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Expanded Polystyrene

Expanded Polystyrene Price Trend and Forecast

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Expanded Polystyrene Price Trend and Forecast

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Market Overview

For the Quarter Ending June 2022

North America

The overall market trend of Expanded Polystyrene remained influential in the North American market. Major players of expanded Polystyrene quoted the prices as USD 3315 per MT, Grey DEL Texas, the USA, towards the quarter-end. Compared with Q1 of 202, the prices declined in the second quarter due to a lack of feed supply from Asian countries. The primary factor impacting the prices is the inclined prices of feed and styrene in the regional market. Crude oil prices remained on the high edge, significantly impacting the Expanded Polystyrene market. The demand from the packaging and food sectors remained active throughout the quarter. Moreover, giant Expanded Polystyrene producers increased the regional market prices. These facets governed the market sentiments of Expanded Polystyrene in the North American market.

Asia Pacific

Second-quarter of 2022 showcased stagnancy in the Asia-Pacific market compared with Q1. The prices got assembled at USD 1800 per MT, FOB Qingdao, China, towards the quarter-end. Countries like China, India, and South Korea faced higher crude oil prices, rising feedstock, and styrene prices. Furthermore, ongoing COVID restrictions in China halted the operational rate of Expanded Polystyrene as the demand also remained quiet. High electricity prices and labor shortage became the key factors for the high production cost of Expanded Polystyrene in Asia-Pacific. Downstream sectors such as packaging and construction remained static, influencing Expanded Polystyrene's market prices.

Europe

The market sentiments of Expanded Polystyrene surged throughout the second quarter on the back of brisked commodity prices in the European market. Major manufacturers quoted the prices as USD 2949 per MT, FD Hamburg, Germany, towards the quarter-end. Political sanctions implied by the European Union restricted smooth transportations of crude oil and gasoline from supplying countries, raising the production cost of Expanded Polystyrene. Major manufacturers of Expanded Polystyrene faced supply and gasoline shortages, leading to high production costs. AS a result, these manufacturers, such as INEOS Styrolution, raised the prices of Expanded Polystyrene in the regional market. Strikes in different European countries halted the production activity of Expanded Polystyrene in the regional market.

For the Quarter Ending March 2022

North America

In the first quarter of 2022, prices of Expanded Polystyrene witnessed an increment of approximately 22% in comparison to Q4 of 2021. Other factor during the market of Expanded Polystyrene is the major downstream sectors requiring. Substantial pick-up in market activities in the North American region directly impacted the demand for Expanded Polystyrene from majority of the segments. Expanded Polystyrene was widely consumed for applications such as packaging and insulation throughout Q1-2022. The prices of Expanded Polystyrene were quoted at USD 2760/MT, DEL Texas USA in the month of January.

Asia Pacific

In Q1 of 2022, the market of Expanded Polystyrene surged by 18% in comparison with Q4 of 2021 owing to the increased feedstock Styrene monomer prices due to the political stress between Russia and Ukraine. Apart from increased prices, supply shortage occurred, forcing the manufacturers to boost the production margins in order to cater to strong offtakes from end users. Segments such as construction, packaging, insulation have shown upsurge in due to substantial market activities. Limited availability of containers led to supply disruption and high freight charges in the Asia Pacific market. Towards the start of quarter, the prices of Expanded Polystyrene were assessed at USD 1882/MT, Ex-Mumbai, India and USD 2045/MT Ex-Mumbai, India in the first quarter end of 2022.

Europe

Prices of Expanded Polystyrene observed mixed sentiments throughout the first quarter of 2022 owing to the increase in feedstock Styrene Monomer prices. The crude oil surge led to high production cost of Benzene which is an upstream of Styrene in the European regions. When compared with Q4 of 2021, the prices in Q1 of 2022 saw a surge by nearly 8% because of firm demand from downstream segments such as packaging. Major supplying countries like China went under lockdown leading to halt in the production, consequently causing a supply shortage. Prices of Expanded Polystyrene were observed at USD 2636/MT, FD Rotterdam, Netherland in the month of January and USD 2572/MT, FD Rotterdam, Netherland towards the quarter end.

