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 |
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Restraints & Challenges |
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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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