(EMAILWIRE.COM, November 22, 2024 ) The report “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″ The global Extruded Polystyrene market (XPS) 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.
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287 – Market Data Tables
53 – Figures
244 – Pages
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The growth in building and construction activities around the world is a major driver for the XPS market. Additionally, the increase in demand for insulation materials and strict regulations related to energy conservation and emission standards are expected to boost the XPS market in the future.
XPS has found wide acceptance in the construction industry. The utilization of XPS enables building owners to conserve energy spent on cooling/heating buildings. Additionally, the use of XPS in buildings also improves its resistance to withstand adverse climatic changes and allows its occupants to have a comfortable environment.
Based on application, the foundation segment is growing at the fastest-rate between 2019 and 2024, followed by roof and wall, in terms of volume. The growth is driven by construction activities in Europe, APAC, and the Middle East & Africa regions. The construction industry is depicting a positive outlook in APAC as well as Europe, supported by the increase in construction projects in many countries, thereby fueling the XPS market growth. As per the French Builders Association FFB (Fédération Française du Bâtiment), the construction industry in France grew at a rate of 5% in 2017, primarily driven by a surge in new residential construction. However, as of now, the residential segment has contracted due to the low demand, wherein the non-residential construction is expected to support the XPS industry.
The rising demand for infrastructure development in the APAC region is expected to boost the XPS market. The Chinese government has made huge investments in railway construction projects. For instance, in December 2018, it invested USD 43.3 billion in Shanghai Urban Rail Transit Expansion, one of the most expensive projects in the country. This expansion consists of nine rail projects, including six-subway lines and three intercity lines, which will be completed by 2023. The projects will add 286 km to the network by creating a better connection between Shanghais two airports and two main railway stations.
In 2018, the Thailand government announced plans for building two new airports in Chiang Mai and Phuket by 2025. Also, the government’s investment in the establishment of a regional transport network under the Twelfth National Economic and Social Development Plan (20172021) is expected to support the XPS market growth during the forecast period.
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APAC is projected to be the fastest-growing XPS market, in terms of value, during the forecast period. The growth is owing to the presence of developing countries, such as China and India. After the financial crisis faced by China in 2008, huge investments in infrastructure construction aided the country to recover from the economic recession. Although the country is witnessing growth in 2019, the general trend is of decreasing growth due to excessive investments, which could lead to a debt crisis. This is also expected to be a weakness in South Korea, which is facing a sharp decline in construction works. In India, there are positive advancements in the economic condition, an increase in investor confidence, and government funding in housing, energy, and transport infrastructure projects, which has facilitated the construction industry to regain the growth momentum. The emerging markets of Southeast Asia have planned heavy investment in new infrastructure projects, supported by private investment.
Extruded Polystyrene Market Key Players
The key market players identified in the report 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).
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