Specialty Polystyrene Resin Market overview:
The worldwidemarket for specialty polystyrene resins is predicted to grow from USD 112 million in 2020 to USD 127 million by 2025, with a CAGR of 3% over the foreseen period. The special polystyrene resin is a lightweight polymer foam. These resins are employed in the packaging industry as a protective layer. Polystyrene is a synthetic aromatic polymer. Special polystyrene is a polymer made from a molecule that polymerizes and is a derivative of benzene. It is transparent, brittle and inexpensive and has a low melting point, with the chemical property of cyclic (ring-shaped) and flat (flat) with a resonant bond. It has been employed in various industries such as building and construction, automotive, and furniture. In addition, it is employed in various ways, such as extruded polystyrene, insulation boards and polystyrene sheets. However, it is mainly employed as a protective layer in the packaging industry due to its non-cross-linked cells and molecular structure, including single polystyrene cells.
Impact of Covid 19 on the Specialty Polystyrene Resin Market:
Since the COVID-19 virus outbreak in December 2019, the disease has spread to nearly 100 countries around the world, and the World Health Organization declared it a public health emergency. The worldwide impacts of the coronavirus disease 2019 (COVID-19) are already beginning to be felt and will significantly affect the market for specialty polystyrene resins in 2020. COVID-19 can affect the worldwide economy in three main ways: by directly affecting production and call, creating market and supply chain disruptions, and through their financial impact on businesses and financial markets.
Market drivers and restraints:
Escalating call for electrical and electronic products in developing economies due to changes in living standards and increased disposable income is predicted to increase target market expansion in the coming years. Furthermore, an escalating number of infrastructure development activities around the world are estimated to be supporting the expansion of the market. However, the volatility of crude oil prices, together with the availability of substitute resins, are factors that are predicted to hamper potential market expansion. The implementation of strict government regulations focused on building energy efficient infrastructure and a focus on reducing greenhouse gas emissions is a major driver of the worldwide market for specialty polystyrene resins. Escalating call for various applications with protective properties and thermal insulation systems is predicted to drive the worldwide market during the foreseen period. Special polystyrene resin is preferred over traditional plastics for medical device manufacturing due to its better resistance to the sterilization process. Furthermore, the escalating number of infrastructure development activities around the world due to low cost is predicted to support market expansion. Furthermore, the increased use of polystyrene due to its low weight design in the automotive and transmission industries is predicted to drive the call for specialty polystyrene resin.
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Report segmented as:
- Protective packaging
- Building & construction
- Automotive & transportation
The Asia-Pacific specialty polystyrene resin industry is predicted to lead the target industry on the basis of revenue and volume. The expansion of the building and construction industry in the region due to population expansion and increased people's purchasing power is predicted to drive potential market expansion in the Asia-Pacific region in a few years. Escalating car production in countries such as India, China, Indonesia and others is predicted to boost potential market expansion in the region. The Asia-Pacific region is estimated to be the largest consumer of specialty polystyrene resins, followed by the North American market. The market for specialty polystyrene resins in North America is predicted to grow steadily over the next several years. Escalating call for electronics products in the region is predicted to drive expansion in the North American specialty polystyrene resin market. In addition, the presence of major automotive manufacturers in the region is predicted to drive expansion in the North American specialty polystyrene resin market. North America and Europe represent a significant part of the worldwide market for specialty polystyrene resins.
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