BURLINGAME, Calif.,
May 27, 2024 /PRNewswire/ -- The
global Polystyrene Foam Market is projected to grow from
USD 78.89 billion in 2024, and it is
projected to reach USD 140.56 billion
by 2031, at a CAGR of 8.6% from 2024 to 2031, as per the recent
study by Coherent Market Insights. The growing construction
industry is expected to be a major driver for the polystyrene foam
market during the forecast period. Polystyrene foam finds
widespread applications in buildings for insulation of walls and
roofs owing to its effective insulation and lightweight
properties.
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Market Dynamics:
The polystyrene foam market is witnessing high growth owing to
rising demand from the building and construction industry.
Polystyrene foam finds wide application in the building and
construction industry as it provides high insulation and is
lightweight. It is used in applications such as roof insulation,
wall cavities, foundation walls, and others. In addition, growing
disposable income and rising consumer spending on home furnishings
are also driving the demand for polystyrene foam in the packaging
industry. However, the availability of substitutes such as
polyurethane foam and fiberglass insulation poses a threat to the
market growth.
Polystyrene Foam Market Report Coverage
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$29.95 billion
|
Estimated Value by
2031
|
$40.22 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 4.3%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type: Expanded
Polystyrene Foam (EPS) and Extruded Polystyrene Foam
(XPS)
By End-use
Industry
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
- Polystyrene Foam in Construction
Industry
- Increase in Packaging Industry
Requirements
|
Restraints &
Challenges
|
- Strict environmental regulations
- Volatility in raw material prices
|
Market Trends:
The growing adoption of green building concepts in both
commercial and residential construction is creating opportunities
for bio-based and recycled polystyrene foam. These eco-friendly
products help reduce carbon footprint making them preferable for
sustainable construction projects. Moreover, manufacturers are
focusing on developing innovative products with enhanced
performance properties. For instance, products with improved
strength, load bearing capacity, and fire resistance are gaining
traction in the market. Advancements in extrusion technology have
enabled the production of customized products as per industry and
application requirements. This is expected to support the revenue
generation for polystyrene foam manufacturers over the forecast
period.
Market Opportunities:
The manufacturing sector is witnessing strong growth over the
past few years owing to supportive government policies and
investments. There has been a significant rise in the number of
manufacturing plants across major economies like China, US, Germany etc. This growth in the manufacturing
sector is driving the demand for industrial hoses significantly.
Industrial hoses are used extensively in various manufacturing
processes for tasks like material handling, waste transportation,
chemical transfer etc. As more factories are being set up, the
requirement for industrial hoses is rising continuously to support
manufacturing operations. The manufacturing industry is anticipated
to remain one of the major end-users of industrial hoses during the
forecast period.
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The oil & gas industry is heavily dependent on industrial
hoses for offshore and onshore operations. Hoses play a critical
role in activities like drilling, transportation of slurries,
hydrocarbon transfer etc. Recovery in global crude oil prices since
2020 has boosted capital expenditure in the oil & gas sector.
Major players are ramping up investments in oil & gas
exploration and production. This is positively impacting the
industrial hose market as higher Capex translates to more demand.
Additionally, shifting focus towards renewable sources of energy is
also augmenting the need for industrial hoses in oilfield
services.
Key Developments:
In October 2021, StyroChem Canada,
Ltd., one of the leading producers of expandable polystyrene (EPS)
was acquired by Epsilyte Holdings LLC. This acquisition is likely
to strengthen Epsilyte's ability to enhance its portfolio through
StyroChem's operational technology and expected to create one of
the largest manufacturers of EPS in the North America.
In October 2021, Epsilyte LLC, has
increased the prices of its expanded polystyrene grades by
USD 110 per ton. The decision has
been taken as an effort to stay up with the high supply chain
expenses and operational difficulties arising from country's
limited availability of feedstocks.
Key Market Takeaways
The Polystyrene Foam Market is estimated to be valued at
US$ 28.58 Bn in 2022 and is expected
to exhibit a CAGR of 4.3% over the forecast period 2024-2031.
On the basis of type, expandable polystyrene foam segment is
expected to hold a dominant position, owing to its advantages like
durability, flexibility and resistance to moisture.
On the basis of application, packaging segment is expected to
hold the largest share, due to extensive usage of industrial hoses
in packing, palletizing and material handling tasks.
On the basis of region, North
America is expected to hold a dominant position over the
forecast period, due to presence of large industrial base and
revival of shale gas activity.
Key players operating in the industrial hose market include
DuPont, Alpek S.A.B. de C.V., Welex, Eaton, PARKER, Kuriyama,
Flexaust Inc. etc. These players are focusing on new product
launches and partnerships to strengthen their market position.
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About Us:
Coherent Market Insights is a global market intelligence and
consulting organization that provides syndicated research reports,
customized research reports, and consulting services. We are known
for our actionable insights and authentic reports in various
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create value for clients through our highly reliable and accurate
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