Demand For Protection Function From Various Application Is Driving The Demand For Specialty Polystyrene Resin
Global Specialty Polystyrene Resin Market: Key Highlights
- According to the new market research report “Specialty Polystyrene Resin Market by Function (Protection, Insulation, Cushioning, and Others), by Application (Protective Packaging, Building & Construction, Automotive & Transportation, Electrical & Electronics, Healthcare, and Others), by Region (North America, Asia Pacific, Europe, Middle East & Africa, and South America) — Global Forecast (2020 to 2027)”, the global specialty polystyrene resin market is estimated to reach USD 137.4 Billion by 2027 at a CAGR of around 2.3% during the review period.
- The material is composed of individual cells of low-density polystyrene and its cells is not cross-linked, thus making them the perfect material for the protection function
- Specialty polystyrene resin is used in variety of applications such as insulation, structural insulated panels, insulated concrete forms, roofing isolation systems, sheathing, and decorative modeling
Global Specialty Polystyrene Resin Market: Key Market Dynamics
- Specialty polystyrene resin is considered as the best packaging option for high-value heavy products and industrial products
- Specialty polystyrene resin is used in numberus applications such as packaging and insulation reslting from various end-use industries which is fueling the market growth
- The pharmaceuticals breakable products, electronics components, consumer electronic products, and toys require trustable packaging to avoid damage and specialty polystyrene resin is the finest option
- Growing industrialization in developing economies will help to spur the specialty polystyrene resin market
- The fluctuating raw material price is one of the major challenges for specialty polystyrene resin market
- Moreover, increasing demand for the alternative is further impeding the market growth during the forecast period
Global Specialty Polystyrene Resin Market: Regional Overview
- North America
The specialty polystyrene resin market in North America is growing at a substantial rate due to the lower prices for polystyrene feedstock and soft demand. In 2019, North America’s polystyrene prices fell to an average of 3% per pound. The decline was fueled in part by a drop of 14% in prices for benzene feedstock, which is used to make styrene monomer. The specialty polystyrene resin market is expected to be flat high due to consumer products and electrical and electronics applications.
- Asia Pacific
Asia Pacific is expected to hold the largest share of specialty polystyrene resin market. The Asia Pacific is the largest consumer and manufacturer of the specialty polystyrene resin. Due to the low labor cost and accessible raw material the Asia Pacific is a global leader in the manufacturing of the specialty polystyrene resin. Moreover, the increasing construction activities, growing automotive sector, well-developed e-commerce industry, and increasing demand for home appliances are some factors boosting the market growth in the Asia Pacific region.
Global Specialty Polystyrene Resin Market: Key Players Overview
- BASF SE:
BASF SE is a German-based company that operates through six segments namely Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. The company’s chemical segment consists of the Petrochemicals and Intermediates divisions. In June 2018, increased global production capacity for Neopor by a total of 40,000 metric tons per year. Expansion of the plants located at Ludwigshafen, Germany, and Ulsan, South Korea.
- Eastman Chemical Company:
Eastman Chemical Company is one of the global leader in the manufacturing of specialty materials. The company engaged in to develop technologies with its 14,500 employees globally. In May 2019, Eastman Chemical Company invested to expand its production capabilities for resin and polymer at its Middelburg, The Netherlands, and Jefferson, Pennsylvania, manufacturing sites.
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