According to a recent report by Reports and Data, the global Expanded Polystyrene (EPS) market is expected to reach $15.06 billion in 2030, with a revenue CAGR of 4.9 per cent over the forecast period. Over the forecast period, increased demand for expanded polystyrene for helmet and seat cover foaming and rising demand for expanded polystyrene for food and beverage packaging are expected to drive market revenue growth. Increased use of steel fibre to strengthen expanded polystyrene in the construction industry is expected to drive the market between 2022 and 2030. Shortly, increased usage of expanded polystyrene for food and beverage packaging is expected to propel the expanded polystyrene market ahead. Vegetables and fruits retain their vitamin C content for longer in expanded polystyrene packaging than in traditional food packaging materials, increasing demand for expanded polystyrene.
Expanded polystyrene also has exceptional mechanical and thermal properties and is unaffected by humidity because it does not absorb water or water vapor. Increased demand for expanded polystyrene for food and beverage packaging is another element helping the market’s revenue growth shortly. In addition, the growing popularity of expanded polystyrene for helmet seat foaming and its extensive use in the vehicle industry are expected to fuel market revenue growth.
The rise in demand for Expanded Polystyrene (EPS) for packaging
Over the projected period, the packaging segment is predicted to account for a higher part of sales. The segment’s revenue growth is boosted by the growing demand for proper packaging of consumer items to prevent their contents from being damaged during transit, handling, and storage. Another reason projected to promote market growth is the growing use of expanded polystyrene for adequate packaging in various industries such as electronics, foods, and drinks.
A primary expanded polystyrene packaging market driver is the developing demand for polystyrene packaging from end-use industries such as food and beverage, buildings and construction, and automotive. The expanded polystyrene material has also been approved by the Food and Drug Administration (FDA). It is a 100% recyclable material with very little environmental impact, which will propel the business forward. The demand for expanded polystyrene packaging will be driven by the growing demand for frozen food in the food & beverage sector to ensure product safety and freshness. Furthermore, governments are promoting recyclable plastics to reduce the amount of plastic in the environment, which is expected to drive market growth. Furthermore, the market for expanded polystyrene packaging is being driven by the growing need for lightweight materials in the automotive industry for flexibility in integrating components to avoid corrosion and increase vehicle life.
How eps packaging role is increasing in Food and Beverage sector
The food and beverage end-use segment accounted for the largest market size, and it is expected to increase at a significant rate throughout the forecast period. The expansion is due to the widespread use of expanded polystyrene in packaging materials like plates, containers, and other items. Polystyrene is acceptable for use in food and beverage packaging, according to the Food and Drug Administration (FDA), which is expected to boost market expansion in the food and beverage industry. Buildings and construction are expected to grow significantly in the following years. Because polystyrene packages and blocks are effective ideal insulation in buildings, their growth can be attributed to their usage in construction as permanent insulation. Furthermore, these polystyrene materials are recyclable, which is expected to drive market expansion throughout the forecast period.
The EPS usage is rising globally, and Styrene Insulation Industry(SII) is growing as a market leader. We at SII can supply a bulk quantity of polystyrene suitable for your needs. Whether it is packaging or insulation in the construction industry, Styrene will be an efficient and the best solution. Get our experts’ advice to buy the right quality polystyrene that is helpful for your requirements.