Extruded Polystyrene Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Extruded Polystyrene Market Analysis
The extruded polystyrene market is projected to register a CAGR of more than 4% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- The market is mostly driven by the growth of construction and building activities around the world and the rise in demand for insulation materials.
- On the other hand, the growth of the market is likely to be slowed by the high cost of extruded polystyrene compared to its close substitutes.
- Over the next few years, the market is likely to grow in a number of ways, thanks to growing concerns about global warming and rising demand for sustainable solutions like green buildings.
The Asia-Pacific region dominated the market across the globe, with the largest consumption coming from countries such as China, India, and Japan.
Extruded Polystyrene Market Trends
This section covers the major market trends shaping the Extruded Polystyrene Market according to our research experts:
Increasing Demand from the Residential Segment
- Extruded polystyrene (XPS) is a thermoplastic polymer with a closed-cell structure. It is considerably stronger with higher mechanical performance but is more expensive than its close substitute, expanded polystyrene (EPS).
- Extruded polystyrene is often used in the form of rigid foam to insulate floors, roofs, walls, ceilings, and balconies in residential buildings. This is because of its high compressive strength and resistance to moisture.
- Furthermore, extruded polystyrene is most widely used in the insulation of green buildings owing to its ability to reduce energy consumption by 6-8% and also to reduce greenhouse gas emissions, namely carbon dioxide and methane.
- In India, 114.06 lakh houses have been sanctioned under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) until November 2021.Out of these, 89.36 lakh houses have been grounded for construction, of which 52.55 lakh houses have been completed or delivered by November 2021.
- Moreover, under PMAY-G, the scheme of "Housing for All" by 2024 has been set at 2.95 crore houses, out of which 2,62,34,163 households have already been allocated to the states and UTs from 2016-17 until 2021-22. A total of 2,17,54,812 houses have been sanctioned to the beneficiaries, and 1,71,34,737 houses have been completed as of February 2, 2022.
- Furthermore, according to the United States Census Bureau, an estimated 1,392,300 housing units were completed in 2022, representing an increase of 3.8 percent compared to the 2021 figure of 1,341,000.
- Because of all the things listed above about extruded polystyrene, its demand from the residential sector is likely to grow over the next few years.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for extruded polystyrene during the forecast period. In countries like China and India, the demand for extruded polystyrene has been growing owing to the growing population, increasing industrialization, urbanization, and raising living standards.
- Governments of countries like India, China, and Japan have emphasized reducing greenhouse gas emissions because the adoption of green buildings is increasing in the region and the demand for extruded polystyrene is increasing as it reduces the emission of harmful gases like carbon dioxide and methane.
- With the demand from technology, e-commerce, and banking and financial service companies, office space requirements are significantly rising, resulting in the construction of new offices in the region. For example, China is one of the leading countries with respect to the construction of shopping centers. China has almost 4,000 shopping centers, while 7,000 more are estimated to be open by 2025.
- According to the National Bureau of Statistics of China, the output value of construction works in the country will be CNY 25.92 trillion (USD 3.82 trillion) in 2021, up from CNY 23.27 trillion (USD 3.43 trillion) in 2020. This will increase the demand for the studied market.
- Furthermore, according to Statistics Korea, construction orders collected by local builders at home and overseas totaled USD 245.9 billion in 2021, up from KRW 31 trillion (USD 24.59 billion) the previous year.
- Also, India is expanding its commercial sector. Several projects have been going on in the country. For instance, the construction of the CommerzIII Commercial Office Complex, worth USD 900 million, started in Q1 2022. The project involves the construction of a 43-story commercial office complex with a permissible floor area of 2,601,28 m2 in Goregaon, Mumbai. The project is expected to be completed in Q4 of 2027.
- Because of this, and the fact that the construction industry is growing in the Asia-Pacific, it is expected that this region will lead the market over the next few years.
Extruded Polystyrene Industry Overview
The extruded polystyrene market is fragmented by nature. Some of the major players in the market include BASF SE, Knauf Insulation, DuPont, Saint-Gobain, and Synthos, among others (in no particular order).
