The global Expanded Polystyrene Market size is anticipated to reach USD 13.5 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.8% from 2021 to 2028. The rising demand for eco-friendly, lightweight, durable, and sustainable products and components, primarily for thermal and acoustic insulation, in the automotive, construction, and packaging industries is driving the market growth over the forecast period.
Technological advancements and the growing popularity
of Electric Vehicles (EVs) have increased the need for lightweight,
durable, and recyclable products. A gradual increase in EVs on roads is
expected to positively propel market growth. However, the Covid-19 pandemic has
immensely affected the production of automobiles and the value chain of the
automotive industry. Production cuts or halt in manufacturing activities, weak
consumer sentiments, and declining demand from consumers owing to the pandemic
are expected to limit the market growth to some extent.
The Asia Pacific regional expanded polystyrene (EPS)
market is projected to have an adverse effect in some application segments
owing to the pandemic. The pandemic has led to limitations on cross-border
trade, complete lockdowns imposed in major economies, and waning consumer
demand that has severely affected the regional manufacturing and construction
activities and compelled several manufacturers and contractors to either close
or slow down their operations.
Related Press Release@ Expanded Polystyrene Market Report
Expanded Polystyrene Market
Report Highlights
- The global market was valued at USD 9.5 billion in 2020 and is
estimated to grow at a CAGR of 4.8% from 2021 to 2028.
- Construction was the largest application segment in 2020; however,
the packaging segment is estimated to register the fastest CAGR from 2021
to 2028
- The product is widely utilized in the packaging of electrical &
electronics, consumer goods, medical & healthcare products, and glass
bottles
- White EPS is anticipated to emerge as the fastest-growing product
segment over the forecast years owing to increasing demand for consumer
goods, electronics products, and food packaging solutions, such as food
trays, clamshell containers, and disposable cups
- Asia Pacific accounted for the largest revenue share of more than
54% in 2020 and is projected to record the fastest CAGR from 2021 to 2028
- The growth of this regional market can be credited to the rising
number of construction projects in emerging economies, such as China and
India
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment