May 19, 2021
According to the research report titled ‘Global Expanded Polystyrene Market Size study, by Product (White and Grey), by Application (Television, Desktop/Laptop, Mobile/Tablet, Gaming Consoles and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global expanded polystyrene market was remunerated USD 9.7 billion in 2019 and is projected to expand at 4.6% CAGR over 2020-2027, accumulating USD 13.9 billion by the end of the forecast timeframe.
As per the report findings, growing construction and automotive industries are primarily driving global expanded polystyrene market growth.
For the record, Statista cites that approximately 8.76 million motor vehicles were manufactured in North America in 2009, with production increasing to 16.8 million in 2019. Similarly, the retail sale of light vehicles in the United States increased from 10,402.3 thousand in 2009 to 16,952.9 thousand in 2019. Moreover, in 2009, 62 million automobiles were manufactured worldwide, rising to 92 million automobiles in 2019, indicating a sustained demand in global expanded polystyrene market.
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For those unversed, expanded polystyrene (EPS) is a thermoplastic component made up of a variety of styrene monomers that are polymerized together to form polystyrene. It has properties such as moisture resistance, durability, versatility, and easy use, and is used in several applications like construction & buildings, packaging, automotive, and others.
On the downside, declining demand from packaging sector and strict governmental norms are hampering worldwide expanded polystyrene industry remuneration.
With respect to product type, the industry segmentation comprises grey and white. As per application spectrum, the market is categorized into automotive, packaging, construction, and others.
Speaking of the geographical gambit, North America presently holds considerable portion of global expanded polystyrene market share, attributable to growing acceptance of new technology along with surging product demand from key applications areas like construction, packaging, and automotive.