Global Specialty Polystyrene Resin Market: Introduction:
Polystyrene is a synthetic aromatic polymer. It can be formed, and used as an integral part of copolymers such as high impact polystyrene (HIPS) and acrylonitrile butadiene styrene (ABS). Polystyrene is a thermoplastic resin with low melting points. It is clear and brittle resins with low costs. Specialty polystyrene resin is an important polystyrene that is designed for extruded polystyrene (XPS) insulation boards, oriented polystyrene sheet (OPS), and the appliance industry. In case of specialty polystyrene resins, special raw materials and additives with state-of-the-art production techniques are used to enhance properties of polystyrene resin. Hence, specialty polyester resins have a wide range of applications in industries such as building & construction, automotive, marine, furniture, and electronics.
Implementation of stringent government regulations focusing on the construction of energy efficient infrastructure and emphasis on the reduction of greenhouse gas emissions are major factor driving the global specialty polystyrene resin market. Rise in demand of various applications with protective properties and thermal insulation systems are anticipated to drive the global market during the forecast period.
Global Specialty Polystyrene Resin Market: Segmentation
The global specialty polystyrene resin market can be segmented based on function, application, and region. In terms of function, the market can be divided into protection, insulation, and others, which includes cushioning. Growing demand for protective properties in numerous industries such as electrical & electronics, health care, and packaging is projected to fuel the demand of specialty polystyrene resin owing to superior mechanical and chemical strength of resins. Furthermore, high strength to weight ratio due to cross linked structure of low density polystyrene structure is projected to increase the demand for specialty polystyrene resins having low weight designs, especially in automotive & transmission applications. This, in turn, is anticipated to fuel the demand for protection segment during the forecast period.
Based on application, the specialty polystyrene resin market can be segregated into protective packaging, building & construction, automotive & transportation, electronics and health care. The health care segment is projected to expand at a rapid pace during the forecast period owing to high demand for health care products such as medical lab-ware, pharmaceutical products, and components of medical devices, vacutainer trays, and packaging for essential medicines due to growing population and establishment of an organized health care industry in emerging economies. Specialty polystyrene resin can be easily employed in highly specified end-use health care products due to its enhanced material properties. This is anticipated to drive the health care segment of global the market during the forecast period.
Global Specialty polystyrene resin Market: Regional Outlook
In terms of region, the global specialty polystyrene resin market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe account for significant share of the global specialty polystyrene resin market. The high-quality of specialty polystyrene resins has resulted in brand recognition in these regions, which is attributed to significant market share in global specialty polystyrene resin market.
However, Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Economic development of emerging economies such as China, India, and Indonesia has improved the per capita income due to the rise in development activities by private and public sectors of the region. Additionally, increase in demand for hygienic and packed foods due to the rise in need for high-quality packaging and protection functioned products in the region is expected to drive the demand of specialty polystyrene resin in Asia Pacific during the forecast period.
Global Specialty polystyrene resin Market: Competitive Landscape
Key players operating in the global specialty polystyrene resin market include Sekisui Plastics Co., Ltd. ,NOVA Chemicals Corporation, Synthos, BASF SE, SUNPOR KUNSTSTOFF GmbH, Atlas EPS , VERSALIS , SABIC, LG Chem, Ltd., BEWiSynbra Group AB, Samsung Fine Chemicals Co., Ltd, Total S.A., and Trinseo.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.