Specialty Polystyrene Resin Market: Global Opportunity Analysis and Industry Forecast 2023-2030 Market

Specialty Polystyrene Resin Market Analysis:

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.

COVID-19 scenario analysis:

• The coronavirus outbreak has led to a temporary slowdown of the economic growth of countries across the world. These pauses in operations directly impacted the revenue flow of the specialty polystyrene resin market. 
• China is a key country of the specialty polystyrene resin market in Asia Pacific. However, due to coronavirus, most of the resin factories in China have been shut. Additionally, many Chinese specialty polystyrene resin makers have slowed down production.
• The business community is afraid of cash crunch, supply chain disturbance, and manpower-related issues. All shipments are on hold.
• The chemical industry has been mostly affected due to the COVID-19 outbreak as the demand for chemical has decreased. The chemical industry plays an important role in the manufacturing of products such as plastic, fertilizers, medicines, and packaging products. Spread of COVID-19 across the globe is expected to impact the demand for chemicals.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

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. 

Surge in usage of specialty polystyrene resin in industrial applications:

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.

Key benefits of the report:

• This study presents the analytical depiction of the specialty polystyrene resin market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the specialty polystyrene resin market share.
• The current market is quantitatively analyzed to highlight the specialty polystyrene resin growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the specialty polystyrene resin market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Specialty Polystyrene Resin Market: Global Opportunity Analysis and Industry Forecast 2020–2027 Report Highlights