Extruded Polystyrene Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 1.02 Million metric tons |
| Market Volume (2029) | 1.07 Million metric tons |
| CAGR (2024 - 2029) | 4.85 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Extruded Polystyrene Market Analysis
The Extruded Polystyrene Market size is estimated at 1.02 Million metric tons in 2024, and is expected to reach 1.07 Million metric tons by 2029, at a CAGR of 4.85% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. However, the market is now estimated to have reached pre-pandemic levels and is expected to grow steadily.
- The market is mostly driven by the rising urbanization and infrastructure development and the growing demand for energy-efficient buildings.
- On the other hand, the market's growth is likely to be slowed by the emergence of eco-friendly alternatives and lower cost-efficiency compared to close substitutes.
- Over the next few years, the market is likely to grow in several ways, from innovations in extruded polystyrene manufacturing to growing environmental concerns.
- The Asia-Pacific region dominated the global market, with the largest consumption coming from countries such as China, India, and Japan.
Extruded Polystyrene Market Trends
Increasing Demand from the Residential Segment
- Extruded polystyrene (XPS) is widely utilized for insulating basement walls and foundations due to its closed-cell structure. This material effectively resists moisture, making it suitable for damp-prone areas. Using XPS for basement insulation minimizes heat loss and reduces mold risks, thereby enhancing the comfort of lower-level spaces.
- XPS is versatile and can be applied to both exterior and interior walls. It is commonly installed as a continuous insulation layer beneath siding on exterior walls, which improves thermal resistance and reduces thermal bridging—where heat escapes through studs—thereby enhancing energy efficiency.
- In roofing systems, XPS is employed on flat, sloped roofs positioned above the roof deck and under roofing membranes, particularly in low-slope designs. This insulation is crucial in colder regions, as it significantly reduces heat loss through the roof, addressing a significant source of heat escape in homes.
- In April 2024, Owens Corning announced the complete transition of its XPS insulation production to FOAMULAR NGX (Next Generation Extruded) across all its United States and Canada plants. This initiative reflects the company's commitment to reducing buildings' environmental footprint. By eliminating HFC 134a from its XPS products a year ahead of upcoming ecological regulations, Owens Corning demonstrates a proactive approach to industry adaptation in anticipation of 2025 regulations.
- These innovations, coupled with the growing emphasis on eco-friendly products in residential construction, are expected to drive increased demand for extruded polystyrene in the residential sector over the coming years.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is anticipated to lead the extruded polystyrene market during the forecast period. In countries such as China and India, the demand for extruded polystyrene is rising due to population growth, increasing industrialization, urbanization, and improving living standards.
- Governments in India, China, and Japan prioritize reducing greenhouse gas emissions, spurred by the growing adoption of green buildings in the region. This trend drives demand for extruded polystyrene, as it helps lower emissions of harmful gases such as carbon dioxide and methane.
- The demand for office space is also increasing due to the growth of technology, e-commerce, and banking sectors, leading to the construction of new regional offices. For instance, China is significantly expanding its cold storage facilities to enhance the supply chain for fresh agricultural products, with investments in cold storage projects reaching CNY 20.718 billion in the first half of 2024, reflecting an 11.39% increase from the previous year, according to the Cold Chain Logistics Committee of the China Federation of Logistics and Purchasing.
- In 2023, China renovated 53,700 aging residential communities, benefiting approximately 8.97 million households, with total investments nearing CNY 240 billion (USD 33.78 billion). These renovations focused on improving heating systems, energy efficiency, and recreational facilities.
- The Indian government is also intensifying its construction efforts to address housing needs for its 1.3 billion citizens. Its projections indicate an investment of around USD 1.3 trillion in housing over the next three years, aiming to complete 60 million new homes by 2025.
- Japan is advancing towards energy-efficient buildings, driven by the Building Energy Conservation Act, which mandates that all buildings meet energy conservation standards by FY 2025. The updated Act sets ambitious targets for new constructions to achieve Zero Energy House/Building (ZEH/ZEB) levels of energy efficiency by 2030, with an average target for existing buildings by 2050.
