Specialty EPS Resin Market
Global Specialty EPS Resins market was valued at US$ 6,008.7 Mn in 2017 and it is expected to reach at US$ 15,146.0 Mn by 2030, growing at CAGR 10.7% during the period, 2020-2030.
The increase in demand for sustainable & lightweight solutions which provide extreme durability, along with improved thermal insulation, is expected to boost the growth of the global specialty EPS resin market over the forecast period. The rise in demand for acoustic & thermal insulation in the building & construction industry in developing nations such as China and India is expected to enhance the demand for high-quality polymers. Also, the rise in demand among consumers for durable commercial & residential buildings, which can easily withstand extreme changes in the external environment, is expected to drive the market growth.
Market Drivers:
The increase in demand for specialty EPS in construction & packaging industries
Expanded Polystyrene (EPS) is used in the construction sector due to its closed-air low-thermal conductivity, mechanical resistance, lightweight, low water absorption, and sound resistance (in office & rooms). They provide tangible environmental advantages which maximize energy efficiency, improve indoor environmental quality, & enhance the durability of the buildings & packaged products.
The demand for specialty EPS in packaging application segment is expected to generate significant revenue. It is attributed to the excellent shock-absorbing properties of EPS, thus making it ideal for the storage and transportation of products, including healthcare, & chemical products, electronics equipment, consumer goods. Excellent moisture resistance & thermal insulation provided by EPS help retain the freshness of perishable products, like seafood & fruits and vegetables. Also, compression resistance provided by expanded polystyrene makes it ideal for stackable packaging goods. Thus, excellent properties offered by Expanded Polystyrenes are significantly improving its demand for packaging applications. This leads to increase the demand for specialty EPS over the forecast period. The impact of this driver is very high
Market Restraints:
Ban on EPS products in few countries
In a few major economies, the EPS items have been banned. Styrofoam cups cannot be recycled as they are already expanded and to produce these cups, it needs virgin polystyrene beads. As EPS materials are not biodegradable, some consumers do not prefer use and throw Expanded Polystyrene coffee cups.
The banned products contain polystyrene foam single-service items, such as bowls, cups, plates, take-out containers, trays, polystyrene loose fill packaging, commonly called as packing peanuts. However, there are some exceptions such as EPS containers used for prepackaged food which are filled & sealed prior to receipt by the food service establishment; mobile food store; & containers used to store raw meat, fish, pork, seafood, or poultry sold from a butcher case or similar retail appliance are still in use.
Expanded Polystyrene (EPS) is banned in several countries including New York, DC, Washington, Minneapolis, San Francisco, Oakland, Portland, Albany & Seattle.
This factor hinders the market growth. The impact of this restraint is very high
Market Opportunity:
Product launch and innovation creates new opportunities in the market
The companies operating in the market are investing large amount in research and development to launch new products. This can create new opportunities in the market
For instance, in 2019, BASF SE had raised its global production capacity of graphite polystyrene rigid foam and a type of EPS by 40,000 metric tons per year. The capacity addition was done at 2 production sites, namely Ulsan (Korea) & Ludwigshafen (Germany). At the Ulsan production facility, the organization switched the entire 85,000 metric tons capacity from classic white EPS to grey EPS to enhance the insulation property of the raw material. This move allowed BASF SE to cater to the surging demand for grey material in the APAC market.
Regional Analysis
North America is accounted for the highest market share in 2016. However, Asia pacific region is expected to grow at a healthy rate over the forecast period.
Asia Pacific led the market and accounted for more than 40.0% share of the global revenue in 2019. It is attributed to ascending demand for the product from applications, such as automotive, packaging, and construction, in emerging economies such as China & India. The construction industry in APAC is the fastest-growing market across all regions. The rise in urbanization, the increase in disposable income, and government initiatives including the “housing for all” project in India, are propelling the growth of the construction industry in this region.
Europe is the prominent consumer of expanded polystyrene owing to high demand from the automotive, packaging, and construction sectors. Expanded Polystyrene (EPS) finds application in various industries due to its versatile benefits, lightweight, easy molding, & desired shape formation. In recent years, the demand for expanded polystyrene from green building design applications in the European market has witnessed a significant increase owing to its excellent environmental advantages that can offer improved indoor environmental quality, energy efficiency, & enhanced durability.
Recent Developments
In January 2020, Eni & Pertamina sign MOU to cooperate in the areas of circular economy, low carbon products & renewable energies.
In June 2020, BEWiSynbra Group, a producer of EPS in Europe had announced that the company has signed an agreement to acquire a minority stake in a United Kingdom based newly formed EPS insulation & packaging company. The new comapny derives from manufacturer & supplier of EPS products for insulation & civil engineering applications, & sister company Styropack, who is producer of EPS packaging. The new company will be jointly owned by parts of the current management and by BEWiSynbra Group. The name of the comapny will be Jablite Group and which operate as a stand-alone company, in collaboration with BEWiSynbra Group.
