Extruded Polystyrene Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 Extruded polystyrene (XPS) is a thermoplastic polymer with a closed-cell structure. It is considerably stronger with higher mechanical performance but is more expensive than its close substitute, expanded polystyrene (EPS). Extruded polystyrene is often used in the form of rigid foam to insulate floors, roofs, walls, ceilings, and balconies in residential buildings. This is because of its high compressive strength and resistance to moisture. Furthermore, extruded polystyrene is most widely used in the insulation of green buildings owing to its ability to reduce energy consumption by 6–8% and also to reduce greenhouse gas emissions, namely carbon dioxide and methane. In India, 114.06 lakh houses have been sanctioned under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) until November 2021.Out of these, 89.36 lakh houses have bee.

The Asia-Pacific region is expected to dominate the market for extruded polystyrene during the forecast period. In countries like China and India, the demand for extruded polystyrene has been growing owing to the growing population, increasing industrialization, urbanization, and raising living standards.

Governments of countries like India, China, and Japan have emphasized reducing greenhouse gas emissions because the adoption of green buildings is increasing in the region and the demand for extruded polystyrene is increasing as it reduces the emission of harmful gases like carbon dioxide and methane.

With the demand from technology, e-commerce, and banking and financial service companies, office space requirements are significantly rising, resulting in the construction of new offices in the region. For example, China is one of the leading countries with respect to the construction of shopping centers. China has almost 4,000 shopping centers, while 7,000 more are estimated to be open by 2025.

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