Australia Extruded Polystyrene Market is expected to reach US$ 118.90 million by 2030

Rising Awareness Regarding Benefits of Extruded Polystyrene (XPS) Propels Australia Extruded Polystyrene Market Growth

According to the latest market study on “Australia Extruded Polystyrene Market Forecast to 2030 – Regional Share, Trend, and Growth Opportunity Analysis – by End-Use,” the market was valued at US$ 77.15 million in 2022 and is projected to reach US$ 118.90 million by 2030; it is anticipated to record a CAGR of 5.6% from 2022 to 2030. The report highlights key factors contributing to the Australia extruded polystyrene market size and prominent players along with their developments in the market.

Extruded polystyrene (XPS) is a versatile and widely used insulation material characterized by its closed-cell structure and high resistance to moisture. Manufactured through an extrusion process, extruded polystyrene is formed by expanding polystyrene beads and then extruding the material into rigid boards or sheets. This method produces a durable, lightweight, and thermally efficient product. The excellent insulation properties and resistance to water absorption make extruded polystyrene suitable for applications where moisture resistance is crucial, such as in construction projects. XPS is commonly used in insulation for walls, roofs, and foundations, which helps enhance energy efficiency in buildings.

Australia Extruded Polystyrene Market Breakdown – by End-Use

The Australia extruded polystyrene market report emphasizes key factors impacting the market. Extruded polystyrene provides high benefits in industrial applications and is superior to other insulating materials in terms of physical, thermal, and mechanical properties. The manufacturing process of extruded polystyrene involves melting the polystyrene beads and then extruding them through a dye to form a continuous, closed-cell structure. Thus, the resulting foam boards have a smooth, dense surface and uniform structure. They are available in numerous thickness, density, and dimension options to meet various insulation requirements. The extruded polystyrene offers the benefits of insulation by blocking the wave of heat from warm areas to cooler areas. Further, several other benefits of extruded polystyrene include moisture resistance, strength, durability and longevity, versatility, and lightweight. Due to the closed-cell structure, XPS is highly resistant to moisture absorption. Its moisture resistance helps protect against mold, mildew, and rot, promoting a healthier indoor environment. XPS can withstand heavy loads without deforming or compressing, making it suitable for load-bearing applications. It has a long lifespan and retains its insulation properties over time, providing long-term energy efficiency benefits in the application industries. The lightweight property of XPS, as compared to other insulation materials, makes it easier to handle, transport, and install, thus reducing labor and installation costs. Therefore, the growing awareness regarding XPS benefits bolsters the Australia extruded polystyrene market growth.       

Sustainable extruded polystyrene is one of the significant Australia extruded polystyrene market trends due to its desirable characteristics that are without environmental downsides. The amount of XPS waste has increased in recent years due to its rising use in the thermal insulation of buildings, transport vehicles, and refrigerators. Increasing XPS waste raises a huge concern regarding pollution to the environment if it is not recycled and processed reasonably. The garbage produced by polystyrene-related plastic products is light in weight, large, age-resistant, corrosion-resistant, and chemically stable. It also cannot be easily degraded by microorganisms. After entering the soil, the polystyrene plastic products can easily deteriorate the soil quality. Due to these factors, there is an increasing focus on recycling extruded polystyrene as it is a majorly used insulation material in the construction industry. Polystyrene recycling techniques involve reusing, sorting, grinding, extruding, and cutting used polystyrene into pellets for various products. The efficient method for recycling extruded polystyrene includes dissolution with suitable solvents to achieve a volume reduction of more than 100 times without degradation of polymer chains. Manufacturers recycle used extruded polystyrene by melting and re-inserting it into the production of new extruded polystyrene foam insulation. The XPS is re-pelletized and introduced back into the production system. Thus, a surge in construction projects, driven by population growth and urbanization, boosts the demand for XPS in insulation applications, contributing to the market’s expanding share. In addition, the implementation of strict building codes and regulations emphasizing energy efficiency and insulation standards prompts the use of XPS in construction projects, positively impacting the Australia extruded polystyrene market share.

Extruded polystyrene finds its application in many industries such as marine, sports, automotive, packaging, cold storage, and refrigeration. There is a growing demand for refrigerated goods, including fresh produce, dairy products, seafood, and meat, in Australia due to population growth and evolving dietary preferences. The products require cold storage facilities to maintain their freshness. Cold storage facilities are compelled to maintain low operating temperatures of up to −30°C. The facilities need effective insulation that limits heat gain; otherwise, a lot of stress is placed on the refrigeration equipment. Also, running costs can quickly get out of control due to excessive consumption of energy. Extruded polystyrene is the best option for cold storage applications due to its high R-values, ability to provide continuous insulation, and durability. In the automotive industry, extruded polystyrene is used to make many car parts such as instrument panels, trim, energy-absorbing door panels, and sound-dampening foam. The foam of extruded polystyrene is also widely used in child protective seats.

Further, the food service packaging made of extruded polystyrene results in better insulation, keeping food fresh for a longer period of time, and costs less than other alternatives. Extruded polystyrene is mainly used for marine applications owing to its low water absorption level and excellent buoyancy rate. Owing to these properties, XPS is used to make good floating objects. Thus, the diverse applications of XPS are expected to offer lucrative opportunities for the Australia extruded polystyrene market from 2022 to 2030.

The Australia extruded polystyrene market analysis is carried out by identifying and evaluating key players in the market across different regions. DuPont de Nemours Inc, Redbak International, Stile Board Pty Ltd, Bewi ASA, Foamex Group Pty Ltd, Kingspan Group Plc, Koolfoam Pty Ltd, The Foam Co, Owens Corning, and BASF SE are among the key players profiled in the Australia extruded polystyrene market report.

The report includes the segmentation of the Australia extruded polystyrene market as follows:

The Australia extruded polystyrene market is segmented on the basis of end-use. Based on end-use, the market is divided into building & construction, industrial insulation, packaging, automotive, and others. The building & construction segment held the largest Australia extruded polystyrene market share in 2022. Extruded polystyrene (XPS) is widely used as insulation material in the construction industry. Builders and developers rely on XPS to enhance the energy efficiency of structures, meeting stringent building codes and standards. Its excellent thermal insulation properties make it an ideal choice for residential and commercial buildings, aiding in maintaining optimal indoor temperatures and reducing energy consumption. Moreover, the construction sector's demand for XPS is closely tied to infrastructure development projects. As the Australian government invests in expanding and upgrading its infrastructure, there is an increased need for durable and reliable insulation materials such as XPS. It finds applications in various construction elements, including roofs, walls, and floors, contributing to the overall sustainability and longevity of buildings.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com