Global Specialty Polystyrene Resin Market: Introduction:
Polystyrene is a synthetic aromatic polymer. It can be formed, and used as an integral part of copolymers such as high impact polystyrene (HIPS) and acrylonitrile butadiene styrene (ABS). Polystyrene is a thermoplastic resin with low melting points. It is clear and brittle resins with low costs. Specialty polystyrene resin is an important polystyrene that is designed for extruded polystyrene (XPS) insulation boards, oriented polystyrene sheet (OPS), and the appliance industry. In case of specialty polystyrene resins, special raw materials and additives with state-of-the-art production techniques are used to enhance properties of polystyrene resin. Hence, specialty polyester resins have a wide range of applications in industries such as building & construction, automotive, marine, furniture, and electronics.
Implementation of stringent government regulations focusing on the construction of energy efficient infrastructure and emphasis on the reduction of greenhouse gas emissions are major factor driving the global specialty polystyrene resin market. Rise in demand of various applications with protective properties and thermal insulation systems are anticipated to drive the global market during the forecast period.
Global Specialty Polystyrene Resin Market: Segmentation
The global specialty polystyrene resin market can be segmented based on function, application, and region. In terms of function, the market can be divided into protection, insulation, and others, which includes cushioning. Growing demand for protective properties in numerous industries such as electrical & electronics, health care, and packaging is projected to fuel the demand of specialty polystyrene resin owing to superior mechanical and chemical strength of resins. Furthermore, high strength to weight ratio due to cross linked structure of low density polystyrene structure is projected to increase the demand for specialty polystyrene resins having low weight designs, especially in automotive & transmission applications. This, in turn, is anticipated to fuel the demand for protection segment during the forecast period.
Based on application, the specialty polystyrene resin market can be segregated into protective packaging, building & construction, automotive & transportation, electronics and health care. The health care segment is projected to expand at a rapid pace during the forecast period owing to high demand for health care products such as medical lab-ware, pharmaceutical products, and components of medical devices, vacutainer trays, and packaging for essential medicines due to growing population and establishment of an organized health care industry in emerging economies. Specialty polystyrene resin can be easily employed in highly specified end-use health care products due to its enhanced material properties. This is anticipated to drive the health care segment of global the market during the forecast period.
Global Specialty polystyrene resin Market: Regional Outlook
In terms of region, the global specialty polystyrene resin market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe account for significant share of the global specialty polystyrene resin market. The high-quality of specialty polystyrene resins has resulted in brand recognition in these regions, which is attributed to significant market share in global specialty polystyrene resin market.
However, Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Economic development of emerging economies such as China, India, and Indonesia has improved the per capita income due to the rise in development activities by private and public sectors of the region. Additionally, increase in demand for hygienic and packed foods due to the rise in need for high-quality packaging and protection functioned products in the region is expected to drive the demand of specialty polystyrene resin in Asia Pacific during the forecast period.
Global Specialty polystyrene resin Market: Competitive Landscape
Key players operating in the global specialty polystyrene resin market include Sekisui Plastics Co., Ltd. ,NOVA Chemicals Corporation, Synthos, BASF SE, SUNPOR KUNSTSTOFF GmbH, Atlas EPS , VERSALIS , SABIC, LG Chem, Ltd., BEWiSynbra Group AB, Samsung Fine Chemicals Co., Ltd, Total S.A., and Trinseo.