For the Quarter Ending December 2021

North America

In Q4, the costs of Expanded Polystyrene saw to be slipped contrasted and Q2 and Q1. The costs hit their most reduced somewhat recently of December. Expanded Polystyrene trades declined in the astute exchanges with China and Europe amid US domestic stock lengthdue to feeble derivative Polystyrene operating rate. The feedstock Polystyrene prices dropped to $2140/ton GPPS FAS Houston. One more factor that come play is the dominance of Taiwan in the feedstock Styrene trade in the globe. However, the solid freight charges and demand disintegration fell the US Expanded Polystyrene prices on the lookout. Demand from downstream insulation and packaging of electrical goods industries has mellow in this quarter as irregularity in volume admissions has been seen from key Expanded Polystyrene producers.

Asia Pacific

In Q4, the prices of Expanded Polystyrene surged to the new heights with inclined trajectory compared with Q2 and Q3. Increase in feedstock Styrene prices due to its shortage gives boost to the prices. Towards the end of the year, the prices of Expanded Polystyrene reached to $1740/ton Ex-Mumbai. Consistent surge in raw material cost and rising demand from domestic end user segment pushed up the price of EPS in this region. Upsurged market sentiments under optimism of forthcoming New Year, increased the demand for the product. In addition, raw material prices are also rising on the back of soaring freight cost and limited availability of shipping containers. There wide use in Foam and construction industry gave support to sale volume seems to be recovering in this quarter.

Europe

In Q4, the prices followed the upper trend with increase in feedstock and freight charges in the European regions. In December, European standard Expanded Polystyrene prices increases despite lower demand toward the end of the year holiday period and limited cost development. Tight supply because of limited feedstock accelerated the prices of the product. On 20 December, Total declared force majeure for feedstock Polystyrene production in Carling, France due to strike at Arkema which affected the market and surged the price in the domestic market. Production outage and higher Benzene cost impacted several European facilities.

For the Quarter Ending September 2021

North America

In Q3 2021, Expanded Polystyrene market outlook appeared bullish with robust demand from the downstream sectors amidst tight supply in North America. In the mid of the quarter, several upstream Styrene manufacturing facilities were compelled to shut their production as a repercussion of the Ida hurricane for around two weeks. For Instance, in Louisiana, AmSty, shut down its Styrene production plant having capacity of 950KTPA ahead of the arrival of Ida hurricane as a contingency plan. The situation resulted into the constrained availability of the feedstock that consequently pushed up the prices of EPS in this timeframe. Rebound in the industrial as well commercial activities bolstered the demand for EPS that further contributed to the hike in its pricing trend.

Asia Pacific

In the Asian Pacific region, Expanded Polystyrene market encountered restrained supplies of the raw materials backed by the several factors that led to the spike in the prices of EPS during Q3 of 2021. In China, many manufacturers were compelled to cut down their production rates due to the energy crises which led to the supply chain disruption and consequently impacted the overall EPS market in the region. Similarly, in India a marginal rise in the values of EPS was observed during this quarter due to the delayed imports as a spillover effect that led to the limited availability of the product. In addition, constant hike in the freight charges and extreme shortage of shipping containers further sent ripples to the prices of EPS in the region. Thus, Ex-Mumbai Expanded Polystyrene prices stood at USD 1630.84 per MT in September.

Europe

In Europe, EPS market remained under pressure during Q3 backed by the lower production rates as many manufacturers in Europe curtailed their production rates due to the energy crisis. Moreover, spike in the feedstock prices also sent ripples to the values of Expanded Polystyrene in this timeframe. Further, lower imports, exorbitant freight charges across the Europe-US and Europe- Asia interoceanic trade routes and shortage of shipping containers also aided the inflation in the prices of EPS in this quarter. Hence, constraint supplies and sturdy demand from the downstream sectors supported the pricing trend of EPS in Europe.

For the Quarter Ending June 2021

North America

During the second quarter of 2021, EPS supplies in the North American region saw some recovery after remaining dented for a larger part of Q1 due to the impact of polar winter storm Uri. Several Styrene manufacturing facilities ramped up the production and ensured ample availability of the feedstock. Amidst increasing demand, several EPS producers were seen investing in EPS foam recycling. For e.g., towards the end of June, Canada’s NexKemia announced partnership with Eco-Captation and the township of Potton towards facilitating recycling of Expanded and Extruded Polystyrene foam. Demand stood upbeat from the building and construction sector due to increased investment in the residential remodelling and construction in Canada and USA. In terms of pricing, high feedstock costs, along with dented supply and demand dynamics, necessitated positive correction in prices for several US Expandable Polystyrene producers. expanded polystyrene (by 77%). The increase in the prime cost of construction materials has reached 95% since January.

Asia Pacific

EPS supplies were seriously pressured for a larger part of Q2 owing to turnaround at several feedstock Styrene facilities in China in May and June. However, the commissioning of some new facilities towards the end of the Q2 eased the supply conditions in China. The unprecedented surge in the COVID cases in India restricted the industrial and commercial activities which impacted the market outlook in the second quarter of 2021. Spot availability remained affected due to feedstock related constraints which forced manufacturers to raise the regional offers. The pricing trend in India showed fluctuations in the narrow range with Ex-Works Mumbai offers trading at USD 1502 per tonne in June.

Europe

EPS supplies in the second quarter showed QoQ improvement extending combined impact of improved operational rates in production facilities and better quantity of the imports from the US. Better availability of upstream Styrene eased the production at the manufacturing plants although pricing trend was buoyed by persistent shortage in the regional availability. Demand peaked from the downstream building and construction sector due to economic rebound. In mid-June, Netherlands-based PolyStyreneLoop co-operative commissioned its 3.3 KTPA Expanded Polystyrene (EPS) recycling plant in Terneuzen, the Netherlands, to facilitate closed-loop recycling of the EPS waste.

For the Quarter Ending March 2021

North America

During the first quarter of 2021, the American Expanded Polystyrene market was largely influenced by the dented supply dynamics as upstream styrene supplies remained tight, as the several producing belts remained shut due to extreme freeze weather conditions in the US gulf region in mid-February. However, the demand surged as the utilization improved from the downstream packaging and construction sector. Offtakes took a major hit as disposable food service provided much needed support for PS demand. In terms of pricing, raw material pricing took a major toll on both Polystyrene and EPS producers across the region.

Asia-Pacific (APAC)

EPS supplies in the Asian region improved as many production facilities were heard operating at maximum efficiencies after prolonged turnaround period so as to cater to sharp recovery in the demand with economic rebound. However, the demand remained largely driven by the offtakes from the packaging sector. Increased prices of upstream Styrene proportionally surged the prices of Expanded Polystyrene in the Asian Markets. The prices of Expanded Polystyrene in China during March were averaged around USD 1613/ton. Sensing sharp uptick in the demand of polystyrene and expandable polystyrene (EPS) segments, an Indian manufacturer revealed its capacity expansion plant in the coming quarters.

Europe

The supplies were tight during the Q1 2021 in European region, due to the shortage of feedstock, as the several major plants declared force majeure in February amid freeze weather in the Northwest European region. However, the demand witnessed mixed results as the second wave of COVID caused the lockdown in major economies across the region resulting in restricted mobility and commercial activities, followed by the improved consumption from the packaging sector.

For the Quarter Ending September 2020

Asia

China’s export EPS supply was tightened after a short-term shutdown was announce at a manufacturing unit in South China, Domestic supply in China was also on the tighter end due to permanent closures of some plants in East China. However, supply levels in other Asian countries remained stable due to unchanged manufacturing activities. Increased construction activities in Japan, Malaysia and Indonesia were indicative of pent-up demand for the product which is expected to march higher moving into Q4. Also, the much-awaited revival of automotive industry, triggered an upsurge in the demand across the Indian and Chinese markets. Buying interest in Malaysia was relatively strong on some recovery observed in the construction sector. In India, FOB price of Expanded Polystyrene was averaged around USD 1350 per tonne during the third quarter, resisting any further upward movement since Q2 2020.

North America

With one producer facing production issue, supplies started to tighten towards the end of Q3, thereby hampering regional availability. Apart from that, availability of EPS in North America remained sufficient to meet the market needs. Demand picked up in Q3, sufficient to pull over the supply side. Owning to long delivery time, interest in imports thinned during the quarter. On spec demand showed a sharp recovery to pre-covid levels in Q3 due to ease in Covid-related restrictions on economic activity. Strong growth seen in the residential construction, majorly in the sub urban areas and from food packaging sector helped producers in fetching marked gains.

