Fior Markets launched a study titled “Global Specialty Polystyrene Resin Market by Function (Protection, Insulation, Cushioning, Others), Application, Regions”,and Global Forecast 2018-2025.
The global specialty polystyrene resin market is expected to grow from USD 102.52 Million in 2017 to USD 128.31 Million by 2025, at a CAGR of 2.84% during the forecast period from 2018-2025.Increase in demand for the protection function from the end use industries and rising focus on constructing energy efficient green buildings and reducing the greenhouse gas emissions are the factors that are projected to fuel the growth of the global specialty polystyrene resin market.
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Protection function had a market value of USD 35.58 million in 2017
Function is segmented into protection, insulation, cushioning and others.Protection function led the global specialty polystyrene resin market with USD 35.58 million 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.
Healthcare segment is anticipated to grow at the highest CAGR of 5.17% in 2018-2025
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 USD 40.47 million 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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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Due to Easy availability of raw materials and unabated demand for the packaging materials and growth of automotive as well as healthcare industry, Asia Pacific region emerged a leader in global specialty polystyrene resin with USD 41.39 million in 2017. North America is expected to grow at a moderate pace on account of its well-developed automotive and healthcare industry.
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.
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