According to our expanded polystyrene industry analysis, the white segment commands a sizable market share in the global market. The growing use of white EPS in construction and packaging propels market growth. Furthermore, the financial advantage of white EPS over grey and black EPS is a motivating force in the market's growth.

Expanded polystyrene (EPS) is a common cold chain packaging material used in the pharmaceutical industry because it ensures product safety. As a result, the expanded polystyrene (EPS) market has been significantly stimulated by growth in the pharmaceutical industry. Additionally, the automotive industry has increased its use of lightweight polymer foam, which is driving market expansion. In addition, applications in the infrastructure of the defense industry have boosted the market for expanded polystyrene.

Some of the leading expanded polystyrene companies operating in the industry include BASF SE, Kaneka Corporation, Total SE, NOVA Chemicals Corporation, Ravago, and Saudi Basic Industries Corporation.

Despite the fact that the price of crude oil has little impact on the final price of EPS, any future volatility (rise) in EPS price may have an impact on the viability of styrene producers. Styrene producers like The Dow Chemical Company (US), Royal Dutch Shell (Netherlands), and LyondellBasell Industries N.V. (Netherlands) are increasingly investing in R&D to decrease investment and cut operating costs in order to improve their margins as a result of fluctuations in the price of crude oil. Crude oil prices and escalating demand are anticipated to drive EPS prices in the near future.

Axiom Group announced this week that it plans to build a second 80,000-square-foot facility at its Mexico plant, doubling capacity and creating room for several additional injection molding machines and tooling.

The global expanded polystyrene market is divided into five regions: North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).

EPS is used in a wide range of building and construction applications, including cavity wall insulation and floor insulation. It also offers excellent design flexibility and structural stability. As a result, the global expanded polystyrene (EPS) market has benefited from growth in the construction and building industries. Furthermore, increased supply for thermally efficient buildings has fueled market growth.

The Global Styrene Market accounted for USD 51,490 Million in 2020 and is expected to grow at a considerable CAGR of 4.3% during the forecast period from 2021 to 2028.

The company will be adding eight injection molding machines ranging from 550 to 2400 tons, which will allow for the addition of 55 tools and 90 different part numbers to its existing database. The plant in Mexico specializes in thermoplastic injection molding of components and assemblies; capabilities include two-shot urethane foam sealing and multi-cavity tooling.

The expanded polystyrene (EPS) market is largely dominated by the Asia-Pacific region. The region is anticipated to grow at the fastest CAGR during the analysis period due to rising product demand in important application segments such as automotive, construction, and packaging, in developing nations such as China and India. The construction market in APAC is expanding at the fastest rate in the entire world. Government programmes like "Housing for All" in India and rising urbanization and disposable income are also advancing the APAC construction industry.

BEIJING, Oct. 09, 2022 (GLOBE NEWSWIRE) -- The Global Expanded Polystyrene Market Size accounted for USD 18,194 Million in 2021 and is estimated to achieve a market size of USD 27,592 Million by 2030 growing at a CAGR of 4.9% from 2022 to 2030.

According to our forecast for the expanded polystyrene market, the construction industry has historically dominated the market and is predicted to continue doing so during the forecast period. This has broad support because the building and construction industry uses expanded polystyrene (EPS) for its lightweight, robustness, thermal efficiency, shock absorption, usability, and other qualities. It is utilized, among other things, in the construction of walls, roofs, closed cavity walls, floor insulation, and roads. This is one of the main factors influencing the expanded polystyrene (EPS) market on a global scale.

The $12-million expansion includes investment in eight new injection molding machines ranging in size from 550 to 2400 tons.

The second-largest market for expanded polystyrene is in Europe (EPS). This is a result of rising demand from the construction, packaging, and automotive industries. The product has uses in numerous industries due to its adaptable advantages and simplicity in molding and shape formation. Due to their excellent environmental advantages, which can provide an improved indoor environment, maximized energy efficiency, and enhanced durability, green building design applications have seen a substantial increase in product demand in the European market in recent years.

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The global expanded polystyrene (EPS) market can be segmented as product type and end-user industry. By product type, the market is segregated as white, grey, and black. Further, by end-user industry, the market is segmented as building & construction, packaging, and others (automotive, medical, marine, and sports & leisure).

Based in Aurora, ON, the contract engineering and manufacturing services provider to the automotive industry said the $12-million expansion will create capacity for the existing plant to focus on manufacturing, while the second building will provide much-needed warehouse space for shipments of finished goods and raw materials. In addition to doubling manufacturing space at its Mexico plant, the reorganization of manufacturing and storage space will also allow for a projected doubling of revenue in 2024, said Axiom.

The Global Toluene Market accounted for USD 20,211 Million in 2020 and is predicted to grow to USD 31,917 Million by 2028 with a CAGR of 6.1% during the forecast period of 2021 to 2028.

The Global Methanol Market accounted for USD 28,121 Million in 2020 and projected to reach USD 38,901 Million in 2028 with a considerable CAGR of 4% during the forecast period of 2021 to 2028.

October 09, 2022 19:00 ET | Source: Acumen Research and Consulting Acumen Research and Consulting