CHICAGO, Jan. 31, 2024 /PRNewswire/ -- The Report "Extruded Polystyrene Market by Application (Foundation, Roof, Wall, Floor & Ceiling), End-use Industry (Residential, Commercial), and Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) - Global Forecast to 2028", size was USD 5.6 billion in 2023 to USD 6.9 billion by 2028, at a CAGR of 4.3% from 2023 to 2028.
Extruded polystyrene is a renowned rigid foam insulation in the building and construction industry. Extruded polystyrene is well-known for having excellent thermal insulation qualities, moisture resistance, and compressive strength. As a result, it is used for a variety of purposes, such as foundation, wall, and roof insulation. Extruded polystyrene is in high demand due to rising urban living standards and a greater emphasis on sustainable construction techniques. Extruded polystyrene is used in various industries such as residential, commercial, and others (roads, highways, railways, and runways).
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Browse in-depth TOC on "Extruded Polystyrene Market"
287 - Tables
53 - Figures
244 - Pages
"Foundation segment is estimated to be the largest application in extruded polystyrene market in 2022, in terms of value."
The extruded polystyrene market is projected to be experiencing significant growth in the forecasted period. The foundation segment is estimated to be the fastest-growing segment in the extruded polystyrene market due to its exceptional compressive strength, moisture resistance, and thermal insulation qualities. As sustainability becomes a key component of both consumer preferences and business goals, the foundation segment is anticipated to maintain its growth trajectory. The significance of extruded polystyrene in the foundation market is anticipated to endure and increase if the construction sector emphasizes eco-friendly and energy-efficient building solutions.
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"Residential segment is estimated to be the fastest-growing end-use industry for extruded polystyrene market during the forecast period 2023 to 2028."
The residential segment is estimated to be the largest application in the extruded polystyrene market in the forecasted year due to several factors. The dominance of the residential segment in the extruded polystyrene market is driven by a combination of increased consumer demand, environmental sustainability, and other factors. Extruded polystyrene insulation is frequently utilized in residential buildings to help minimize heat loss and maintain appropriate indoor temperatures. Furthermore, the expanding global population and rapid urbanization trends are vital factors propelling the growth of the extruded polystyrene market.
"Europe was the largest region for the extruded polystyrene market in 2022, in terms of value."
The European region's prominence as the largest market for extruded polystyrene can be attributed to a convergence of economic, industrial, and cultural factors. The market dominance of Europe in the extruded polystyrene market can be attributed to the existence of key players who have made a solid regional footprint. These players, with their vast R&D departments, strong distribution networks, and strategic collaborations, have been essential in propelling the adoption of extruded polystyrene. This combination of economic growth, industrial competence, and consumer preferences has firmly established Europe as the largest market for extruded polystyrene.
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Market Players
The key players identified in the extruded polystyrene market report 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) and others.
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