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Polystyrene is a synthetic aromatic polymer. Specialty polystyrene is a polymer, which is made from a molecule that undergoes polymerization and is a derivative of benzene. It is clear, brittle, & low in cost and has low melting point, with the chemical property of cyclic (ring-shaped) and planar (flat) with a bond of resonance. It has been used in various industries such as building & construction, automotive, and furniture. In addition, it is used in various ways such as extruded polystyrene, insulation board, and polystyrene sheet. However, it is majorly used as a protection layer in the packaging industry due to its cells not being cross-linked and its molecular structure comprising individual cells of polystyrene.
Rise in demand for specialty polystyrene resin in packaging, healthcare, and electrical & electronics applications for protection of products during transportation is estimated to boost the growth of the segment. Furthermore, the insulation segment is expected to grow gradually in the market. Specialty polystyrene resin is preferred over traditional plastics for the manufacture of medical devices due to better resistance to the sterilization process. In addition, increase in number of infrastructure development activities across the globe due to low cost is estimated to support the growth of the market. Furthermore, increased use of polystyrene due to its low weight design in the automobile and transmission industries is expected to drive the demand for specialty polystyrene resin.
Rapid change of price of crude oil and high availability of substitute are projected to hinder the growth of the specialty polystyrene resin market. In addition, strict government regulations on construction are expected to hamper the demand for specialty polystyrene resin.Â
By region, the global market is segmented into North America, Europe, Asia-Pacific, and Latin America, and the Middle East & Africa. Asia-Pacific has the largest market share in the global specialty polystyrene resin market. Asia-Pacific has emerged as the leading consumer and producer of specialty polystyrene resin. Easy availability of low-cost labor and economical & accessible raw materials drive foreign investments, thereby increasing the production of specialty polystyrene resin in this region. Asia-Pacific is the largest and the fastest-growing specialty polystyrene resin market. The demand for specialty polystyrene resin in the healthcare market is growing significantly across the globe due to significant increase in demand for medical lab ware, pharmaceutical products, vacutainer trays, components for medical devices, and packaging for essential medicine. Moreover, increase in consumption of polystyrene product, owing to its recyclable nature provides lucrative opportunities for several companies.
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Specialty Polystyrene Resin Market: Global Opportunity Analysis and Industry Forecast 2020–2027 Report Highlights
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Key Market Players | Jackon GmbH, Eastman Chemical Company, Samsung Fine Chemicals Co., Ltd, Knauf Insulation, SUNPOR KUNSTSTOFF GmbH, VERSALIS, Synthos, Polysource, Inc., SABIC, NOVA Chemicals Corporation, Total S.A., Styropek (US), LG Chem, Ltd., PACUR, LLC., Sekisui Plastics Co. Ltd., Taita Chemical Co., Ltd., StyroChem, Trinseo, BEWiSynbra Group AB, Atlas EPS, RAPAC, BASF S |
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