Specialty EPS Resin Market Key Challenges, Covid19 Impact Analysis Report, Top Overview & Forecast till 2027
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 2027, growing at
CAGR 10.7% during the period, 2016-2027.
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.
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.
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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
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.
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.
Top Market Key
Players Analysis
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
·
Colored (Grey, White, Black)
·
Graphite
·
By Function
·
Protection
·
Insulation
·
Cushioning
·
Others
By Application
·
Protective Packaging
·
Building & Construction
·
Automotive & Transportation
·
Electronic
·
Healthcare
By Region
·
North America
·
Latin America
·
Europe
·
Asia Pacific
·
Middle East & Africa
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