Portland, OR -- (SBWire) -- 06/27/2017 --Extruded Polystyrene Insulation Materials Market Report, published by Allied Market Research, forecasts that the global market was valued at $2,418 million in 2016, and is projected to reach $3,827 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. The non-residential construction segment is projected to grow at the highest CAGR throughout the forecast period.
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Extruded polyesters (XPS) are closed cell, rigid insulation systems that are manufactured using an extrusion process. Plastic resin and other ingredients are liquefied and then extruded through a die, forming a closed-cell structure. XPS utilize air as an insulating medium and are preferred over expanded polyester (EPS) due to high moisture resistance, low thermal conductivity, and high compressive strength.
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The extruded polystyrene insulation materials market is driven by growth in demand from non-residential construction sector and construction boom in emerging economies of Asia-Pacific, such as India and China, due to rapid industrialization. Indias urban population is expected to reach 600 million by 2030. However, the presence of toxic chemicals in polystyrene is expected to lower the demand for extruded polystyrene. According to European Unions (EU) Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) program, hexabromocyclododecane (HBDC) present in polystyrene is listed as a chemical of high concern and recommends restricting its use as much as possible. This gives rise to the debate of whether the use of extruded polystyrene in construction should be considered under green building or not. Growth opportunities exist in the market owing to the R&D activities for producing high-quality XPS, without the use of greenhouse gases as foaming agents in XPS manufacturing.
The non-residential segment accounted for more than half of the market share in 2016, owing to the growing requirement for insulated commercial buildings. Use of insulating products in building and construction contributes reduces global warming. Non-residential construction includes retail stores, commercial offices, factories, warehouses, power stations, cold stores, food processing plants, telecom shelters, and public institutions, such as schools and hospitals.
Key Findings of the Extruded Polystyrene Insulation Materials Market
The non-residential segment is expected to witness the highest growth rate from 2017 to 2023.
In 2016, China generated maximum revenue, region-wise, with over one-third share of the Asia-Pacific market.
Brazil is expected to be the fastest growing region in the LAMEA market, growing at a CAGR of 7.5%.
The residential construction segment accounted for two-fifths share of the market in 2016, and is expected to grow at a CAGR of 6.4%.
In terms of value, India is projected to grow at the highest rate in the Asia-Pacific extruded polystyrene insulation materials market.
Asia-Pacific dominated the global extruded polystyrene insulation materials market in 2016, attributed to the increase in demand for energy-efficient buildings and adoption of green building systems. High precipitation, extreme temperature variations among the four seasons, and high temperature have increased the need for insulated homes, thereby boosting the market for XPS. Moreover, presence of major market players and their active participation in development activities, like frequent product launches, are further expected to drive the Asia-Pacific market.
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Key players operating in the global extruded polystyrene insulation materials market include BASF SE, The Dow Chemical Company, Honeywell International Inc., Kingspan plc, Bayer Material Science, ITW Insulation Systems, Saint-Gobain S.A., Evonik Industries AG, Knauf Insulation, and E. I. du Pont de Nemours and Company.
Extruded Polystyrene Insulation Materials to Incur Rapid Extension During 2017 to 2023
High adoption of green building and energy-efficient construction systems and R&D efforts for developing less toxic XPS systems are projected to create lucrative opportunities for market growth