Growth of the packaging & building & construction industries is increasing the consumption of specialty polystyrene resin.
The specialty polystyrene resin market size is projected to grow from USD 111 million in 2018 to USD 126 million by 2023, at a CAGR of 2.64% during the forecast period. The growth of the market is primarily driven by the increasing use of packaging for performance and environmental reasons in emerging economies such as India, China, Thailand, Indonesia, Brazil, and Argentina. China continues to lead the market in APAC as well as globally. Increase in purchasing power parity and preference for packed and hygienic food are some of the major drivers responsible for the growth of the specialty polystyrene resin packaging industry. Currently, the North American and European specialty polystyrene resin products are appreciated for their high quality; they enjoy significant brand recognition over many Asian products.
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Increase in the demand for protection function from various applications is expected to fuel the demand for specialty polystyrene resin.
The major functions of specialty polystyrene resin covered in this report are insulation, protection, and cushioning & others. The protection function market is expected to hold the highest market share during the forecast period. The market is driven by the increased demand from applications such as packaging, building & construction, automotive, and others. Focus on the reduction of greenhouse gas emissions and strict government regulations on the construction of energy-efficient buildings are expected to drive the demand for specialty polystyrene resin.
The healthcare application is expected to be the fastest-growing application during the forecast period.
The specialty polystyrene resin market is segmented on the basis of applications such as packaging, building & construction, automotive, healthcare, electrical & electronics, and others. The healthcare application is expected to register high growth rate. The demand for healthcare specialty polystyrene resin is also driven by the increasing acceptance of HIPS foam to reduce the risk of the spread of bacteria, germs, and diseases in hospitals or other medical sectors by its property of resisting the contaminants.
APAC to record the highest growth rate during the forecast period.
APAC has emerged as the leading consumer and producer of specialty polystyrene resin. The easy availability of low-cost labor and economical & accessible raw materials are driving foreign investments, thereby increasing the production of specialty polystyrene resin in the region. APAC is the largest and the fastest-growing specialty polystyrene resin market.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the specialty polystyrene resin market.
- By company type: Tier 1 – 60%, Tier 2 – 30%, and Others – 10%
- By designation: C Level – 50%, Director Level – 40%, and Others – 10%
- By region: Europe – 35%, North America – 30%, APAC – 16%, South America – 12%, and the Middle East & Africa – 7%
The specialty polystyrene resin market comprises major solution providers, such as Sekisui Plastics Co., Ltd. (Japan), NOVA Chemicals Corporation (Canada), Synthos (Poland), BASF SE (Germany), SUNPOR KUNSTSTOFF GmbH (Austria), Atlas EPS (US), VERSALIS (Italy), SABIC (Saudi Arabia), LG Chem, Ltd. (South Korea), BEWiSynbra Group AB (publ) (Sweden), Samsung Fine Chemicals Co., Ltd (South Korea), Total S.A. (France), and Trinseo (US). The study includes an in-depth competitive analysis of these key players in the specialty polystyrene resin market, with their company profiles, recent developments, and key market strategies.
- The market study covers the specialty polystyrene resin market across segments. It aims at estimating the size and the growth potential of this market across different segments based on function, end-use industry, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall specialty polystyrene resin market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.