Speciality Polystyrene Resin Market Forecasts to 2028 – Global Analysis By Type (Super High Impact Polystyrene Resin, High Impact Polystyrene Resin and Medium Impact Polystyrene Resin), Function (Super High Impact Polystyrene Resin, High Impact Polystyren

Speciality Polystyrene Resin Market Forecasts to 2028 – Global Analysis By Type (Super High Impact Polystyrene Resin, High Impact Polystyrene Resin and Medium Impact Polystyrene Resin), Function (Super High Impact Polystyrene Resin, High Impact Polystyrene Resin, Medium Impact Polystyrene Resin and Other Functions), Application (Automotive & Transportation, Building & Construction and Other Applications) and Geography

According to Stratistics MRC, the Global Specialty Polystyrene Resin Market is accounted for $127.38 million in 2022 and is expected to reach $166.84 million by 2028 growing at a CAGR of 4.6% during the forecast period. Polystyrene is a synthetic aromatic polymer. It can be manufactured and used as a component of copolymers such as high-impact polystyrene (HIPS) and acrylonitrile butadiene styrene (ABS). Polystyrene is a transparent and brittle thermoplastic resin with low melting temperatures that is only suited for precision moulding of small parts or components. Specialty polystyrene resin is a significant polystyrene that is created for a variety of applications in industries such as building and construction, automotive, marine, furniture, electronics, and many others.

According to the China Association for Medical Device Industry, the medical device market size was recorded to be around ~USD 80 billion in 2019. About 70% of the growth was majorly fueled by hospital procurement.

Market Dynamics:

Driver:

Growth in demand from the packaging industry

Rise in demand for specialty polystyrene resin in packaging applications for protection of products during transportation is estimated to boost the growth of the segment. Specialty polystyrene resin provides physical and mechanical robustness in packing applications, and it is the most adaptable type of polymer foam. Because of its cross-linked structure, it is lightweight, composed of individual cells of low-density polystyrene, and has a high strength-to-weight ratio. It is useful in the food service and protective packaging applications. The demand for packaged products has increased recently, particularly in emerging economies such as China and India. The demand for packaged goods increased the consumption of specialty polystyrene for their packaging, driving the market.

Restraint:

Volatility in crude oil prices

Rapid change of price of crude oil and strict government regulations on construction are expected to hamper the demand for specialty polystyrene resin. Special raw materials and additives, along with state-of-art facility techniques, are used for the enhancement of polystyrene resin and thus called specialty polystyrene resin. Volatility is measured as the expected change in the price of an instrument in either direction. Even though the crude oil price will not affect the end price of specialty polystyrene resin to a larger extent, but in future, any rise in specialty polystyrene resin price can affect the profitability. A volatile crude oil price which leads to the price variation hampers the potential market growth.

Opportunity:

Easy recyclability of materials made out of polystyrene

The plastic's high insulating property enhances its demand from a variety of industries, including building and construction and packaging. However, the physical properties and chemical makeup of PS have resulted in a material with a huge volume and a low weight. Because of its weight, this plastic contributes significantly to landfill pollution and solid waste. Because of growing environmental concerns, organisations all over the world have taken steps to recycle specialty polystyrene resin goods and prevent the environmental risks that come with them. Germany, France, and Italy are the world's top plastic recyclers. Plastic made from recycled styrene monomers can be used safely in food and medical applications.

Threat:

Availability of high-performance substitutes

Because of its thermal insulation and lightweight qualities, speciality polystyrene resin has a wide range of industrial applications. However, the availability of substitutes is impeding market expansion. Because of their superior physical qualities, other plastics such as polyethylene and polypropylene are progressively replacing PS in packaging and automotive applications. Furthermore, the development of glass wool for thermal insulation in buildings influences product demand in the construction industry. Glass wool provides more efficient thermal insulation. Concerns about health and the environment, as well as a bad public impression of styrenic plastics in the areas, will influence demand.

