The global Polystyrene Foam market is projected to grow from USD 26.4 billion in 2020 to USD 32.2 billion by 2026, at a CAGR of 4.1% between 2021 and 2026. Growing demand from the building & construction and packaging industry in APAC is likely to boost the Polystyrene Foam market. APAC is the largest market for Polystyrene Foam globally. China is the largest market, and India is the fastest-growing market for of Polystyrene Foam market in the region. The easy availability of raw materials and high demand from end-use industries are driving the market in APAC. Emerging economies such as India, South Korea, Thailand, and Indonesia also supporting market growth.
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The key EPS market players are Wuxi Xingda (China), Synthos (Poland), BASF (Germany), Total (France), SUNPOR KUNSTSTOFF (Austria), The Ravago Group (Belgium), Alpek (Mexico), VERSALIS (Italy), Nova Chemicals (US), Flint Hills Resources (US), PJSC SIBUR HOLDING (Russia), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), Kaneka Corporation (Japan), Atlas Roofing Corporation (US), BEWiSynbra Group (Sweden), Brødr. Sunde A/S (Norway), Nexkemia Petrochemicals (Canada), and Unipol Holland (Netherlands).
The key players operating in the Extruded Polystyrene Market include BASF SE (Germany), Synthos S.A. (Poland), DuPont de Nemours Inc. (US), Saint-Gobain Isover SA (France), Knauf group (Insulation) (Germany), Owens corning Inc. (US), TechnoNicol Corporation (Russia), Austrotherm GmbH (Austria), Ursa Insulation SA (Spain), Penoplex SPB LLC (Russia), Ravago Group (Luxembourg), and Loyal Group (China).
These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2021 and 2026. This strategy strengthened their market position and increased their presence in emerging economies.
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Loyal Group is the biggest EPS manufacturer in Asia. The company also produces high impact polystyrene and general grade polystyrene products. It is based in China, where its manufacturing and research facilities are primarily located. The company manufactures various grades of EPS as well as XPS foam products. Export level products are primarily manufactured without the HBCD (Hexabromocyclododecane) additive as it has been banned in many international markets. Loyal Group has a total production capacity of over 1.5 million tons per year. The company offers excellent quality of Expandable Polystyrene to over 60 countries.
Wuxi Xingda manufactures and sells EPS products. The products under the XIFA brand EPS series produced by the company are widely used in the packaging, construction, decoration, transportation, and infrastructure applications, among others. The company operates as a subsidiary of Xingda Investment Group Co., Ltd. Wuxi Xingda’s EPS production capacity ranks top three in the world. The company produces 1,350 kilotons per year. The company’s EPS products have been sold in more than 30 provinces in China and exported to over 20 countries and regions in Europe, America, Oceanian, and Middle East.
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