The Global Extruded Polystyrene (XPS) Insulation Material Market is estimated to grow at a CAGR of 5.6% during the forecast period 2020-2027. As per the detailed market study, the global extruded polystyrene insulation market was valued $5.2 billion in the year 2019 and is anticipated to reach $7.9 billion by the year 2027.
Extruded polystyrene (XPS) is a kind of foam, a molten material that is pressed out of a form into sheets. XPS is efficient to use as foam board insulation and is used for insulation of structural insulating panels and insulating concrete forms.
The major factors attributing in the growing demand in global extruded polystyrene insulation market includes increasing demand from non-residential construction and growing urbanization across the developing nations. For instance, according to the United Nation Organization world is adding approximately one billion people in the span of twelve years. In addition, rising working population has led in increasing non-residential construction such as offices and tech parks further driving demand for extruded polystyrene insulation. For instance, as per catalyst.org, India's youthful demographic will add 234 million workers to the labour force by 2027. Growing trend of green room concept also boost demand for extruded polystyrene due to its feature of reduce energy usage of a structure. In the other hand, inconsistency in the price of raw material is restraining the market growth to an extent. In addition, presence of toxic chemical in it estimated to hinder demand for extruded polystyrene insulation among environment concern population. Moreover, manufacturers are trying to develop XPS product without the use of fluorochlorohydrocarbons that anticipated to open market opportunities for the players operating in global extruded polystyrene insulation market.
BASF SE, Kingspan Group, Owens Corning, Emirates Extruded Polystyrene LLC, Jackon Insulation GmbH, Abrisonv, Ravago, SopremaInc., URSA Insulation SA and Austrotherm. Other players operating in this market include Penoplex SPB LLC, Loyal Group, The Ravago Group, and Technonicol Corporation are some major players included in the research study of the global extruded polystyrene insulation material market.
Segmentation of the Global Extruded Polystyrene Insulation Material Market
The global extruded polystyrene insulation market is majorly categorized on the basis of application. The application of the global extruded polystyrene insulation market is sub-segmented into:
- Residential Construction
- Non-residential Construction
Geographical Overview of the Global Extruded Polystyrene Insulation Material Market
The Asia Pacific held the highest market share in the global extruded polystyrene insulation material market in 2019 and also expected to dominant the market over the forecast period. The major driver for market is increasing private ownership of real estate and rise in home renovation & construction. Moreover, Government initiatives to promote building energy efficiency, increase construction expenditure to improve public and non-residential infrastructure and energy conservation initiatives by government to reduce greenhouse gas emissions also boosting demand in Asia Pacific region. Furthermore, other factors such as increasing population in countries such as India and China, rising per capita income, rising demand for building floor space and growing industrialization also driving demand for extruded polystyrene insulation in the region.
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