Extruded Polystyrene Market Leaders
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BASF SE
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Knauf Insulation
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DuPont
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Synthos
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Saint-Gobain
*Disclaimer: Major Players sorted in no particular order
Extruded Polystyrene Market News
- January 2023: BASF announced the expansion of the polymer dispersions business in Merak, Indonesia. The new expansion aims to produce more styrene-butadiene dispersions to meet the growing demand for new paper mills in Southeast Asia and Oceania.
- February 2022: DuPont signed a contract with Celanese Corporation to sell most of the Mobility & Materials division for USD 11.0 billion. This includes the Engineering Polymers business line and some product lines from the Performance Resins and Advanced Solutions business lines.
Extruded Polystyrene Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growth in Construction and Building Activities
- 4.1.2 Increase in Demand for Insulation Materials
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4.2 Restraints
- 4.2.1 High Cost of Extruded Polystyrene
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Application
- 5.1.1 Residential
- 5.1.2 Commercial
- 5.1.3 Infrastructure
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5.2 Geography
- 5.2.1 Asia-Pacific
- 5.2.1.1 China
- 5.2.1.2 India
- 5.2.1.3 Japan
- 5.2.1.4 South Korea
- 5.2.1.5 Rest of Asia-Pacific
- 5.2.2 North America
- 5.2.2.1 United States
- 5.2.2.2 Canada
- 5.2.2.3 Mexico
- 5.2.3 Europe
- 5.2.3.1 Germany
- 5.2.3.2 United Kingdom
- 5.2.3.3 Italy
- 5.2.3.4 France
- 5.2.3.5 Rest of Europe
- 5.2.4 South America
- 5.2.4.1 Brazil
- 5.2.4.2 Argentina
- 5.2.4.3 Rest of South America
- 5.2.5 Middle-East and Africa
- 5.2.5.1 Saudi Arabia
- 5.2.5.2 South Africa
- 5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)** /Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Austrotherm
- 6.4.2 BASF SE
- 6.4.3 DuPont
- 6.4.4 EMIRATES EXTRUDED POLYSTYRENE L.L.C.
- 6.4.5 Saint-Gobain
- 6.4.6 JACKON Insulation GmbH
- 6.4.7 Kingspan Group
- 6.4.8 Knauf Insulation
- 6.4.9 Owens Corning
- 6.4.10 Ravago Greece Group
- 6.4.11 Soprema Group
- 6.4.12 Synthos
- 6.4.13 TECHNONICOL
- 6.4.14 URSA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Demand for Sustainable Solutions
Extruded Polystyrene Industry Segmentation
Extruded polystyrene (XPS) is a thermoplastic polymer with a closed-cell structure. The residential and commercial construction sectors are the major applications of extruded polystyrene, used as an insulation material. Extruded polystyrene is used as insulation for plaster and ventilated facades, pitched and flat roofs, floors, walls, etc. The extruded polystyrene market is segmented by application and geography. By application, the market is segmented into residential, commercial, and infrastructure. The report also covers the market size and forecasts for extruded polystyrene in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on volume (kilotons).
| Application | Residential | |
| Commercial | ||
| Infrastructure | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Extruded Polystyrene Market Research FAQs
What is the current Extruded Polystyrene Market size?
The Extruded Polystyrene Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Extruded Polystyrene Market?
BASF SE, Knauf Insulation, DuPont, Synthos and Saint-Gobain are the major companies operating in the Extruded Polystyrene Market.
Which is the fastest growing region in Extruded Polystyrene Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Extruded Polystyrene Market?
In 2024, the Asia-Pacific accounts for the largest market share in Extruded Polystyrene Market.
What years does this Extruded Polystyrene Market cover?
The report covers the Extruded Polystyrene Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Extruded Polystyrene Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Extruded Polystyrene Industry Report
Statistics for the 2024 Extruded Polystyrene market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Extruded Polystyrene analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
