PORTLAND, Oregon and PUNE, India, April 24, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Extruded Polystyrene Insulation Materials Market: Global Opportunity Analysis and Industry Forecast, 2015-2023," the global market was valued at $2,418 million in 2016, and is projected to reach $3,827 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. The non-residential construction segment is projected to grow at the highest CAGR throughout the forecast period.
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Extruded polyesters (XPS) are closed cell, rigid insulation systems that are manufactured using an extrusion process. Plastic resin and other ingredients are liquefied and then extruded through a die, forming a closed-cell structure. XPS utilize air as an insulating medium and are preferred over expanded polyester (EPS) due to high moisture resistance, low thermal conductivity, and high compressive strength.
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The extruded polystyrene insulation materials market is driven by growth in demand from non-residential construction sector and construction boom in emerging economies of Asia-Pacific, such as India and China, due to rapid industrialization. India's urban population is expected to reach 600 million by 2030. However, the presence of toxic chemicals in polystyrene is expected to lower the demand for extruded polystyrene. According to European Union's (EU) Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) program, hexabromocyclododecane (HBDC) present in polystyrene is listed as a chemical of high concern and recommends restricting its use as much as possible. This gives rise to the debate of whether the use of extruded polystyrene in construction should be considered under green building or not. Growth opportunities exist in the market owing to the R&D activities for producing high-quality XPS, without the use of greenhouse gases as foaming agents in XPS manufacturing.
The non-residential segment accounted for more than half of the market share in 2016, owing to the growing requirement for insulated commercial buildings. Use of insulating products in building and construction contributes reduces global warming. Non-residential construction includes retail stores, commercial offices, factories, warehouses, power stations, cold stores, food processing plants, telecom shelters, and public institutions, such as schools and hospitals.
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KEY FINDINGS OF THE STUDY
- The non-residential segment is expected to witness the highest growth rate from 2017 to 2023.
- In 2016, China generated maximum revenue, region-wise, with over one-third share of the Asia-Pacific market.
- Brazil is expected to be the fastest growing region in the LAMEA market, growing at a CAGR of 7.5%.
- The residential construction segment accounted for two-fifths share of the market in 2016, and is expected to grow at a CAGR of 6.4%.
- In terms of value, India is projected to grow at the highest rate in the Asia-Pacific extruded polystyrene insulation materials market.
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Asia-Pacific dominated the global extruded polystyrene insulation materials market in 2016, attributed to the increase in demand for energy-efficient buildings and adoption of green building systems. High precipitation, extreme temperature variations among the four seasons, and high temperature have increased the need for insulated homes, thereby boosting the market for XPS. Moreover, presence of major market players and their active participation in development activities, like frequent product launches, are further expected to drive the Asia-Pacific market.
Key players operating in the global extruded polystyrene insulation materials market include BASF SE, The Dow Chemical Company, Honeywell International Inc., Kingspan plc, Bayer Material Science, ITW Insulation Systems, Saint-Gobain S.A., Evonik Industries AG, Knauf Insulation, and E. I. du Pont de Nemours and Company.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research