Extruded Polystyrene Market Set for Rapid Growth During 2022-2028

According to a research report by Stratview Research, the Extruded Polystyrene Market was estimated at USD 5.9 billion in 2021 and is likely to grow at a CAGR of 4.01% during 2022-2028 to reach USD 7.79 billion in 2028.

Major factors contributing to the growth of the market are increasing construction activities around the globe and the use of extruded polystyrene (XPS) in emerging countries.

What is extruded polystyrene?

Extruded polystyrene or XPS, majorly used as a thermal insulator is a rigid foam manufactured from polystyrene extrusions, in the presence of foaming gas. Produced on extruding machines, this hard foam is a closed-cell foam material that offers distinguished properties aiding in moisture management and resisting both water absorption and freeze cycles.

Extruded polystyrene is used in various applications such as foundations, walls, roofs, and floor & ceiling for various end-use industries, such as residential and commercial. Increasing demand for construction activities due to growth in the residential and commercial infrastructure is likely to be the prime factor augmenting the growth of the market.

Segments’ Analysis

Based on the application type, the market is segmented as a foundation, wall, roof, floor & ceiling, and others. In terms of value, the foundation is estimated to be the largest as well as the fastest-growing segment of the market. The energy lost through parts of a building such as walls or roofs accounts for a lower percentage as compared to the energy lost through the building’s foundation. As a result, the foundation requires heavy insulation for the prevention of energy losses and penetration of moisture into the foundation. Along with saving energy used for heating/cooling, XPS also strengthens the overall infrastructure because of its favorable properties such as high compressive strength and moisture resistance.

Based on the end-use industry type, the market is segmented as residential, commercial, and others. The residential segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. An increase in demand for residential infrastructure development in emerging countries, as XPS principally improves the insulation of buildings, is driving the growth of this segment.

In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market during the forecast period. Increasing government and private sector investments in infrastructure development are likely to boost the construction market in countries such as India and China, creating lucrative growth opportunities. The growth of the market is also fueled by rapid urbanization in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Leading Players Covered in the Extruded Polystyrene Market Report:

The following are the key players in the Extruded Polystyrene Market –

  • BASF SE
  • Synthos S.A.
  • DuPont de Nemours Inc.
  • Saint-Gobain Isover SA
  • Knauf Gips KG
  • Owens Corning Inc.
  • TechnoNicol Corporation
  • Austrotherm GmbH
  • Ursa Insulation SA
  • Penoplex SPB LLC
  • Ravago Group
  • Loyal Group.

To develop better customer understanding, the team at Stratview Research employ a range of quantitative and qualitative market research approaches. This report aims to help the users make use of the available data in a way, that profits the business and leads to growth.

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