Specialty Polystyrene Resin Market

Specialty Polystyrene Resin Market Size (2023-2028)

Specialty Polystyrene Resin Market is evaluated to extend from USD 131.83 million in 2022 to USD 156.27 million by 2028, at a CAGR of over 5.3% over the Forecast time.

Polystyrene is an artificial aromatic polymer that can be made and utilized as a major part of copolymers like high-effect polystyrene (HIPS) and acrylonitrile butadiene styrene (ABS). Polystyrene is considered a thermoplastic resin with a relatively less melting point. It is transparent and has brittle resins at low prices. Specialty polystyrene resin is significant polystyrene that is made for extruded polystyrene (XPS) insulation boards, aligned polystyrene sheets (OPS), and the appliance business. If there is a case of specialty polystyrene resins, unique raw materials and additives with state-of-the-art production techniques are employed to improve the properties of polystyrene resin. Specialty polystyrene resin is easier to produce and less costly than other resins like polyurethane, polystyrene, polyvinyl chloride, polyethylene, and polypropylene. It also has low working temperatures and offers high electrical insulation.

Drivers & Restraints in the Specialty Polystyrene Resin Market:

Specialty polyester resins have a broad variety of applications in businesses like building & construction, automotive, marine, furniture, and electronics. The medical business utilizes specialty polystyrene resins to make medical devices as they have better resistance to the sterilization procedure compared to conventional plastics. This is letting market vendors make specialty polystyrene resins, particularly for medical devices. These resins have their uses in medical equipment like disposable electrocardiograph (ECG) electrodes and grounding plates. Specialty polystyrene resin is employed in different products and applications like food packaging, electric and electronic packaging, and disposable customer plastic goods. Specialty polystyrene resin is chosen over conventional plastics for the making of medical devices due to their better resistance to sterilization procedures. Engineering resins like polystyrene are broadly employed to make medical devices like disposable electrocardiograph (ECG) electrodes and grounding plates. The medical device market is estimated to see strong expansion owing to the rising healthcare business across the globe.

The rising call for processed and ready-to-cook food products has also escalated the call for specialty polystyrene in the packaging business. These factors are estimated to drive the expansion of the global specialty polystyrene resins market during the foreseen period. The rising call from construction and packaging applications and the rising innovations in medical devices are some of the factors estimated to drive market expansion. Factors like the increasing population, rising per capita income, and availability of healthcare services are contributing to the expansion of the medical devices market. The funds in the medical segment have also escalated due to the increasing population and varying lifestyles. These increasing funds have led to many innovations in the healthcare and medical devices business. The rising innovations in medical devices will be one of the significant specialty polystyrene resin market trends that will have a good influence on the expansion of the market. Implementation of strict government rules focusing on the construction of energy-efficient infrastructure and prominence on the reduction of greenhouse gas releases are key factors supporting the global specialty polystyrene resin market. An increase in the call of different applications with protective features and thermal insulation systems is estimated to drive the global market during the foreseen period.

Nevertheless, the changing cost of crude oil and the presence of high alternative product like wood is hampering the expansion of the market. 

SPECIALTY POLYSTYRENE RESIN MARKET REPORT COVERAGE

Market Segmentation:

Specialty Polystyrene Resin Market - By Function:

• Protection
• Insulation
• others

Rising calls for protective properties in several businesses like electrical & electronics, health care, and packaging is estimated to boost the demand for specialty polystyrene resin due to the higher mechanical and chemical strength of resins. Moreover, the excellent strength-to-weight ratio owing to the cross-linked structure of low-density polystyrene structure is estimated to escalate the call for specialty polystyrene resins having low-weight designs, mainly in automotive & transmission applications. 

Specialty Polystyrene Resin Market - By Application:

• Protective Packaging

• Building & Construction

• Automotive & Transportation

• Electronics

• Health Care

The healthcare sector is estimated to grow at a fast pace during the outlook period due to the high call for healthcare products like medical lab ware, pharmaceutical products, components of medical devices, vacutainer trays, and packaging for basic medicines owing to rising population and habituation of an organized health care business in rising economies.

Specialty Polystyrene Resin Market – By Region:

The Specialty Polystyrene Resin Report includes the segmentation of Regions with their respective Countries.

• North America Specialty Polystyrene Resin Industry includes the US and Canada.

• Europe Specialty Polystyrene Resin Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic, & the Rest of Europe.

• Asia Pacific Specialty Polystyrene Resin Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore, & the Rest of APAC.

• Latin America Specialty Polystyrene Resin Industry includes Brazil, Mexico, Argentina, Chile, & the Rest of LATAM.

• Middle East & Africa Specialty Polystyrene Resin Industry includes KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, & the rest of MEA.

North America and Europe held the most substantial portion of the global specialty polystyrene resin business. The high quality of specialty polystyrene resins has led to brand recognition in these regions that is credited to the maximum market share in the worldwide specialty polystyrene resin market. Nevertheless, Asia Pacific is estimated to grow at a fast pace during the foreseen period. The economic development of rising economies like China, India, and Indonesia has enhanced the per capita income owing to the increase in advancement activities by private and public segments of the region. In addition to that, a rise in the call for hygienic and packed foods owing to the increase in requirement for high-quality packaging and protection functioned products in the region is estimated to drive the call of specialty polystyrene resin in the Asia Pacific during the outlook period.

Recent Developments:

• RPM International Inc. has attained Prime Resins, a Georgia-based maker of special chemicals and equipment employed to build and repair infrastructure, for an undisclosed amount. Prime Resins, located in Conyers, Georgia, just east of Atlanta, has yearly net sales of about $7 million and is estimated to contribute to RPM's earnings within one year.

• BASF has declared plans to exit the dimer and polyamide resin industry owing to the North American market decline in the past 15 years driven by more industry volume and rejection in major markets including printing. The decision will lead to the closure of the dimer and resin production unit at BASF’s Kankakee, Illinois, location.

Key Players:

The key players in the global specialty polystyrene resin market include Sekisui Plastics Co., Ltd. (Japan), BASF SE (Germany), SUNPOR KUNSTSTOFF GmbH (Austria), Atlas EPS (US), VERSALIS (Italy), SABIC (Saudi Arabia), LG Chem, Ltd. (South Korea), BEWiSynbra Group AB (publ) (Sweden), Samsung Fine Chemicals Co., Ltd (South Korea) and Total S.A. (France).
Sekisui Plastics Co., Ltd. (Japan), is one of the biggest specialty polystyrene resin firms. This firm has a strong global presence.