Global Extruded Polystyrene Insulation Materials Market Is Estimated to Grow About Usd 8.22 Billion By 2030

The global extruded polystyrene insulation materials market size was worth around USD 6.12 Billion in 2022 and is estimated to grow to about USD 8.22 Billion by 2030, with a compound annual growth rate (CAGR) of approximately 5.31 percent over the forecast period.

Extruded polystyrene (XPS) is a homogenous thermoplastic aromatic polymer that is manufactured via an extrusion process. It is a polystyrene foam that has a characteristic blue, green, and pink color. The manufacturing process of extruded polystyrene (XPS) usually includes the melting of thermoplastic resin, which is then further passed into the extruder with blowing agents and other special additives. Extruded polystyrene is an utterly functional thermal insulation material and is frequently used as foam board insulation. It is extensively used in the constriction of insulating concrete forms (ICFs), insulating panels, pipelines, floors, and basements.

The global extruded polystyrene insulation materials market is expected to surge exponentially due to an increase in the construction of buildings and commercial spaces in various cities across the globe. Thus, the growth of the real estate and construction sector drives the growth of the market. Besides, there has been an immaculate surge in demand for smart cities and green buildings due to advancements in technology and an increase in awareness about the impact of constructing buildings on the environment and human health.

Green construction is gaining massive popularity in various countries because it favors in reducing overall waste with effective and controlled use of water, material, and energy. Thus, extruded insulation materials play an important role in the construction of green buildings to appreciably minimize structure resources and energy consumption. In addition, persistent advancements in technology and an increase in the use of extruded polystyrene insulation materials in the construction of various roadways and railway projects due to their immense compressive strength are predicted to create ample opportunities for the growth of the market during the forecast period. However, fluctuations in the prices of raw materials impede the growth of the extruded polystyrene insulation materials industry to an extent during the forecast period.

The global extruded polystyrene insulation materials market is segmented based on application and region.

Based on application, the market is bifurcated into residential construction and non-residential construction. The non-residential segment held the largest market share in 2022 and is further anticipated to occupy a dominant market share, and simultaneously grow at a significant CAGR of 5.01% during the forecast period. The major reason for the growth of this segment is that extruded polystyrene (XPS) is widely adopted in the non-residential sector due to its low water absorption and exceptional compressive strength. Thus, its increased thermal performance, constriction strength and moisture resistance make it ideal for roof and wall applications in numerous commercial and industrial applications. Furthermore, it reduces the overall consumption of natural resources be it gas, coal, oil, and others. These factors drive the growth of the segment during the forecast period.

Based on region, the Asia-Pacific region held the dominating market share in 2022 and is further predicted to grow exponentially at a significant CAGR during the forecast period. The major reason for the growth of this segment is the ever-growing population, rise in urbanization, rise in the construction of residential and commercial buildings, increase in the standard of living, and change in the lifestyle of people living in this region.

Besides, remarkable growth in the economy of developing countries in this region such as India and China, the growing trend of construction of smart cities and better roads and highways, and the significant rise in industrialization in this region further drive the growth of the market during the forecast period. Furthermore, an increase in initiatives and investments from both government and private sector companies in infrastructure development and providing construction energy efficiency further expand the growth of the market in the region.

This review is based on a report by Zion Market Research, titled “Extruded Polystyrene Insulation Materials Market By Application (Residential Construction and Non-Residential Construction), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/extruded-polystyrene-insulation-materials-market

Recent Developments

• In August 2020, Owens Corning, a dominant American manufacturer of fiberglass composites and related products and materials, announced the launch of its new range of extruded polystyrene (XPS) foam insulation products which is known as Foamular NGX. This innovative line of products is set to provide effective results as the blowing agent in the products is known to bring about a 90% depletion in global warming potential (GWP) without neglecting the performance of the product.
• In October 2021, Kingspan Ireland-based company announced the acquisition of Minnesota Diversified Products, the manufacturer of the DiversiFoam range of expanded polyisocyanurate (PIR) foam billets, and extruded polystyrene (XPS) foam and polystyrene (EPS). In August 2020, Owens Corning unveiled Foamular NGX, a new range of extruded polystyrene (XPS) foam insulation products.

The global extruded polystyrene insulation materials market is dominated by players such as:

• Emirates Extruded Polystyrene LLC
• BASF SE
• Kingspan Group
• Owens Corning
• Jackon Insulation GmbH
• Abrisonv
• URSA Insulation SA
• Ravago
• SopremaInc.
• Austrotherm. 
• Loyal GroupPenoplex SPB LLC
• Knauf Insulation
• Foamex Victoria Pty. Ltd.
• Xella International GmbH
• Synthos S.A
• Technonicol Corporation
• The Ravago Group.

Global extruded polystyrene insulation materials market is segmented as follows:

By Application

• Residential Construction
• Non-residential Construction

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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