- Given these developments and the overall growth of the construction industry in the Asia-Pacific region, this area is expected to dominate the extruded polystyrene market in the coming years.
Extruded Polystyrene Industry Overview
The extruded polystyrene market is fragmented in nature. The major players (not in any particular order) include BASF SE, Soprema Group, DuPont, Saint-Gobain, and Owens Corning, among others.
Extruded Polystyrene Market Leaders
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BASF SE
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DuPont
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Saint-Gobain
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Owens Corning
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Soprema Group
*Disclaimer: Major Players sorted in no particular order
Extruded Polystyrene Market News
- October 2024: Austrotherm acquired Monosi, a Greek manufacturer of insulation materials, for an undisclosed sum. Austrotherm will retain Monosi’s Chalkida extruded polystyrene (XPS) insulation boards plant and branding.
- December 2023: Owens Corning commenced construction of its USD 60 million extruded polystyrene (XPS) insulation plant in Russellville, Arkansas. Set to be operational in 2025, the facility will manufacture Owens Corning's FOAMULAR NGX XPS insulation.
- January 2023: Austrotherm inaugurated a new XPS production plant in Purbach on Lake Neusiedl, investing EUR 20 million (~USD 21.64 million). The facility boasts a production hall measuring 160 meters in length and 21 meters in width, outfitted with cutting-edge extruder technology.
Extruded Polystyrene Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Drivers
4.1.1 Rising Urbanization and Infrastructure Development
4.1.2 Growing Demand for Energy-efficient Buildings
4.2 Restraints
4.2.1 The Emergence of Eco-friendly Alternatives in the Market
4.2.2 Lower Cost-efficiency Compared to Close Substitutes
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Application
5.1.1 Residential
5.1.2 Commercial
5.1.3 Infrastructure
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 Italy
5.2.3.4 France
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-east and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-east and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Austrotherm
6.4.2 BASF SE
6.4.3 DuPont
6.4.4 Emirates Extruded Polystyrene L.L.C.
6.4.5 Saint-Gobain
6.4.6 Kingspan Group
6.4.7 Knauf Insulation
6.4.8 Owens Corning
6.4.9 Soprema Group
6.4.10 Supreme Petrochem Ltd
- *List Not Exhaustive
6.5 List of Other Prominent Companies
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovations in Extruded Polystyrene Manufacturing
Extruded Polystyrene Industry Segmentation
Extruded polystyrene (XPS) is a thermoplastic polymer known for its closed-cell structure, offering greater strength and superior mechanical performance compared to its close alternative, expanded polystyrene (EPS). Although more costly, XPS is commonly used as rigid foam insulation in residential floors, roofs, walls, ceilings, and balconies due to its high compressive strength and excellent moisture resistance.
The extruded polystyrene market is segmented by application and geography. By application, the market is segmented into residential, commercial, and infrastructure. The report also covers the market size and forecasts for extruded polystyrene in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on volume (tons).
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Extruded Polystyrene Market Research FAQs
How big is the Extruded Polystyrene Market?
The Extruded Polystyrene Market size is expected to reach 1.02 million metric tons in 2024 and grow at a CAGR of 4.85% to reach 1.07 million metric tons by 2029.
What is the current Extruded Polystyrene Market size?
In 2024, the Extruded Polystyrene Market size is expected to reach 1.02 million metric tons.
Who are the key players in Extruded Polystyrene Market?
BASF SE, DuPont, Saint-Gobain, Owens Corning and Soprema Group are the major companies operating in the Extruded Polystyrene Market.
Which is the fastest growing region in Extruded Polystyrene Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Extruded Polystyrene Market?
In 2024, the Asia-Pacific accounts for the largest market share in Extruded Polystyrene Market.
What years does this Extruded Polystyrene Market cover, and what was the market size in 2023?
In 2023, the Extruded Polystyrene Market size was estimated at 0.97 million metric tons. The report covers the Extruded Polystyrene Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Extruded Polystyrene Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Extruded Polystyrene Industry Report
Statistics for the 2024 Extruded Polystyrene market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Extruded Polystyrene analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Extruded Polystyrene Market Report Snapshots
