According to a new report published by Allied Market Research, titled, "GCC Extruded Polystyrene Insulation Materials Market by Application: Opportunity Analysis and Industry Forecast, 2017-2023", the GCC extruded polystyrene insulation materials market size was valued at $80.5 million in 2016, and is estimated to reach $119.9 million by 2023, registering a CAGR of 6.0% from 2017 to 2023.
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Extruded polystyrene
(XPS) insulation material provides exceptional long-term strength, durability,
and resistance to moisture. It is commonly used for below-grade waterproofing
and roof systems, where insulation is placed over the roof membrane. XPS foam
sheathing provides insulating value to the entire wall area and reduces air
leakage through walls on proper installation. This in turn improves energy
efficiency and comfort. Moreover, XPS foam is advantageous to use over other
insulating materials, owing to its ability to assist with moisture management,
being resistant to both water absorption and freeze/thaw cycles.
The growth of GCC
extruded polystyrene insulation materials industry is driven by surge in demand
for XPS from the nonresidential construction sector, emerging popularity of
energy-efficient building systems, and benefits of using XPS over other
reinforcement materials. However, environmental issues regarding the presence
of toxic chemicals in XPS material systems could hamper the market growth.
Increase in R&D activities to produce high-quality XPS without the use of
greenhouse gases as foaming agents is projected to provide potential growth
opportunities for the market in the near future.
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The residential
construction segment is projected to grow at the highest CAGR throughout the
forecast period. The nonresidential segment accounted for more than 50% share
in 2016, owing to the increase in demand for insulated commercial buildings.
Nonresidential 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
GCC Extruded Polystyrene Insulation Materials Market:
- In
2016, UAE contributed the maximum revenue to the GCC extruded polystyrene
insulation materials market, accounting for more than 53.2% share.
- Bahrain is
expected to register the highest CAGR of 8.3% from 2017 to 2023.
- The
residential construction segment accounted for approximately 43.6% share
of the overall market in 2016, and is expected to grow at a CAGR of 6.4%
from 2017 to 2023.
The key players
profiled in the report are Styro Insulation Material Ind. (LLC), Isofoam
Engineering Products, National Polystyrene Packaging Factory LLC, Emirates
Extruded Polystyrene LLC, Electronic & Engineering Industries Co. LLC
(EEI), Styrene Insulation Industry, Thermal Insulation Contracting LLC, BASF
SE, Kingspan Holdings Ltd., and Compagnie de Saint-Gobain S.A.
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