Specialty Polystyrene Resin Market Growth Analysis | 2023-2028

Market Insights

The specialty polystyrene resin market was estimated at USD 116.68 million in 2022 and is likely to grow at a CAGR of 2.76% during 2023-2028 to reach USD 137.77 million in 2028.

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Increasing usage of eco-friendly polystyrene by end-use industries to meet the government’s criteria to reduce greenhouse gas emissions is the major factor that is contributing to the demand for specialty polystyrene resin, globally, during the forecast period.

What are specialty polystyrenes?

Specialty polystyrenes are the types of polystyrenes that are fabricated for high-performance applications. These are designed with special raw materials and additives with advanced production techniques with enhanced properties. Specialty polystyrenes are composed of less dense individual cells and their cross-linked nature provides a better strength-to-weight ratio than polystyrene. Polystyrene is a solid or foamed synthetic hydrocarbon polymer made up of monomer styrene.

Specialty polystyrenes are used in various end-use industries, such as building & construction, automotive & transportation, protective packaging, electrical & electronics, healthcare, and others.

Segments Analysis

By Function Type

Based on the function type, the market is segmented as insulation, protection, cushioning, and others. The protection segment held the largest share of the market in 2021 and is expected to maintain its legacy during the forecast period. The growth of the segment is owing to the extensive use of specialty polystyrene resin for protective packaging in numerous end-use industries, on account of its remarkable strength-to-weight ratio.

By Application Type

Based on the application type, the market is segmented as building & construction, automotive & transportation, protective packaging, electrical & electronics, healthcare, and others. The protective packaging application segment dominates the market as it finds vast applications in the packaging industry due to the lightweight and high-strength properties of specialty polystyrene resins. Further, specialty polystyrene is a material approved by the Drug Administration, which is likely to propel its growth in the healthcare industry during the forecast period.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for specialty polystyrene resins during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as healthcare, protective packaging, automotive & transportation, and others, which is generating huge demand for specialty polystyrene resins and the presence of a large number of specialty polystyrene resin manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

The specialty polystyrene resin market is segmented into the following categories. 

By Function Type

• Insulation
• Protection
• Cushioning
• Others

By Application Type

• Building & Construction
• Automotive & Transportation
• Protective Packaging
• Electrical & Electronics
• Healthcare
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major specialty polystyrene resin manufacturers are-

• BASF SE Corporation
• Sekisui Plastics Co., Ltd.
• Synthos S.A.
• LG Chem Ltd.
• Styropek S.A
• Eastman chemical Company
• Nova Chemicals Corporation
• VERSALIS
• Taita Chemical Co., Ltd.
• SABIC.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the function types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.