As per the recently published report by MarketsandMarkets™, The “Extruded Polystyrene Market by Application (Foundation, Roof, Wall, Floor & Ceiling), End-use Industry (Residential, Commercial), and Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Global Forecast to 2028″, size was USD 5.6 billion in 2023 to USD 6.9 billion by 2028, at a CAGR of 4.3% from 2023 to 2028. Growing construction industries in developing nations and increasing focus on sustainability and green building serve as a significant driver for innovation. This scenario presents a unique opportunity for the industry to focus on the development of extruded polystyrene, which not only meets consumer demands but also aligns with sustainability goals. However, the availability of high-performance substitutes acts as a restraint, emphasizing the urgent need for eco-friendly alternatives in the extruded polystyrene market.
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- 287 Market data Tables
- 53 Figures
- 244 Pages and in-depth TOC on “Extruded Polystyrene Market – Global Forecast to 2028”
This report also provides a comprehensive analysis of the companies listed below:
The key players in the extruded polystyrene market are Kingspan Group PLC (Ireland), Owens Corning (US), BASF SE (Germany), Synthos S.A. (Poland), Ravago S.A. (Belgium), Saint-Gobain (France), Dupont de Nemours, Inc. (US), Dow Inc. (US), Kaneka Corporation (Japan), and Supreme Petrochem Ltd. (India). They have implemented strategies such as new product launches and expansions to enhance their competitors.
Recent Developments in Extruded Polystyrene Market Industry
- In 2023, Owens Corning expanded its presence in Arkansas with a new 150,000-square-foot facility in Russellville, creating 50 new jobs over two years. The expansion will help the company capture a major market share.
- In 2020, Owens Corning announced a new line of extruded polystyrene foam insulation products called Foamular NGX. The proprietary blowing agent in the products delivers a 90% reduction in global warming potential (GWP) without sacrificing product performance. It will help the company to expand its product line.
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Based on application, the extruded polystyrene market is segmented as foundation, roof, wall, floor & ceiling, and others. Foundation stands out as the largest segment in terms of value globally. The dominance of the foundation segment in the extruded polystyrene market has been largely fueled by developing infrastructure worldwide and increasing demand for eco-friendly and sustainable materials in the construction industry. Furthermore, the foundation segment is forecasted to exhibit the highest CAGR in terms of value during the forecast years 2023 and 2028.
Based on the end-use industry, the extruded polystyrene market has been categorized into various segments, including residential, commercial, and others. Notably, the residential segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Factors such as changing consumer preferences, sustainability imperatives, regulatory dynamics, and technological advancements of materials with exceptional insulating qualities and environmental friendliness have contributed to the residential industry’s leadership in the extruded polystyrene market. Furthermore, the commercial segment is forecasted to exhibit the second-highest CAGR in terms of value during the forecast years 2023 and 2028.
Based on region, the extruded polystyrene market has been categorized into five regions, including North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe stands out as the largest market for extruded polystyrene. Europe’s dominance in the extruded polystyrene market has been largely driven by technological innovation. The region is home to research and development centers as well as a bustling startup and innovation community that is concentrated on sustainable solutions. The market for extruded polystyrene grew due to the growth in construction activities and the ease of recyclability of used extruded polystyrene materials, leading to a substantial expansion of the extruded polystyrene market in Europe.
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