The global extruded polystyrene (XPS) market size is projected to grow from USD 5.5 billion in 2019 to USD 6.7 billion by 2024, at a CAGR of 4.0%, between 2019 and 2024. The major driving factors in the XPS industry are increasing population, rising infrastructure requirements in developing economies, technological improvements in the XPS insulation products, and rapid urbanization.
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The leading players in the Extruded Polystyrene Market are 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 growth strategies such as product launches, acquisitions & technology developments, and expansions to increase their global presence, broaden their product portfolio, and increase their share in the Extruded Polystyrene Market.
1 Market Overview (Page No. – 37)
1.1 Introduction
1.2 Market Dynamics
1.2.1 Drivers
1.2.1.1 Stringent Regulations to Reduce Greenhouse Gas Emission
1.2.1.2 Development of Green Buildings
1.2.1.3 Reduction in Energy Consumption and Its Related Cost
1.2.1.4 Presence of Stringent Building Energy Codes
1.2.1.5 Rebates and Tax Credits
1.2.2 Restraints
5.2.2.1 Availability of High-Performance Substitutes
5.2.2.2 Volatility in Raw Material Prices
1.2.3 Opportunities
5.2.3.1 Easy Recyclability of Polystyrene Products
5.2.3.2 High Energy Requirements
1.2.4 Challenges
1.2.4.1 Rising Stringent Government Regulations
1.2.4.2 Lack of Awareness
1.3 Policy & Regulations
1.4 Porter’s Five Forces Analysis
1.4.1 Threat of Substitutes
1.4.2 Bargaining Power of Buyers
1.4.3 Threat of New Entrants
1.4.4 Bargaining Power of Suppliers
1.4.5 Intensity of Competitive Rivalry
Ravago Group (Luxembourg) has become the leading company in the manufacturing of XPS insulation products. It has a diversified product portfolio with several investments in acquisitions. The company continuously focuses on its organic as well as inorganic growth to expand its market share in Europe. As of now, the company has been aggressively expanding in the European market, which is considered the largest market for XPS due to the huge demand. For instance, in January 2019, the Ravago Group purchased XPS business from DuPont Europe. This acquisition has bolstered the XPS capacity of Ravago in Europe, and it has made the company one of the biggest XPS manufacturers in the world. Ravago also acquired Knauf Insulations XPS business in the UK and France to improve its geographic footprint in the European market. These aggressive inorganic strategies have enabled Ravago Group to rapidly increase its XPS manufacturing capacity in a short time span.
The residential segment accounts for the largest share in the Extruded Polystyrene Market by end use.
The residential end use holds the largest share in the Extruded Polystyrene Market by end use, and this trend is expected to continue. The residential sector plays an important role in the growth and development of the overall construction sector. The increased demand for houses and the easy availability of funds have led to a strong focus on this sector.
According to the World Economic Forum, the global investment in infrastructure is expected to be USD 79 trillion by 2040.
In order to meet this investment requirement, countries all over the world would have to invest heavily in infrastructure development. Therefore, the increase in construction activities is expected to drive the demand for XPS.