As per the report published by Allied Market Report, the global extruded polystyrene (XPS) insulation material market accounted for $5.2 billion 2019, and is projected to hit $7.9 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027. The report offers a detailed analysis of the value chain, market dynamics, top winning strategies, key segments, business performance, and competitive landscape.
Surge in demand from the non-residential construction sector, rise in popularity of energy-efficient building systems, and advantages of using extruded polystyrene insulation material over other reinforcement materials drive the growth of the global XPS insulation material market. However, environment issues regarding the presence of toxic chemicals in XPS insulation material hamper the market growth. On the contrary, rise in use of CO2 as a foaming agent is expected to create lucrative opportunities for the market players in the coming years.
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The global XPS insulation material market is segmented on the basis of application and geography. Based on application, the market is divided into residential construction and non-residential construction. The non-residential construction segment held the largest share in 2019, accounting for more than two-thirds of the market. However, the residential construction segment is projected to reach the highest CAGR of 7.0% during the forecast period.
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The global XPS insulation material market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific dominated in 2019, accounting for nearly half of the market, and is anticipated to register the highest CAGR of 6.6% during the forecast period.
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The global XPS insulation material market report includes an in-depth analysis of the major market players such as Kingspan Group, BASF SE, Emirates Extruded Polystyrene LLC, Owens Corning, Abrisonv, Ravago, Jackon Insulation GmbH, URSA Insulation SA, SopremaInc., and Austrotherm. They have adopted various strategies such as partnerships, collaboration, mergers & acquisitions, and project launch.
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