In February 2020, Sekisui Chemical & Sumitomo Chemical had announced to cooperate on Circular Economy Initiative Manufacturing Polyolefin using Waste as Raw Material. Two organizations have agreed to form a strategic alliance to provide benefit to society by deploying technology for manufacturing polyolefin by using waste as a raw material. This alliance combines SEKISUI CHEMICAL’s production technology for transforming waste into ethanol with Sumitomo Chemical’s technological know-how in manufacturing polyolefin, thereby promoting circular economy initiatives to chemically recycle waste into polyolefin. Pilot production will begin in fiscal 2022, with SEKISUI CHEMICAL turning waste into ethanol, and Sumitomo Chemical using this ethanol as raw material for polyolefin. A full-scale market launch of this production method is expected in fiscal 2025.
Market Segmentation
The market is segmented into type such as Colored (Grey, White, Black), and Graphite, by function such as Protection, Insulation, Cushioning, and others. Further, market is segmented into application such as Protective Packaging, Building & Construction, Automotive & Transportation, Electronic, and Healthcare.
Also, Global Specialty EPS Resin Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Some key players are listed in this report such as BASF SE, Sekisui Plastics Co., Ltd, SUNPOR KUNSTSTOFF Gmbh, Atlas EPS, VERSALIS, SABIC, LG Chem., Ltd., BEWiSynbra Group AB, Total S.A., etc.
Market Taxonomy
By Type
By Function
By Application
By Region
Key Questions Addressed by the Report
Global Specialty EPS Resin Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Specialty EPS Resin Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Specialty EPS Resin Market, By Type
5.1 Y-o-Y Growth Comparison, By Type
5.2 Global Specialty EPS Resin Market Share Analysis, By Type
5.3 Global Specialty EPS Resin Market Size and Forecast, By Type
5.3.1 Colored (Grey, White, Black)
5.3.2 Graphite
6 Global Specialty EPS Resin Market, By Function
6.1 Y-o-Y Growth Comparison, By Function
6.2 Global Specialty EPS Resin Market Share Analysis, By Function
6.3 Global Specialty EPS Resin Market Size and Forecast, By Function
6.3.1 Protection
6.3.2 Insulation
6.3.3 Cushioning
6.3.4 Others
7 Global Specialty EPS Resin Market, By Application
7.1 Y-o-Y Growth Comparison, By Application
7.2 Global Specialty EPS Resin Market Share Analysis, By Application
7.3 Global Specialty EPS Resin Market Size and Forecast, By Application
7.3. 1 Protective Packaging
7.3.2 Building & Construction
7.3.3 Automotive & Transportation
7.3.4 Electronic
7.3.5 Healthcare
8Global Specialty EPS Resin Market, By Region
8.1 Global Specialty EPS Resin Market Share Analysis, By Region
8.2 Global Specialty EPS Resin Market Share Analysis, By Region
8.3 Global Specialty EPS Resin Market Size and Forecast, By Region
9 North America Specialty EPS Resin Market Analysis and Forecast (2020-2030)
9.1 Introduction
9.2 North America Specialty EPS Resin Market Share Analysis, By Type
9.3 North America Specialty EPS Resin Market Size and Forecast, By Function
9.4 North America Specialty EPS Resin Market Size and Forecast, By Application
9.5 North America Specialty EPS Resin Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10EuropeSpecialty EPS Resin Market Analysis and Forecast (2020-2030)
10.1 Introduction
10.2 Europe Specialty EPS Resin Market Share Analysis, By Type
10.3 Europe Specialty EPS Resin Market Size and Forecast, By Function
10.4 Europe Specialty EPS Resin Market Size and Forecast, By Application
10.5 Europe Specialty EPS Resin Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.54. Rest of Europe
11Asia Pacific Specialty EPS Resin Market Analysis and Forecast (2020-2030)
11.1 Introduction
11.2 Asia Pacific Specialty EPS Resin Market Share Analysis, By Type
11.3 Asia Pacific Specialty EPS Resin Market Size and Forecast, By Function
11.4 Asia Pacific Specialty EPS Resin Market Size and Forecast, By Application
11.5 Asia Pacific Specialty EPS Resin Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12Latin America Specialty EPS Resin Market Analysis and Forecast (2020-2030)
12.1 Introduction
12.2 Latin America Specialty EPS Resin Market Share Analysis, By Type
12.3 Latin America Specialty EPS Resin Market Size and Forecast, By Function
12.4 Latin America Specialty EPS Resin Market Size and Forecast, By Application
12.5 Latin America Specialty EPS Resin Market Size and Forecast, Country
13Middle East Specialty EPS Resin Market Analysis and Forecast (2020-2030)
13.1 Introduction
13.2 Middle East Specialty EPS Resin Market Share Analysis, By Type
13.3 Middle East Specialty EPS Resin Market Size and Forecast, By Function
13.4 Middle East Specialty EPS Resin Market Size and Forecast, By Application
13.5 Middle East Specialty EPS Resin Market Size and Forecast, By Country
14Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15Company Profiles
15.1 BASF SE
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2. Sekisui Plastics Co., Ltd
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3. SUNPOR KUNSTSTOFF Gmbh
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Atlas EPS
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 VERSALIS
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 SABIC
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 LG Chem., Ltd
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 BEWiSynbra Group AB
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Total S.A.
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
