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The global specialty polystyrene resin market size will grow by USD 17.65 million during 2019-2023 at a CAGR of about 3%. The increasing demand from construction and packaging applications and the growing innovations in medical devices are some of the factors expected to drive market growth. This market report provides a detailed analysis of the market by application (packaging, automotive, construction, electronics, and healthcare) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BASF SE, Eastman Chemical Co., LG Chem Ltd., Sekisui Plastics Co. Ltd., and Versalis Spa.
Specialty polystyrene resin is easier to produce and less expensive than other resins such as polyurethane, polyethylene, polystyrene, polyamide, polyvinyl chloride, and polypropylene. It also has low working temperatures and provides high electrical insulation. Specialty polystyrene resin is used in various products and applications such as food packaging, electric and electronic packaging, and disposable consumer plastic goods.
Key Insights from Specialty Polystyrene Resin Market – Global Forecast 2019-2023
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Specialty polystyrene resin is preferred over traditional plastics for the manufacture of medical devices because of their better resistance to the sterilization process. Engineering resins such as polystyrene are widely used to make medical devices such as disposable electrocardiograph (ECG) electrodes and grounding plates. Factors such as the rising population, increasing per capita income, and availability of healthcare services are contributing to the growth of the medical devices market. The investments in the medical sector have also increased because of rising population and changing lifestyles. These rising investments have resulted in several innovations in the healthcare and medical devices market. This has encouraged market vendors to offer specialty polystyrene resins specifically designed for medical devices. The growing innovations in medical devices will be one of the critical specialty polystyrene resin market trends, which will have a positive influence on the growth of the market.
Specialty polystyrene resin offers better stability, durability, and strength than traditional plastics, which makes it ideal for use in various construction and packaging applications. In the construction industry, specialty polystyrene resin is used as polystyrene foam in building materials, floatation material in marinas and pontoons, and insulated panel systems for facades. Factors such as population growth and the rising middle-class population in developing countries are expected to fuel the demand for specialty polystyrene resin in the construction industry. Specialty polystyrene resin is also used for cushioning, insulating, and protecting packaged goods. The growing demand for ready-to-cook meals and packaged food and beverages will boost the demand for specialty polystyrene resin in the packaging industry. This increasing demand for specialty polystyrene resin for construction and packaging applications will drive market growth at a CAGR of about 3% during the forecast period.
The application segment has been segregated into packaging, automotive, construction, electronics, and healthcare. The packaging segment accounted for the highest specialty polystyrene resin market share in 2018. During the forecast period, the packaging and healthcare segment will grow at a faster pace than the overall market. The automotive, construction, and electronics segments will grow at a slower pace than the overall market.
The rising adoption of expanded polystyrene (EPS) in several end-user industries will be one of the factors fueling the demand for specialty polystyrene resin for packaging applications. EPS is a lightweight, rigid, and closed-cell insulation material used to protect products during transportation.
APAC accounted for the highest market share in 2018. The market’s growth in this region will be faster than the growth of the market in other regions, and APAC will account for the largest specialty polystyrene resin market share throughout the forecast period. China is a key market for specialty polystyrene resin in this region.
The rising demand for consumer goods such as food and beverages and electronics in APAC is expected to boost specialty polystyrene resin market growth in this region. The growth of the specialty polystyrene resin market will also be affected by the growing demand for packaging in this region.
The market is fragmented. To help clients improve their position, this specialty polystyrene resin market analysis report provides information on the competitive landscape and the products offered by various companies. Moreover, this specialty polystyrene resin market research report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make most of their future growth opportunities.
The report offers a detailed analysis of several leading specialty polystyrene resin manufacturers, including:
Specialty polystyrene resin market by application
Specialty polystyrene resin market by region
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