Press release
Global Specialty Polystyrene Resin Market is expected to grow at a CAGR of 5.43% during the forecast period from 2019-2025
Global Specialty Polystyrene Resin Market 2019, Global Specialty Polystyrene Resin Market Growth,
"Global Specialty Polystyrene Resin Market by Function (Protection, Insulation, Cushioning, Others), Application, Regions",and Global Forecast 2018-2025.
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Major players in the global specialty polystyrene resin market are Sekisui Plastics Co., Ltd. , NOVA Chemicals Corporation, Synthos, BASF SE, SUNPOR KUNSTSTOFF GmbH, Atlas EPS, VERSALIS, SABIC, LG Chem, Ltd., BEWiSynbra Group AB (publ), Samsung Fine Chemicals Co., Ltd , Total S.A., INEOS Styrenics European Holding BV, Lotte Fine Chemicals among others. Protective packaging made from polystyrene foam is in huge demand from the food and electrical and electronics sectors. Thus to effectively cater to this increasing demand firms are increasingly coming up with newer and innovative products. For instance BASF SE in 2018, announced the launch of its new packaging product Styropor® P 24. This new product is approved for food packaging and has a high mechanical resistance as well as excellent flexural and compressive strength.
Function is segmented into protection, insulation, cushioning and others. Protection function led the global specialty polystyrene resin market with a 34.71% share of market revenue in 2017. This increase in demand can be attributed to huge demand for the protection function of polystyrene foam from the healthcare, electrical & electronics, and packaging sectors.Construction industry is generating ahuge demand for the high performance, lightweight insulating materials. Thus Insulation segment is anticipated to grow at the highest CAGR of the 4.98% over the forecast period.Application segment is divided into protective packaging, building and construction, automotive, healthcare, electrical and electronics and others. Polystyrene foam has emerged as the most preferred packaging material owing to its cost-efficient, versatile, effective, and is easy to handle properties. Based on this, protective packaging segment emerged the largest application segment in global specialty polystyrene resin market with a 39.48% share of revenue in 2017. On account of rising demand for medical lab ware, pharmaceutical products, components for medical devices, and packaging for essential medicines, healthcare segment is projected to grow at the highest CAGR of 5.17% over the forecast period.
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Increasing demand for polystyrene packaging materials and easy recyclability of materials made from polystyrene are driving the global specialty polystyrene resin market. On the other hand volatility in raw material prices as well as availability of high performance substitutes are the factors that are anticipated the market growth.
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