Expanded Polystyrene (EPS) Recycling Market Size, Share, Growth, And Industry Analysis, By Type (Material Recycling, Chemical Recycling, Thermal Recycling), By Application (Packaging, Appliances, Consumer Electronics, Construction), Regional Forecast By 2031

Expanded Polystyrene (EPS) Recycling Market Report Overview

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The global Expanded Polystyrene (EPS) market size was USD 17245 million 2021 & the market is expected to reach USD 35,083.66 million in 2031, exhibiting a CAGR of 7.33% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Expanded Polystyrene (EPS) market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Expanded Polystyrene (EPS) recycling is the procedure of retrieving EPS waste and turning it into valuable items like new packaging or insulation material, paving stones for walks and exterior walls, ceiling tiles, construction blocks, etc. Over time, expanded polystyrene can be recycled multiple times with minimal characteristics loss. Only around 30% of non-recycled material is required to create an equivalent volume of high-quality foam with shallow impurity levels, which degrades the foam during several recycling cycles.

Finding innovative techniques to recycle EPS as well as other plastics has been the subject of extensive research and development in recent years. This entails the creation of fresh recycling techniques and tools, as well as the application of innovative data and analytics management to streamline recycling operations. EPS as well as other plastics are heated to extremely hot temperatures without oxygen during the pyrolysis process, which separates them into their constituent elements. This is an illustration of a new recycling technology. Then, new products like fuel or plastic resin can be made using these component elements. Other technologies under development or testing include solvent-based recycling procedures, which are using chemicals to dissolve EPS and other plastics into their constituent elements, and mechanical recycling procedures, which use mechanical forces to shred EPS and other plastics into tiny pieces that can be used to create new products.

COVID-19 Impact: Several businesses employed EPS packing to convey their goods securely causing advantages

The first wave of COVID-19 has had a noteworthy influence on the market, resulting in total lockdowns and restrictions on the movement of persons and products in numerous nations throughout the world. During COVID-19, EPS's demand to package goods increased along with the need for packaged goods. The EPS industry produced cold storage facilities and shipping containers that were used to transport the vaccines that would aid in the fight against COVID-19. Several businesses employed EPS packing to convey their goods securely during COVID-19. As a result, it is anticipated that the advantages of EPS in the shipment of goods during COVID-19 would stimulate market revenue growth. The COVID-19 epidemic significantly affected the expanded polystyrene (EPS) recycling industry as well as the larger recycling sector.

Economic activity has slowed down because of the epidemic, and demand for many goods—including those produced by EPS—has decreased. The need for new EPS has decreased as a result, and this has also reduced the need for EPS recycling programs. The COVID-19 outbreak has disrupted supply chains, increased the expense of manufacturing, and provided recycling a more appealing alternative. As a result, businesses are finding it increasingly challenging to acquire the raw resources they require to create new EPS as well as other products.

Latest Trends

"EPS recycling would cut down on resource and waste usage as well as greenhouse gas emissions causing rise in demand "

In the circular economy, resources are recycled and reused rather than being thrown away to lower resource and waste consumption. When possible, resources are used as long as possible in the supply chain before being recovered and recycled to create new goods or materials. Recycling EPS is crucial to the circular economy because it lowers the need for fresh EPS and other plastics. Because it requires less labor and raw material to create items from recyclable materials than that from new ones, recycling EPS or other plastics helps preserve natural resources. Recycling EPS and certain other plastics also lower greenhouse gas emissions because recycled materials are often produced with less pollution than new materials.

Expanded Polystyrene (EPS) Recycling Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Material Recycling, Chemical Recycling, and Thermal Recycling.

• By Application Analysis

Based on application, the market can be divided into Packaging, Appliances, Consumer Electronics, and Construction.

Driving Factors

"Recycled polymers such as EPS to prevent environmental hazards"

There will be more need for recycled EPS as well as other plastics as awareness of the harmful effects of plastic waste on the environment develops. In the environment, plastic garbage can take hundreds of years to disintegrate and can harm ecosystems and species. Utilizing recycled polymers, such as EPS, helps lessen the quantity of plastic trash that pollutes the environment and ends up in landfills. As it requires less energy and raw materials to make goods from recycled materials than from new ones, recycling EPS or other plastics can also aid in the conservation of natural resources. Additionally, as recycled materials are often generated with fewer emissions than new materials, recycling EPS and other materials can lower greenhouse gas emissions.

