Newark, NJ, Feb. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, 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 2018-2025.

Specialty polystyrene resin is a type of lightweight polymer foam that has a high weight-to-strength ratio. They are majorly used as a protection layer in the packaging industry due to its cells not being cross-linked, with its molecular structure composed of individual cells of polystyrene. An 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 expected to boost the growth of the global specialty polystyrene resin market.

Increasing demand for polystyrene packaging materials and easy recyclability of materials made from polystyrene are driving the global specialty polystyrene resin market. On the other hand volatility in raw material prices as well as the availability of high-performance substitutes are the factors that are anticipated the market growth.

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Key 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. In order to hold their market position in the global specialty polystyrene resin market, the key players are now focusing on adopting strategies such as product innovations, recent developments, mergers & acquisitions, joint ventures, collaborations, and partnerships.

• For instance, in August 2018, Atlas Roofing Corporation announces its acquisition of ACH Foam Technologies with headquarters in Westminster, CO. ACH Foam Technologies is a chief producer of molded polystyrene solutions with engineering amenities across North America. The addition of ACH Foam Technologies carries decades of knowledge, miscellaneous product contributions and a extensive variety of innovative technology to Atlas’ expanded polystyrene foam business and launches the largest manufacturer of molded polystyrene in North America. The combination of these two premier molded foam manufacturers in the United States will accelerate growth opportunities for Atlas and ACH as well as their customers, partners and team members.
• For instance, in October 2019, Total has decided to double the production capacity of Synova so as to meet the rising demand for high-performance recycled materials in the market. By early 2021, Normandy-based Synova, a French leader in its sector, will produce 40,000 tons per year of recycled polypropylene that meets the demanding quality standards of automotive OEMs and carmakers. The total has also joined hands with Citeo, Saint-Gobain and Syndifrais to create a polystyrene recycling channel in France by 2020. The possibility of large-scale fabrication will be confirmed at the Group’s industrial sites in Carling (France) and Feluy (Belgium).
• For instance, in January 2018, Sekisui Plastics Co., Ltd., successfully developed TECHPOLYMER NH, a nano-sized hollow polymer particle. TECHPOLYMER is a polymer particle born from the unique polymerization technology of Sekisui Plastics. Making full use of its attributes and characteristics, the product has its applications in several fields, such as matting agents, light diffusion materials, and smooth-feeling improvement. Demand for minimizing the external reflections of lights has increased in recent years for flat-panel TVs, PCs and automobile components (GPS display and other dashboard display). As an additive that can obtain anti-reflection effects. The company will develop this product for applications such as electronic materials and housing fields.

Protection function had a market value of USD 35.58 million in 2017

The function is divided into protection, insulation, cushioning and others. Protection function dominated the global specialty polystyrene resin market with USD 35.58 million revenue in 2017. This increase in demand can be attributed to a huge demand for the protection function of polystyrene foam from the healthcare, electrical & electronics, and packaging sectors. The construction industry is generating a huge demand for 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

The application segment is divided into protective packaging, building and construction, automotive, healthcare, electrical & electronics and others. Protective packaging emerged as a dominating application in the global specialty polystyrene resin market with a 39.48% share of revenue in 2017. Polystyrene foam has appeared as the ideal choice for the packaging material due to its cost-efficient, versatile, effective, and is easy to handle properties. The healthcare segment is anticipated to grow at the highest CAGR of 5.17% over the forecast period. This increased growth can be attributed to a significant rise in demand for medical labware, pharmaceutical products, components for medical devices, and packaging for essential medicines.

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Regional Segment Analysis of the Specialty Polystyrene Resin Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Due to the Easy availability of raw materials and unabated demand for the packaging materials and growth of automotive as well as the healthcare industry, Asia Pacific region emerged as a leader in global specialty polystyrene resin with USD 41.39 million in 2017. North America is forecasted to grow at a moderate rate on account of its well-developed healthcare and automobile industry.

About the report:

The global specialty polystyrene resin market is analysed on the basis of value (USD Million), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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