The Polystyrene Foam market size is estimated to be USD 26.4 billion in 2021 and is projected to reach USD 32.2 billion by 2026, at a CAGR of 4.1% between 2021 and 2026. The use of Polystyrene Foam in building&construction,packaging industry and othersis expected to increase in APAC in the next five years.
Stringent regulations have been implemented for controlling the emissions that are increasingly affecting the atmosphere. The Kyoto Protocol to the United Nations Framework, Convention on Climate Change (UNFCCC) was adopted by 191 countries (all UN members, except Andorra, Canada, South Sudan, and the US) in 1997, and was enforced in 2005. This protocol categorizes the countries and binds them with carbon emission targets. In addition, the US included its initiatives to reduce GHG emissions through its fourth US Climate Action Report (USCAR) to the UNFCCC.
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The state and local policies have also played an important role in the growth of the building thermal insulation market, especially in the US and the EU, where Federal and regional policies on energy efficiency serve as guidelines for setting minimum standards. From a policy perspective, the European Union’s 27 member nations (EU-27), the US, and China constitute the largest opportunity for improving building efficiency globally. They are the most dynamic regions in promoting energy-efficient building insulation technologies. These countries have established stringent building codes and standards for energy performance. They are providing tax credits, low-interest loans, and rebate programs for the installation of energy-efficient technologies and are improving availability and accessibility of information on new energy-efficient technologies.
APAC is the largest market forPolystyrene Foam globally. China is the largest market, and India is the fastest-growing market for of Polystyrene Foam market in the region. The easy availability of raw materials and high demand from end-use industries are driving the market in APAC. Emerging economies such as India, South Korea, Thailand, and Indonesia also supporting market growth.
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Building and Construction was the largest end-use industryof Polystyrene Foam, in terms of both volume and value, in 2019. Building & construction is the largest and the fastest-growing end-use industry of EPS. EPS possesses ideal physical and mechanical properties for most insulating needs. It is an excellent design element, an ideal choice for green building, offers tangible environmental advantages that can maximize energy efficiency, provides improved indoor environmental quality, and enhances durability. These factors make the building & construction industry the largest consumer of EPS.
Continuous developments in the market, including new product launches, investment & expansion, merger& acquisitions, and partnership & agreementare expected to help the market grow. Several products are being introduced, and investments are made on increasing the production capacity of Polystyrene Foam by manufacturers for different applications. New product launch has helped companies enhance their product portfolio.
