According to the new market research report “Extruded Polystyrene Market by Application (Foundation (Basement & Below Ground), Roof, Wall, Floor & Ceiling), End Use (Residential, Commercial), Region (Europe, North America, APAC, Middle East & Africa, South America) – Global Forecast to 2024″, The global extruded polystyrene market size is projected to grow from USD 5.5 billion in 2019 to USD 6.7 billion by 2024, at a CAGR of 4.0%, during the forecast period.
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The global extruded polystyrene (XPS) market size is projected to grow from an estimated value of USD 5.5 billion in 2019 to USD 6.7 billion by 2024, at a CAGR of 4.0%, during the same period. The market has been segmented on the basis of application, end use, and region. The growth in building and construction activities around the world is a major driver for the XPS market. Additionally, the increase in demand for insulation materials and strict regulations related to energy conservation and emission standards are expected to boost the XPS market in the future.
XPS has found wide acceptance in the construction industry. The utilization of XPS enables building owners to conserve energy spent on cooling/heating buildings. Additionally, the use of XPS in buildings also improves its resistance to withstand adverse climatic changes and allows its occupants to have a comfortable environment.
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The global extruded polystyrene (XPS) market size is projected to grow from USD 5.5 billion in 2019 to USD 6.7 billion by 2024, at a CAGR of 4.0%, between 2019 and 2024. The major driving factors in the XPS industry are increasing population, rising infrastructure requirements in developing economies, technological improvements in the XPS insulation products, and rapid urbanization.
The leading players in the XPS market are BASF SE (Germany), Synthos S.A. (Poland), DuPont de Nemours Inc. (US), Saint-Gobain Isover SA (France), Knauf Group (Insulation) (Germany), Owens Corning Inc. (US), TechnoNicol Corporation (Russia), Austrotherm GmbH (Austria), Ursa Insulation SA (Spain), Penoplex SPB LLC (Russia), Ravago Group (Luxembourg), and Loyal Group (China). These players have adopted growth strategies such as product launches, acquisitions & technology developments, and expansions to increase their global presence, broaden their product portfolio, and increase their share in the XPS market.
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Ravago Group (Luxembourg) has become the leading company in the manufacturing of XPS insulation products. It has a diversified product portfolio with several investments in acquisitions. The company continuously focuses on its organic as well as inorganic growth to expand its market share in Europe. As of now, the company has been aggressively expanding in the European market, which is considered the largest market for XPS due to the huge demand. For instance, in January 2019, the Ravago Group purchased XPS business from DuPont Europe. This acquisition has bolstered the XPS capacity of Ravago in Europe, and it has made the company one of the biggest XPS manufacturers in the world. Ravago also acquired Knauf Insulations XPS business in the UK and France to improve its geographic footprint in the European market. These aggressive inorganic strategies have enabled Ravago Group to rapidly increase its XPS manufacturing capacity in a short time span.
BASF SE (Germany) is the world’s leading chemical manufacturing company and has a diversified product portfolio with several investments in product innovation. It has companies in more than 90 countries and operates six verbound sites and 355 additional production sites, globally, to meet the demand of customers. Its efficient network of production plants and sales & distribution network helped the company to maintain its position in the XPS market. Furthermore, the company has also developed a new technology to supplement the XPS manufacturing process, which involves joining/welding insulation foams. This technology can be used to combine a variety of insulation materials and create a customized product to serve an extensive range of customers with uncommon requirements. Such strategies will boost the growth of the company and also its XPS business, globally.
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