EPS Market growth: when there’s an increase in demand, EPS sector has the supply.
According to a new report conducted by Grand View Research, Inc, the global expanded polystyrene (EPS) market is projected to reach approximately $12.97 billion by 2025.
The current economic impact of EPS is growing at a rate that has no means of slowing down. How do we know this? (Research) The rising growth of millennials and nuclear families, as well increased disposable income, has increased the number of single-use EPS containers provided by urban food outlets and takeaway stations. The growth of these is expected to promote the usage of EPS.
Industries are also playing a major role in EPS expansion; the automotive sector is expected to see sufficient growth. New and improved innovation in the industry has allowed for cars to be made lighter in weight and highly fuel efficient by global manufacturers.
The major growth driver of EPS is in the construction sector, focusing on the concept of ‘Green Building’. How will this happen? Due to the rate of inward migration in regions like Europe and North America, an increased rate of residence complexes aided by employment and spending capabilities among consumers will drive construction and housing needs.
“Plymouth Foam is ready for this growth and in part it led us to our 115,000 sq ft expansion last year. We work to meet our customers needs as they are in their growth journey” according to Doreen Lettau, Vice President.
Consequently, EPS packaging industry has a demand and the CAGR is projected to grow 5.0% in 2016 to 2025. Thanks to the high rate of manufacturing capabilities across developing nations, growth rate of exports and future growth in high rate e-commerce business is continuing to expand.
Need more information on the EPS market growth? Please contact Doreen Lettau, Vice President of Market & Business Development doreen.lettau@plymouthfoam.com