Global Expandable Polystyrene Market, 2013-2023
Expanded polystyrene is non-biodegradable thermoplastic resin with expandable agent. However, its ease of recycling and composition, which includes a large amount of air and a limited amount of plastic, make it environment friendly. The use of expanded polystyrene to package products is more sustainable than the use of plastic, wood, and cardboard. Hence, consumers prefer expanded polystyrene in the industries such as food packaging, medical supplies and electrical coating.
The global expandable polystyrene market research report sheds light on the market circumstances by carrying out primary and secondary research for more than 320 hours. As per the report, the global expandable polystyrene market is growing at a fast pace and increasing its geographical footprint rapidly. The global expandable polystyrene market is valued at US $ xx million dollars in 2018 which is forecast to grow at CAGR of xx% and reach a massive US $ xx million dollars by the end of 2023 in value.
EPS is also used for helmets and life jackets, beverage cups, packaging, casting molds, and numerous other products. All around the world EPS-based products are used in the construction of new residential buildings and in the refurbishment of old buildings. The business for packaging, for transportation of fresh fish or electronic devices, accounted for more than one third of EPS demand worldwide.
The monomers of the expandable polystyrene are petroleum products. Hence, the fluctuation of raw material cost is expected to reduce the growth of the expandable polystyrene market. Moreover, the availability of alternatives of EPS has good properties which may also hinder the growth of the said market.
The key players of the global expandable polystyrene market are INEOS, Polyplastics Co.,BASF, Prochase Enterprise Co., Ltd., Nova Chemicals Corporation, and so on.
The research procedure begins with the bifurcation of various market segments of global expandable polystyrene market, followed by detection of factors affecting the growth each segment. Then, the market forecasts were built based on the inputs given by the business leaders across expandable polystyrene industry value chain. Market Krystal held more than 40 interviews for this study, details of which are mentioned:
By company type: Manufacturers (40%), Suppliers (20%), Consumers (20%), Researchers (10%), Independent industry consultant (10%)
By geography: North America (25%), Asia (40%), Europe (20%), Rest of the World (15%)
By designation: Top level (40%), Operation level (20%), Mid-level (40%)