Europe

Maintenance of high stocks and ample inventories kept the EPS supply relatively balance throughout the third quarter, when demand was showing gradual improvement. However, for a relatively short span, supply tightness was observed in August due to lower output levels maintained during majority of Q2. Also, import volumes dropped much lower than usual with pricing largely non-competitive. Regional traders observed stronger demand from white goods packaging, particularly in July and September. However, construction demand remained soft, with the industry still grappling with the pandemic impact amid fears of second wave of infections pressuring the overall activity.

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Services

Market Analysis

Company-wise installed capacity, production volume and plant operating efficiency is captured directly from manufacturers. Import and Export volume is captured from government sources and demand for Expanded Polystyrene is calculated considering the production, import, export and inventory-levels on the country and regional level markets.

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Pricing Analysis

The product price is correlated with the price trend of crude oil, demand-supply gap, fluctuations in the feedstock and with the market movement of the downstream sectors.

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Company Profile

Basic details and information on financial performance of leading global players in the Expanded Polystyrene market is presented in a visually captivating manner. Expansion plans and the company’s strategy is also captured to understand the vision and mission of the company to help understand the areas where companies need to focus more.

News & Deals

Daily updates on industry-specific and product-specific news, exclusive primary-based news capturing plant shutdowns/outages/closures, capacity expansions, operating rates, insights on demand-supply situation, awarding of technology licenses, new product launch and deals specifying mergers and acquisitions, strategic investments and disinvestments, to help players capitalize on market opportunity.

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Methodology

ChemAnalyst gathers information through primary research surveys conducted with various Expanded Polystyrene manufacturers, spread across the domestic and international markets, suppliers and dealers/distributors to gain insights into value-chains and demand-supply scenario to assess the market situation. Thorough study of the company’s annual reports and secondary sources such as exhaustive search on credible paid databases, including our internal database is done to verify the information. All the collected information is analyzed, evaluated and presented in chronological order to depict a meaningful and clear picture of the concerned market.

Our dedicated team of industry experts comprehensively monitors and analyzes various aspects of the Global Expanded Polystyrene market. The team analyzes various industrial segments, strategic viewpoints and provides an analysis of the industry’s performance in the long run. This would enable our clients in efficiently plan their future investments, mitigate risk, understand the cost dynamics and strike out a balance amidst market volatility.

Critical examination of the impact of COVID-19 pandemic on the global supply chains and shift in demand patterns with change in buying behavior of consumers across the globe.

Several ongoing development projects across industries are tracked, followed by the details of major projects in the development stage, which can positively or negatively influence Global Expanded Polystyrene market.

Pricing is captured through exhaustive primary interviews with domestic and international manufacturers, traders and importers and customers on monthly and yearly basis.

Finally, region-specific markets for Expanded Polystyrene are analyzed and region-wise demand pattern is tracked.

About

Expanded Polystyrene (EPS) is a lightweight rigid plastic in cellular form of Polystyrene. EPS is produced in a wide range of densities providing versatile physical properties. EPS is commonly used in form of a foam. The term “Styrofoam” is often used to denote the EPS foam. It is generally made through thermal extrusion of polystyrene. Due to its good thermal insulation, high compressive strength, shock absorbing properties, very low weight and resistance to moisture, it is widely used in construction and packaging applications. In construction, large quantities are used to make insulation foam in wall cavity, floor and roofs. In packaging, its great shock absorbant properties make it suitable for packaging delicate items. Other applications include seed tray in horticulture, safety helmets, etc. Expandable polystyrene (EPS) is produced via a suspension process in the presence of a blowing agent (usually pentane) which facilitates the conversion of resin to foam during molding. The manufacturing process may be either a single step or a two-step process. The two-step process involves the passage of the blowing agent through the polystyrene beads during, or post polymerization which are then subjected to steam heating above their glass transition temperature. The one step process involves thermal extrusion of the material after blowing and is mostly used for manufacturing EPS sheets and films.

Product Specific Details

CAS No:	9003-53-6
HS Code:	39031100
Grade: Based on Bead Size	Grades based on Bead Size: 1.18 - 1.7, 1.4-2.0, 1.0-1.4, 0.85-1.18 and others
Contract Size:	50 MT
Packaging Type:	Bags

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Expanded Polystyrene Price Trend and Forecast

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