Key Market Segments:
The extruded polystyrene (XPS) insulating products market was estimated at $5.86 billion in 2021 and is anticipated to increase at a CAGR of 4.9% from 2021 to 2030 to reach $7.98 billion.
A synthetic aromatic polymer called polystyrene is created by processing the styrene monomer with a petroleum product. Extruded polystyrene (XPS) is a thermoplastic polymer created by melting thermoplastic resin and additional additives during the extrusion process. The generated liquid is then extracted using dye, chilled, and expanded to create closed-cell insulation material.
Extruded polystyrene insulation material demand is rising in the non-residential construction sector, energy-efficient building systems are becoming more popular, and XPS insulation material benefits over alternative reinforcement materials like expanded polystyrene are driving market expansion. Extruded polystyrene (XPS), a type of foam material, is made largely in the recognisable hues of blue, pink, and green. XPS starts out as a molten substance that is forced out of shape into sheets. XPS is most frequently used as insulation for foam board.
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Many different types of insulation, including structural insulating panels and insulating concrete forms, use XPS (ICFs). HCFCs make up the majority of the XPS insulating materials. Compared to CFCs, these are 90% less hazardous to the ozone layer. Manufacturers must employ XPS instead of other reinforcement materials due to the aforementioned benefits. The construction business is being restructured in a big way thanks to increased globalisation. Due to India’s and China’s rapid economic growth, there has been a change in industrial trends.
Given that the bulk of the countries in the Asia-Pacific region are still in the developing stage, continued urbanisation is expected to be aided by economic growth. The demand for non-residential infrastructure is also anticipated to increase as a result of the growth in the working population in these nations, which is anticipated to fuel the worldwide extruded polystyrene market.
The presence of a large number of replacements and environmental concerns over the usage of harmful compounds that cause global warming, such as fluorochlorohydrocarbons, are anticipated to impede market expansion during the projection period. Hexabromocyclododecane (HBDC), a chemical found in polystyrene, is categorised as a chemical of high concern and its use is advised to be minimised in accordance with the European Union’s (EU) Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) programme. To reduce the impact of constraining factors, manufacturers are spending a lot of money to stop using these hazardous chemicals and build high-quality, energy-efficient XPS systems.
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- Residential Construction
- Non-residential Construction
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa