Specialty Polystyrene Resin Market Size, Share & Industry Analysis, By Function (Protection, Insulation, Cushioning, Others), By End-Use Industries (Protective Packaging, Building and Construction, Automotive, Healthcare, Electrical and Electronics, Others) Others and Regional Forecast, 2024-2032

The global specialty polystyrene resin market size is estimated to drive the market during the forecast period. Specialty polystyrene resin is a type of resin that exhibits excellent properties such as improved insulation, impact, and capacity to carry the load.  Specialty polystyrene resin is designed for the extruded polystyrene (XPS) insulation boards, oriented polystyrene sheet (OPS), and the appliance industry. 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.

The increasing demand for packaged and ready-to-cook food products in the packaging industry has increased the demand for specialized polystyrene resins. Some of the main drivers responsible for the growth of the specialty resin packaging industry in polystyrene are rising purchasing power and demand for packaged and hygienic food. Specialty polystyrene resin offers physical and mechanical strength in packaging application, and is the most versatile polymer foam form. It is lightweight, made of polystyrene with low density single cells. It is useful for applications in food service and for safe packaging.There is also a significant increase in demand on the healthcare market for specialty polystyrene resin due to a considerable increase in demand for medical laboratories, pharmaceutical products, medical devices, and packaging of essential medicines due to population growth.

Key Market Driver -

Growth in demand from the packaging industry propels the growth of specialty polystyrene resin market

Key Market Restraint -

Volatility in raw material prices and availability of high-performance substitutes hinders the market growth

However, volatile crude oil prices which leads to the price variation, coupled with the availability of substitute resins, are some anticipated factors that hamper the potential market growth.

SPECIALTY POLYSTYRENE RESIN MARKET Segmentation ANALYSIS:

Based on function, the market for specialty polystyrene resin is further segmented into protection, insulation, cushioning, and others. Based on the end-use industry, the market is segmented into protective packaging, building and construction, automotive, healthcare, electrical and electronics and others

From a geographical standpoint, the specialty polystyrene resin market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The global specialty polystyrene resin market is fairly fragmented, with a number of global & regional players operating. Some of the key players in the global Specialty Polystyrene Resin includes SUNPOR KUNSTSTOFF GmbH, VERSALIS, SABIC, AB (publ), INEOS Styrenics European Holding BV, Lotte Fine Chemicals, Synthos, BASF SE, Atlas EPS, LG Chem, Ltd, BEWiSynbra Group AB (publ), Samsung Fine Chemicals Co, NOVA Chemicals Corporation and others.

Key Insights

• New Advancements in Production Technologies


• Key Trends in Specialty Polystyrene Resin market


• New Product Launches, Expansions, Key Players


• Ranking of key Players in the specialty polystyrene resin industry

Regional SPECIALTY POLYSTYRENE RESIN MARKET Analysis:

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Based on geography, the specialty polystyrene resin market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The Asia Pacific has the highest share of the specialty polystyrene resin market over the forecast period due to the presence of many manufacturers in this region and increased demand for packaging materials. North America is expected to grow at a robust pace due to increase in demand from packaging and healthcare industries. Europe also holds a prominent share in the market due to the increasing use of polystyrene in the packaging industry owing to its lightweight design. The Middle East and Latin America are comparatively smaller market and focus on the reduction of greenhouse gas emissions and strict government regulations on the construction of energy-efficient buildings are expected to drive the demand for specialty polystyrene resin in these regions.

Segmentation

Specialty Polystyrene Resin Industry 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 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


• 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