Global specialty polystyrene resin market is envisioned to value over USD 128 million by 2026 end and register a CAGR of over 2% during the forecast period 2019 to 2026.
Specialty polystyrene is a cognate of benzene. It's a polymer made from a molecule sustains polymerization. Speciality polystyrene has unique characteristics like low cost, clear, low melting point and brittle. The important function of polystyrene includes protection, cushioning and insulation. Its unique property has led to multiple uses of it in the form of insulation board, polystyrene and extruded polystyrene. Polystyrene can be recycled as well. Recycling of polystyrene has also led to innovation in new building products.
Specialty polystyrene market is expected to boom due to rise on awareness regarding greenhouse emissions. With government passing stringent laws regarding the construction of energy-efficient buildings, the market is expected to boom in the coming years. Also, an increase in demand for protective estate in industries like healthcare, packaging and electrical & electronics have fueled the growth of the market. Given the fact that polystyrene is recyclable are in future, it has led to more and more industries demanding polystyrene.
However, the fluctuating price of crude oil and the availability of high substitute product like wood is hampering the growth of the market. Also, the cross-linked structure of low-density polystyrene structure because of the presence of immense strength to weight ratio is acting as a restraint.
The global market is dominated by North America and Europe owing to the presence of big industries and producing high quality of polystyrene. Asia Pacific is the most opportunistic space because of emerging economies like India, Indonesia and China. These countries have witnessed rapid economic development and increase per capita income because of booming private and public sectors.
Also, a gradual increase in demand for hygiene food in these regions is expected to fuel the growth of the market. Latin America and Rest of the world is expected to account for a small fraction of market share due to less adoption.
Key players of the market involve NOVA Chemicals Corporation, Atlas EPS, LG Chem, Sekisui Plastics Co.,Ltd and Samsung Fine Chemicals.
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Specialty Polystyrene Resin Market Restraint: ● Fluctuating price of crude oil
● Cross-linked structure of low-density polystyrene structure because of the presence of immense strength to weight ratio is acting as a restraint
● Availability of high substitute products like wood
Specialty Polystyrene Resin Market Segmentation:
By Function Type:● Protection
By End User ● Electrical & Electronics
● Protective Packaging
● Automotive & Transportation
● Building & Construction
By Region:● Europe
● North America
● Latin America
● Rest of World
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Competitive Landscape: ● Tier 1 players- established companies in the market with major market share
● Tier 2 players
● Emerging players which are growing rapidly
● New Entrants
FutureWise Key Takeaways
● Growth prospects
● SWOT analysis
● Key trends
● Key data points affecting market growth
Objectives of the Study: ● To provide an exhaustive analysis on specialty polystyrene resin is segmented on the basis of function, end-use industry and region
● To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
● To evaluate and forecast micro-markets and overall market
● To predict market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
● To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
● Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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