Polystyrene (PS) & expanded polystyrene (EPS) market is influenced by the economic improvement among people in both developed as well as developing nations, which has propelled advancements in the building and construction sectors. By using expanded polystyrene geofoam, engineers and architects can develop ideal materials to offer effective solutions for construction. EPS ensures simplified handling and controls the total cost of construction.
The integral application of PS and EPS comprises of lightweight filler for construction, slope stabilization, roadway, and runway formation-level insulation among various others. The coronavirus pandemic has largely affected the construction industry due to the restriction on the movement of people and raw materials imposed by the governments to control the spread of the disease. However, with gradual relaxations being allowed to revive the economy, the construction industry will showcase developments.
According to a study, global polystyrene and expanded polystyrene market size could reach USD 49 billion in yearly valuation by 2025. On the basis of the type of products, EPS has gained significant traction in the past few years. EPS has a strong history of production, however, the product has witnessed new application scopes in the past few years.
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Expanded polystyrene provides tangible environmental benefits that help in maximizing energy-efficiency, offering improved durability that makes it a viable choice in the construction of green buildings. Polystyrene and expanded polystyrene find integral usage in the automobile sector.
The growing trends to replace metals with plastics with an aim to make vehicles lighter, which will in turn reduce the carbon emission levels, have complemented growth trends in the industry. Scratch resistance, enhanced aesthetics, easy moldability, and cabin insulation are other factors supporting the use of plastics in cars. The transportation segment is projected to be a prominent driver for global polystyrene and expanded polystyrene producers in the near future.
Asia Pacific is a major consumer of PS and EPS products. During the year 2017, the region was responsible for over 40% of the global market share. improved economic conditions in the region over the years and the consequent demand for automobiles and infrastructure to improve the standard of living supported the product demand in APAC. Additionally, the increasing demand for packaged food due to higher employment rate, especially among women, will support the regional polystyrene and expanded polystyrene consumption.
The packaging sector has registered enormous demands for the products over time. In the year 2017, the packaging occupied more than 30% of the total PS & EPS market share worldwide. in the past few years, polystyrene has been used as a lucrative solution not only in rigid packaging solutions but also for food packaging.
The enormous increase in population along with the improvement in disposable income has amplified the demand for food products over time. PS and EPS assist in cost and weight reduction along with preventing spillage of food and offering freshness, aesthetic essential, convenience, and information. The considerable demand for polystyrene and expanded polystyrene in packaging applications is likely to grow at a notable rate in the coming years.
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With an aim to maintain a balance between the ecology and product demand for various applications, notable PS and EPS market players have invested in creating a new system for the pretreatment, collection, and recycling of EPS. For example, Spanish processor and producer of plastics, COEXPAN joined hands with companies like Total Petrochemicals Iberica, ANAPE, and El Corte Inglés in October 2017, to create a seamless value chain regarding recycling, generating, and transforming plastic materials.
Taking into account the reusability of polymers, PS and EPS suppliers are focusing on developing cost-effective and environmentally friendly offerings. Shifting trends towards the use of renewable products is likely to favor the industry in the ensuing years. Prominent market players include BASF SE, Flint Hills Resources, Total S.A., HIRSCH Servo, and ACH Foam Technologies, among various others.
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