CHICAGO, January 11, 2019 /PRNewswire/ --
According to the new research report "Specialty Polystyrene Resin Market by Function (Protection, Insulation, Cushioning & Others), Application (Protective Packaging, Building & Construction, Automotive & Transportation, Electronics, Healthcare), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Specialty Polystyrene Resin Market 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 major factors driving the Specialty Polystyrene Resin Market include the increase in demand for protection from end-use industries such as packaging, building & construction, healthcare, and electrical & electronics. Focus on the reduction of greenhouse gas emissions and strict government regulations on the construction of energy-efficient buildings with better insulation properties are expected to drive the demand for specialty polystyrene resin.
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The protection segment is estimated to be the largest function in Specialty Polystyrene Resin Market during the forecast period.
The protection function of specialty polystyrene resin includes tensile, bending absorbing impact, sudden force, load bearing and others, which are mostly needed in industries such as automotive and building & construction. The demand for this segment has increased the demand for specialty polystyrene resin globally. Specialty polystyrene resin used in the packaging application are made up of material types such as PS, PU, PO, and others including PVDF and PVC. Specialty polystyrene resin is the most versatile type of polymer foam. It is lightweight, composed of individual cells of low-density PS, and has high strength-to-weight ratio because its cells are not cross-linked, making them the perfect material for the protection function.
The protective packaging segment is estimated to be the largest application during the forecast period.
Globally, the protective packaging application is driving the specialty polystyrene resins market because it is one of the finest packaging options for any high-value heavy products and industrial products, which are entirely protected and safe from transportation and handling risks. These industrial products range from breakable pharmaceutical products electronic components, electrical consumer goods, toys to horticultural or garden products. These products reach consumers in perfect condition because of their specialty polystyrene resin packaging. Specialty polystyrene resin-based packaging foam adjusts to integrated production systems. It is cost-efficient, versatile, effective, and is easy to handle as it has no sharp edges or staples. It can also protect sophisticated machinery from any damage.
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APAC to hold the largest share of the Specialty Polystyrene Resin Market 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, which are increasing the production of specialty polystyrene resin in the region. APAC is also the fastest-growing Specialty Polystyrene Resin Market.
Major vendors in the Specialty Polystyrene Resin Market include 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).
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