{"id":104609,"date":"2021-02-15T06:00:00","date_gmt":"2021-02-15T06:00:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2829049"},"modified":"2021-02-15T06:00:00","modified_gmt":"2021-02-15T06:00:00","slug":"specialty-eps-resin-market-application-recent-trends-technology-updates-and-business-growing-strategies","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2021\/02\/15\/specialty-eps-resin-market-application-recent-trends-technology-updates-and-business-growing-strategies\/","title":{"rendered":"Specialty EPS Resin Market : Application, Recent Trends, Technology Updates and Business Growing Strategies"},"content":{"rendered":"

\"Specialty <\/a> <\/p>\n

iCrowdNewswire <\/strong>  Feb 15, 2021  1:00 AM ET<\/span><\/p>\n

Global Specialty EPS Resins market was valued at US$ 6,008.7 Mn in 2017 and it is expected to reach at US$ 15,146.0 Mn by 2027, growing at CAGR 10.7% during the period, 2016-2027.<\/p>\n

The increase in demand for sustainable & lightweight solutions which provide extreme durability, along with improved thermal insulation, is expected to boost the growth of the global specialty EPS resin market over the forecast period. The rise in demand for acoustic & thermal insulation in the building & construction industry in developing nations such as China and India is expected to enhance the demand for high-quality polymers. Also, the rise in demand among consumers for durable commercial & residential buildings, which can easily withstand extreme changes in the external environment, is expected to drive the market growth.<\/p>\n

Get Sample Copy <\/strong>of this Report @ https:\/\/qualiketresearch.com\/request-sample\/Specialty-EPS-Resin-Market\/request-sample<\/a><\/strong><\/p>\n

The increase in demand for specialty EPS in construction & packaging industries<\/strong><\/p>\n

Expanded Polystyrene (EPS) is used in the construction sector due to its closed-air low-thermal conductivity, mechanical resistance, lightweight, low water absorption, and sound resistance (in office & rooms). They provide tangible environmental advantages which maximize energy efficiency, improve indoor environmental quality, & enhance the durability of the buildings & packaged products.<\/p>\n

The demand for specialty EPS in packaging application segment is expected to generate significant revenue. It is attributed to the excellent shock-absorbing properties of EPS, thus making it ideal for the storage and transportation of products, including healthcare, & chemical products, electronics equipment, consumer goods. Excellent moisture resistance & thermal insulation provided by EPS help retain the freshness of perishable products, like seafood & fruits and vegetables. Also, compression resistance provided by expanded polystyrene makes it ideal for stackable packaging goods. Thus, excellent properties offered by Expanded Polystyrenes are significantly improving its demand for packaging applications. This leads to increase the demand for specialty EPS over the forecast period. The impact of this driver is very high.<\/p>\n

Market Restraints:<\/strong><\/p>\n

Ban on EPS products in few countries<\/strong><\/p>\n

In a few major economies, the EPS items have been banned. Styrofoam cups cannot be recycled as they are already expanded and to produce these cups, it needs virgin polystyrene beads. As EPS materials are not biodegradable, some consumers do not prefer use and throw Expanded Polystyrene coffee cups.<\/p>\n

The banned products contain polystyrene foam single-service items, such as bowls, cups, plates, take-out containers, trays, polystyrene loose fill packaging, commonly called as packing peanuts. However, there are some exceptions such as EPS containers used for prepackaged food which  are filled & sealed prior to receipt by the food service establishment; mobile food store; & containers used to store raw meat, fish, pork, seafood, or poultry sold from a butcher case or similar retail appliance are still in use.<\/p>\n

Expanded Polystyrene (EPS) is banned in several countries including New York, DC, Washington, Minneapolis, San Francisco, Oakland, Portland, Albany & Seattle.<\/p>\n

This factor hinders the market growth. The impact of this restraint is very high.<\/p>\n

Market Opportunity:<\/strong><\/p>\n

Product launch and innovation creates new opportunities in the market<\/strong><\/p>\n

The companies operating in the market are investing large amount in research and development to launch new products. This can create new opportunities in the market.<\/p>\n

For instance, in 2019, BASF SE had raised its global production capacity of graphite polystyrene rigid foam and a type of EPS by 40,000 metric tons per year. The capacity addition was done at 2 production sites, namely Ulsan (Korea) & Ludwigshafen (Germany). At the Ulsan production facility, the organization switched the entire 85,000 metric tons capacity from classic white EPS to grey EPS to enhance the insulation property of the raw material. This move allowed BASF SE to cater to the surging demand for grey material in the APAC market.<\/p>\n

Regional Analysis<\/strong><\/p>\n

North America is accounted for the highest market share in 2016. However, Asia pacific region is expected to grow at a healthy rate over the forecast period.<\/p>\n

Asia Pacific led the market and accounted for more than 40.0% share of the global revenue in 2019. It is attributed to ascending demand for the product from applications, such as automotive, packaging, and construction, in emerging economies such as China & India. The construction industry in APAC is the fastest-growing market across all regions. The rise in urbanization, the increase in disposable income, and government initiatives including the \u201chousing for all\u201d project in India, are propelling the growth of the construction industry in this region.<\/p>\n

Europe is the prominent consumer of expanded polystyrene owing to high demand from the automotive, packaging, and construction sectors. Expanded Polystyrene (EPS) finds application in various industries due to its versatile benefits, lightweight, easy molding, & desired shape formation. In recent years, the demand for expanded polystyrene from green building design applications in the European market has witnessed a significant increase owing to its excellent environmental advantages that can offer improved indoor environmental quality, energy efficiency, & enhanced durability.<\/p>\n

Recent Developments<\/strong><\/p>\n

In January 2020, Eni & Pertamina sign MOU to cooperate in the areas of circular economy, low carbon products & renewable energies.<\/p>\n

In June 2020, BEWiSynbra Group, a producer of EPS in Europe had announced that the company has signed an agreement to acquire a minority stake in a United Kingdom based newly formed EPS insulation & packaging company. The new comapny derives from manufacturer & supplier of EPS products for insulation & civil engineering applications, & sister company Styropack, who is producer of EPS packaging. The new company will be jointly owned by parts of the current management and by BEWiSynbra Group. The name of the comapny will be Jablite Group and which operate as a stand-alone company, in collaboration with BEWiSynbra Group.<\/p>\n

In February 2020, Sekisui Chemical & Sumitomo Chemical had announced to cooperate on Circular Economy Initiative Manufacturing Polyolefin using Waste as Raw Material. Two organizations have agreed to form a strategic alliance to provide benefit to society by deploying technology for manufacturing polyolefin by using waste as a raw material. This alliance combines SEKISUI CHEMICAL\u2019s production technology for transforming waste into ethanol with Sumitomo Chemical\u2019s technological know-how in manufacturing polyolefin, thereby promoting circular economy initiatives to chemically recycle waste into polyolefin. Pilot production will begin in fiscal 2022, with SEKISUI CHEMICAL turning waste into ethanol, and Sumitomo Chemical using this ethanol as raw material for polyolefin. A full-scale market launch of this production method is expected in fiscal 2025.<\/p>\n

Market Key Players<\/strong><\/p>\n

Some key players are listed in this report such as<\/p>\n