Extruded Polystyrene Market Projected to Reach $6.9 Billion by 2028
In terms of value, the extruded polystyrene market is estimated to grow from USD 5.6 billion in 2023 to USD 6.9 billion by 2028 at a CAGR of 4.3%. Rising demand for extruded polystyrene from industries such as residential, commercial, and others for a variety of applications is leading the market. During the forecast period, this is anticipated to expand the extruded polystyrene market even more.
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The major players in this market are Kingspan Group PLC (Ireland), Owens Corning (US), BASF SE (Germany), Synthos S.A. (Poland), Ravago S.A. (Belgium), Saint-Gobain (France), Dupont de Nemours, Inc. (US), Dow Inc. (US), Kaneka Corporation (Japan), and Supreme Petrochem Ltd. (India). These companies have gained recognition for producing extruded polystyrene utilized in multiple applications. In response to the growing demand for extruded polystyrene in various applications, market participants are primarily emphasizing research and development efforts.
Kingspan Group PLC
Kingspan Group PLC is a multinational company known for its diverse range of products. The company has a strong presence in the extruded polystyrene market. The company serves various end-use industries such as residential, commercial, and others. The company is renowned for its creativity and commitment to research and development. For instance, in January 2021, Kingspan Group PLC launched GreenGuard XPS LG to assist customers in meeting their sustainability objectives in the construction industry with a lower GWP impact. The company’s growth is accelerated through this product launch, which also adds complementary technology to reinforce its leadership position and develop infinite possibilities in the extruded polystyrene market.
Owens Corning
Owens Corning is a key player in the extruded polystyrene market, known for producing and supplying extruded polystyrene materials for various uses. One of the top manufacturers of extruded polystyrene, Owens Corning, the company’s commitment to innovation, sustainability, and product quality positions them as a leading contributor to the extruded polystyrene market’s growth and development. The company is focused on expanding its extruded polystyrene segment to satisfy consumer demand. For instance, in February 2023, Owens Corning expanded its presence in Arkansas with a new 150,000-square-foot facility in Russellville, creating 50 new jobs over two years. The expansion will help the company capture a major market share.
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Europe’s leading position as the primary market for extruded polystyrene stems from a convergence of economic, industrial, and cultural elements. The dominance of the extruded polystyrene market in Europe is a result of key players establishing a robust regional presence. These industry leaders, equipped with expansive research and development departments, effective distribution networks, and strategic collaborations, play a pivotal role in driving the widespread adoption of extruded polystyrene. The amalgamation of economic prosperity, industrial expertise, and consumer choices has solidified Europe’s standing as the foremost market for extruded polystyrene.
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