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The major trend driving the expanded polystyrene (EPS) market is the huge demand from the building and construction sector, which finds its usefulness in a myriad of applications such as floor insulation, insulation foam for closed cavity walls, and roofs.
Expanded Polystyrene (EPS) is one of the multipurpose polymers available for a variety of applications. EPS has found numerous application areas across a wide range of industries due to its light weight, rigidity, and thermal and acoustic insulating properties. EPS has low thermal conductivity, shock and sound absorbing characteristics, and moisture resistant properties.
North America expanded polystyrene (EPS) market is currently valued at $13.9 billion in 2014 and is expected to reach $22.4 billion by 2020 showing a compound annual growth rate of 8.3%. US currently dominates the North American market for EPS followed by Canada. The US EPS market demands for higher consumption due to its larger population needs and their growing activities across the constructions and packaging industries.
The building and construction industry holds the largest share of EPS market. Downstream demand from the building & construction industry, and packaging applications will boost the demand and revenue for EPS manufacturers till the end of 2018. Huge investments in research and development (R&D), followed by new product launches by key industry players for expanded polystyrene market in 2014. More than 100 companies around the world today are manufacturing EPS and this number is expected to increase to more than 200 within the next five years, while there are more than 1,000 companies and institutions that are actively engaged in R&D.
Read more on the driving factors, challenges and complete report contents by visiting Research and Markets: Global Expanded Polystyrene (EPS) Market Segmented by Application and Geography Trends and Forecasts (2015-2020).