Specialty Polystyrene Resin Market Share and Growth-2021
Specialty Polystyrene Resin Marketoverview:
Theworldwide market for specialty polystyrene resins is predicted to grow from USD 112 million in2020 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 employedin the packaging industry as a protective layer. Polystyrene is a syntheticaromatic polymer. Special polystyrene is a polymer made from a molecule thatpolymerizes and is a derivative of benzene. It is transparent, brittle andinexpensive 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 invarious industries such as building and construction, automotive, andfurniture. In addition, it is employed in various ways, such as extrudedpolystyrene, insulation boards and polystyrene sheets. However, it is mainly employedas a protective layer in the packaging industry due to its non-cross-linkedcells and molecular structure, including single polystyrene cells.
Impact of Covid 19 on the SpecialtyPolystyrene Resin Market:
Since the COVID-19 virus outbreak in December 2019, thedisease has spread to nearly 100 countries around the world, and the WorldHealth Organization declared it a public health emergency. The worldwideimpacts of the coronavirus disease 2019 (COVID-19) are already beginning to befelt and will significantly affect the market for specialty polystyrene resinsin 2020. COVID-19 can affect the worldwide economy in three main ways: bydirectly affecting production and call, creating market and supply chaindisruptions, and through their financial impact on businesses and financialmarkets.
Market drivers and restraints:
Escalatingcall for electrical and electronic products in developing economies due to changesin living standards and increased disposable income is predicted to increasetarget market expansion in the coming years. Furthermore, an escalating numberof infrastructure development activities around the world are estimated to besupporting the expansion of the market. However, the volatility of crude oilprices, together with the availability of substitute resins, are factors thatare predicted to hamper potential market expansion. The implementation ofstrict government regulations focused on building energy efficientinfrastructure and a focus on reducing greenhouse gas emissions is a majordriver of the worldwide market for specialty polystyrene resins. Escalating callfor various applications with protective properties and thermal insulation systemsis predicted to drive the worldwide market during the foreseen period. Specialpolystyrene resin is preferred over traditional plastics for medical devicemanufacturing due to its better resistance to the sterilization process.Furthermore, the escalating number of infrastructure development activitiesaround the world due to low cost is predicted to support market expansion.Furthermore, the increased use of polystyrene due to its low weight design inthe automotive and transmission industries is predicted to drive the call forspecialty polystyrene resin.
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Report segmented as:
By function:
· Protection
· Insulation
· Cushioning
· Others
By application:
· Protective packaging
· Building &construction
· Automotive &transportation
· Electronics
· Healthcare
· Others
Geographical analysis:
TheAsia-Pacific specialty polystyrene resin industry is predicted to lead thetarget industry on the basis of revenue and volume. The expansion of thebuilding and construction industry in the region due to population expansionand increased people's purchasing power is predicted to drive potential market expansionin the Asia-Pacific region in a few years. Escalating car production incountries such as India, China, Indonesia and others is predicted to boostpotential market expansion in the region. The Asia-Pacific region is estimatedto be the largest consumer of specialty polystyrene resins, followed by theNorth American market. The market for specialty polystyrene resins in NorthAmerica is predicted to grow steadily over the next several years. Escalating callfor electronics products in the region is predicted to drive expansion in theNorth American specialty polystyrene resin market. In addition, the presence ofmajor automotive manufacturers in the region is predicted to drive expansion inthe North American specialty polystyrene resin market. North America and Europerepresent a significant part of the worldwide market for specialty polystyreneresins.
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The Scope of the report:
Thisreport offers the current product and services market evaluation and the futureestimation of the market. It helps us understand the market better through sizeanticipation and CAGR calculation to estimate the next market. It has a broadersegmentation for better understanding of the enterprising of the market at alow level by segregating the market into smaller sectors.
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