene (EPS) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Expanded Polystyrene (EPS) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Expanded Polystyrene Industry Report

Statistics for the 2024 Expanded Polystyrene market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Expanded Polystyrene analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Expanded Polystyrene Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)