In addition, as people, businesses, and governments search for ways to lessen their environmental impact, there is likely to be a rise in demand for recycled EPS and some other chemicals as awareness of the harmful environmental effects of plastic waste grows.

"Governments to Implement New Regulations Regarding Recycling Programs "

To decrease plastic waste and boost recycling rates, governments all over the world are putting into place a range of restrictions. In addition to mandated recycling programs and standards for recycled material in products, these policies might also impose bans on specific plastic product types, such as single-use plastic waste or straws. By raising the demand for recycled materials and raising the cost of new material production, these laws can act as encouragement for the recycling of EPS and other plastics.

Manufacturers might be more willing to employ recycled EPS and many other plastics if a government regulates a specific proportion of recycled material in products. The recycling of EPS or other plastics may also be aided by financial incentives from the government, such as incentives or subsidies. By offering these benefits, organizations may be more likely to invest in recycling infrastructure and technology and so reduce the costs associated with recycling. Overall, government laws are projected to increase the need for recycled materials and give grants for the recycling of EPS or other plastics, which will increase the Expanded polystyrene (EPS) recycling market growth for EPS recycling services.

Restraining Factors

"Expense of recycling Expanded Polystyrene to limit the growth of the EPS recycling market. "

Due to the expense of gathering, shipping, and processing the materials, recycling EPS and other polymers may be more expensive than creating new materials. These expenses may include the price of gathering and delivering the waste to a recycling center as well as the price of processing the waste with recycling tools and methods. It can be challenging for recycling businesses to compete with manufacturers of new materials when the expense of recycling EPS and other plastics is higher than the cost of generating new materials. As a result, businesses might be more inclined to prefer to develop added resources rather than recycle old ones, which could limit the expansion of the EPS recycling industry. The supply of raw materials, the effectiveness of recycling methods and processes, as well as the cost of labor and energy, are some of the variables that might affect the price of recycling EPS and other plastics. Recycling may become increasingly cost-competitive with the creation of new materials as the cost of raw resources rises and recycling methods become more effective.

Expanded Polystyrene (EPS) Recycling Market Regional Insights

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"Expanded Polystyrene recycling market rising demand in Asia Pacific region based on many factors"

In the Asia Pacific area, some nations, including Japan and South Korea, may have a more established infrastructure for EPS recycling due to their long recycling traditions, innovative recycling infrastructure, and innovative recycling technology. The need for recycled EPS as well as other recycled materials may be greater in certain nations. Due to reduced recycling rates and less developed recycling infrastructure, other nations in the area, especially China and India, may have fewer emerging markets for EPS recycling.

Key Industry Players

"Companies can grow their product offerings and share the expenses and risks by collaborating"

To acquire a competitive edge, many prominent competitors in the Expanded Polystyrene (EPS) recycling industry are concentrating on forming alliances. Companies can grow their product offerings, get access to new markets, and share the expenses and risks of creating modern technology and goods through partnerships.

For instance, certain EPS recycling companies might collaborate with producers of goods created from recovered EPS, such as packaging materials or building supplies. These alliances may give recycling businesses access to new markets and raise Expanded Polystyrene (EPS) Recycling market share for their recycled products. ACH Foam Technologies, a US-based business, produces foam packaging and building supplies using recycled EPS as a raw material. To recycle EPS as well as other plastics, the company runs its very own recycling plants and collaborates with a partner network.

LIST OF TOP EXPANDED POLYSTYRENE (EPS) RECYCLING COMPANIES

• Styro Recycle
• ACH Foam Technologies
• Ronson Recycling
• Rehab Recycle
• Michigan Foam
• Greenmax Intco
• Heger Recycling
• Polystyvert
• FoamRecycle LLC

Report Coverage

The report combines extensive quantitative analysis and exhaustive qualitative analysis, ranges from a macro-overview of the total market size, industry chain, and market dynamics to micro details of segment markets by type, application, and region, and, as a result, provides a holistic view of, as well as a deep insight into the Expanded Polystyrene (EPS) Recycling market covering all its essential aspects.

For the competitive landscape, the report also introduces players in the industry from the perspective of the market share, concentration ratio, etc., and describes the leading companies in detail, with which the readers can get a better idea of their competitors and acquire an in-depth understanding of the competitive situation. Further, mergers & acquisitions, emerging market trends, the impact of COVID-19, and regional conflicts will all be considered.