[152 Pages Report] The report "Specialty Polystyrene Resin Market by Function (Protection, Insulation, Cushioning & Others), Application (Protective Packaging, Building & Construction, Automotive & Transportation, Electronics, Healthcare), and Region - Global Forecast to 2023" The specialty polystyrene resin market is projected to grow from USD 111 million in 2018 to USD 126 million by 2023, at a CAGR of 2.64% during the forecast period. The major factors driving the specialty polystyrene resin market include the increase in demand for protection from end-use industries such as packaging, building & construction, healthcare, and electrical & electronics. Focus on the reduction of greenhouse gas emissions and strict government regulations on the construction of energy-efficient buildings with better insulation properties are expected to drive the demand for specialty polystyrene resin.

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The protection function segment is expected to account for the largest share of the specialty polystyrene resin market.

The protection function accounted for the largest market share in specialty polystyrene resin market in 2017 and is expected to remain the major function during the forecast period, as this function is mostly needed in applications such as healthcare, electrical & electronics, and packaging. In the packaging application, specialty polystyrene resin delivers physical and mechanical strength, and it is the most versatile type of polymer foam. It is lightweight, composed of individual cells of low-density polystyrene, and has a high strength-to-weight ratio because it is cross-linked nature. It is useful in the food service and protective packaging applications.

The specialty polystyrene resin market is projected to witness the highest growth in the healthcare application.

Specialty polystyrene resins are adopted widely across the healthcare industry with significant efforts to commercialize new medical polymers to meet the specification of high-end use. The demand for specialty polystyrene resin in the healthcare market is growing significantly owing to a significant upsurge in demand for medical labware, pharmaceutical products, vacutainer trays, components for medical devices, and packaging for essential medicines due to the increase in population. The demand for specialty polystyrene resin is witnessing significant growth in all the regions due to the rapid acceptance and adoption of polymers from product designing to final product manufacturing.

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APAC is expected to account for the largest market share during the forecast period.

APAC has emerged as the leading consumer and producer of specialty polystyrene resin. The easy availability of low-cost labor and economical & accessible raw materials are driving foreign investments, thereby increasing the production of specialty polystyrene resin in the region. APAC is also the fastest-growing specialty polystyrene resin market. The demand in APAC will further increase in the next five years because of the growing furniture, appliances, and automotive industries in the developing countries.

Key Market Players

The major vendors in the specialty polystyrene resin market are Sekisui Plastics Co., Ltd. (Japan), NOVA Chemicals Corporation (Canada), Synthos (Poland), 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), Total S.A. (France), and Trinseo (US).

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