Asia Pacific Expanded Polystyrene (EPS) Market Size Grows at Steady CAGR of 5% to Reach USD 6.23 Billion by 2030

Published | 12 March 2024

Asia Pacific Expanded Polystyrene (EPS) Market is flourishing because of a spurring demand for EPS from infrastructure development projects and growing manufacturing sector driven by rapid urbanization across the region.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia Pacific Expanded Polystyrene (EPS) Market size at USD 4.12 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Expanded Polystyrene (EPS) Market size to expand at a CAGR of 5.55% reaching a value of USD 6.23 billion by 2030. The expanding building and construction sector, along with the increasing acceptance of expanded polystyrene (EPS) due to its versatility, are the key driving factors for the Asia Pacific Expanded Polystyrene (EPS) Market.

By volume, BlueWeave estimated the Asia Pacific Expanded Polystyrene (EPS) Market size at 2.67 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Expanded Polystyrene (EPS) Market size to expand at a CAGR of 5.02% reaching the volume of 4.03 million tons by 2030. The packaging and consumer goods industries also utilize EPS. A high EPS recycling rate also has a significant impact on the expansion of the EPS market in Asia Pacific.

Opportunity: Thriving Building & Construction Sector in Asia Pacific

Expanded polystyrene (EPS) offers high-performance and energy-efficient thermal insulation and is reasonably priced. Therefore, it is extensively utilized in construction, including as flooring insulation in residential, commercial, and industrial structures. Developing countries, including India and Thailand, are investing significantly in infrastructure development for economic growth. The rising population in these countries has also proliferated the demand for residential buildings, which is anticipated to boost the demand for expanded polystyrene (EPS) in the Asia Pacific region during the forecast period.

Impact of Escalating Geopolitical Tensions on Asia Pacific Expanded Polystyrene (EPS) Market

The escalating geopolitical tensions disrupted the growth of the Asia Pacific Expanded Polystyrene (EPS) Market. For instance, EPS is made of solid polystyrene beads that are dissolved in pentane, an expansion gas, and polymerized from styrene monomer. Russia is a major producer and exporter of natural gas and petroleum products, including pentane gas. However, the supply of pentane was disrupted due to the emergence of Russia’s military operations in Ukraine and sanctions imposed by countries, such as Japan. This may result in a shortage of raw materials for the production of EPS, negatively impacting the growth of Asia Pacific expanded polystyrene (EPS) market.

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Asia Pacific Expanded Polystyrene (EPS) Market

Segmental Coverage

Asia Pacific Expanded Polystyrene (EPS) Market – By Type

Based on type, the Asia Pacific Expanded Polystyrene (EPS) Market is split into white and gray segments. The white segment holds a larger share in the Asia Pacific Expanded Polystyrene (EPS) Market. The growth of this segment is mainly attributed to its favorable characteristics, which include affordability, exceptional longevity, resistance to mold growth, and environmental friendliness. Expanded polystyrene (EPS) boards, such as white polystyrene boards, are incredibly lightweight and easy to handle and install. They are specifically made to be a component of a variety of external wall insulation systems.

Asia Pacific Expanded Polystyrene (EPS) Market – By Country

The in-depth research report on the Asia Pacific Expanded Polystyrene (EPS) Market covers a number of country-specific markets, including China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and the rest of APAC. China dominates the Asia Pacific Expanded Polystyrene (EPS) Market owing to the flourishing building and construction industry. China is undergoing rapid economic and infrastructure development, which is boosting the demand for energy-efficient building materials, fueling the demand for EPS in the country.

Competitive Landscape

Major players operating in the Asia Pacific Expanded Polystyrene (EPS) Market include BASF SE, SABIC, Dupont, Kaneka Corporation, KAMAKSHA THERMOCOL, Maxfos Prima, Hangzhou Fuyang Dongshan Plastic Machinery Co., Ltd, Sekisui Sponge Industries Co. Ltd, Supreme Petrochem Ltd (SPL), K. K. Nag Pvt Ltd, Foam Manufacturer Sdn Bhd, and Panmatex Group.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Asia Pacific Expanded Polystyrene (EPS) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Asia Pacific Expanded Polystyrene (EPS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia Pacific Expanded Polystyrene (EPS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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