Covid-19 Impact

The corona virus outbreak has temporarily slowed economic growth in many countries throughout the world. The specialised polystyrene resin market's revenue flow was negatively affected by these operational interruptions. China is a major player in the Asia Pacific specialty polystyrene resin industry. However, the majority of the resin facilities in China have been closed because of the corona virus. Furthermore, many Chinese speciality polystyrene resin manufacturers have reduced production. The advanced material sector has suffered the most as a result of the COVID-19 outbreak, as demand has fallen. This industry is crucial in the production of goods such as plastic, fertilisers, medications, and packaging materials.

The protection segment is expected to be the largest during the forecast period

The protection segment is estimated to have a lucrative growth, due to its cross-linked nature, polystyrene demonstrates high strength-to-weight with very high physical and mechanical strength. Protection function is of immense application value in the healthcare, electrical & electronics, and packaging sectors. Rising demand for specialty polystyrene resin in above mentioned applications for the protection of products during transportation is estimated to boost the growth of the segment.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period, because of the expanding population and the formation of an organised healthcare industry in emerging nations, there is a significant demand for healthcare products such as medical lab-ware, pharmaceutical products and components of medical devices, vacutainer trays, and packaging for critical pharmaceuticals. Due to its improved material qualities, specialised polystyrene resin can be conveniently used in highly specified end-use healthcare goods.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the factors such as the availability of low-cost labour and economical & accessible raw materials. The prevalence in demand for furniture, appliances, and automotive industries in developing countries will contribute to the growth of the region. This leads to an increase in investments thereby increasing the production of specialty polystyrene resin in the region. Asia-Pacific is expected to be the fastest-growing Specialty Polystyrene Resin Market.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to its well-established automotive and healthcare industry. The high quality of speciality polystyrene resins has resulted in brand awareness in this region. Because of its shape forming qualities, ease of moulding, and other diverse benefits, the product has uses in a variety of industries. In recent years, Europe has seen an increase in the usage of polystyrene in green building design applications due to its strong environmental benefits, which include increased durability, increased energy efficiency, and a better indoor atmosphere.

Key players in the market

Some of the key players profiled in the Specialty Polystyrene Resin Market include Synthos, NOVA Chemicals Corporation, BASF SE, Sekisui Plastics Co., Ltd., Atlas EPS, LG Chem, Ltd., VERSALIS, Styropek, BEWiSynbra Group AB, Sunpor Kunststoff GmbH, Taita Chemical Co. Ltd., Eastman Chemical Company, Pacur, Llc., JACKON Insulation GmbH, Atlas EPS, Total S.A. and Samsung Fine Chemicals Co., Ltd

Key Developments:

In March 2018, Atlanta, GA has acquired ACH Foam Technologies which is a leading North American manufacturer of molded polystyrene solutions with manufacturing facilities. With decades of experience, ACH Foam Technologies will help Atlanta, GA grow its global reach and sales. Atlanta also grew its polystyrene foam business in North America with this purchase and became one of the region's largest molded polystyrene manufacturers.

In June 2018, BASF SE announced plans for Neopor, an expandable graphite containing polystyrene, to raise its global production capacity to 40,000 tonnes / year. In the fourth quarter of 2018, BASF SE will increase production at facilities in Ludwigshafen, Germany, and Ulsan, in South Korea.

In August 2016, Synthos had acquired INEOS Styrenics European Holding BV (Switzerland)'s EPS business. Through this, the company accelerated growth and introduced additional benefits to both companies ' consumers, providing them with exposure to new technology and an improved product portfolio.

Types Covered:
• Super High Impact Polystyrene Resin
• High Impact Polystyrene Resin
• Medium Impact Polystyrene Resin

Functions Covered:
• Super High Impact Polystyrene Resin
• High Impact Polystyrene Resin
• Medium Impact Polystyrene Resin

Applications Covered:
• Automotive & Transportation
• Building & Construction
• Electrical & Electronics
• Healthcare
• Protective Packaging
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements