Global Expanded Polystyrene Market
The research report by the GMI Research asserts that the Expanded Polystyrene Market will proliferate over the forecast period. This is because of the proliferation in the construction and packaging industries.
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Expanded Polystyrene Market Dynamics
The global expanded polystyrene market is increasing at a significant rate because of their surging demand in the construction sector guided by the decrease in power usage and greenhouse gas discharge. Moreover, EPS is increasingly used in packaging several electronic appliances, such as capacitors, IT & telecom instruments, refrigerators, ovens, and microwaves. With the growing demand for intelligent designed electronic instruments involving functionalities by the leading consumers, the Expanded Polystyrene Market share has elevated. For instance, Midea group, the largest manufacturer of major appliances across the world, produced an overall profit of nearly 31 billion yuan in 2020 from 29 billion yuan in 2019, connoting a huge consumption of EPS in packaging, which will propel the market growth.
The EPS offers remarkable insulation, which bolsters the demand for green buildings. According to the International Finance Corporation, the Green building is projected to gauge a $24.7 trillion investment opportunity across developing markets by the end of 2030. Also, in accordance with the Expanded Polystyrene Market report, the increasing popularity of green buildings over traditional ones because of their enhanced air quality and comprehensive burden on metal frames collated with conventional buildings.
However, the rigorous norms enforced by the government have restrained the market growth. For instance, The New York Legislature in 2020 sanctioned a ban on expanded polystyrene because of the complication in recycling and enduring negative influence on waterways and wildlife, which may obstruct the Expanded Polystyrene Market size.
Regional Drivers
By the regional analysis, the Asia-Pacific region is anticipated to witness faster growth over the forecast period. This is because of the aggravated demand for construction in nations such as India and China. For instance, China's ‘One Belt One Road Initiative' to establish a road and marine network from China to Italy has surged the commercial activities.
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