Global value sales of expanded polystyrene (EPS) are projected to cross the US$ 15 billion mark by the end of 2019, and are poised to grow by 4% CAGR through 2027, according to a new report from research and consulting firm Fact.MR.
According to the report, East Asia will hold its dominance in the expanded polystyrene market, due to demand from end-use industries in the region. In 2018, the region accounted for over 40% value sales of expanded polystyrene market. Europe is also reportedly expected to gain a significant market share, owing to the presence of well-developed industries.
Fact.MR also notes that construction growth in some emerging economies could help grow the expanded polystyrene market in this sector. While the construction industry is typically quite cautious about changing tried-and-tested methods and requires new materials to have a proven track record, the versatility of EPS allows it to be used for a huge variety of different purposes.
The report can be found here.
This story is adapted from material from Fact MR, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.