Expandable polystyrene (EPS) is a plastic foam material. It has remarkable properties, including buoyancy, lightweight and decent insulation against sound and heat. The expandable polystyrene (EPS) market is witnessing rapid expansion at present. It is likely to record around 8.5 percent CAGR through the forecast phase.
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Developing construction and building industries are likely to propel demand for the expandable polystyrene (EPS) market. Excellent impact resistance, light weight and thermal insulation of expandable polystyrene are the key factors that drive the market. However, strict regulations of the government regarding the use of EPS and hazardous environmental effects caused by the same are likely to restrain the market over the coming years.
The expandable polystyrene (EPS) market is segmented into products, applications and geographies. The market, on the basis of products, includes polystyrene and expandable polystyrene.
The applications market is fragmented into electricals & electronics, packaging and building & construction. Building and construction captured the largest share. This is due to increasing demand for expandable polystyrene from Asia Pacific.
Geographically, North America, Asia Pacific, Europe and ROW (rest of the world) are the major regions of the worldwide expandable polystyrene (EPS) market. Currently, Asia Pacific is dominating the market and this trend is likely to continue over the coming years. This is due to rising building and construction activities in its emerging countries, including China and India.
North America and Europe are expected to show significant growth. Rising demand for the expandable polystyrene (EPS) market owes to huge research & developments and new product launches in these regions.
Information Source: QY Research Reports