NEWARK, Del, March 21, 2024 (GLOBE NEWSWIRE) -- The global specialty polystyrene resin market value is expected to rise from US$ 135 million in 2024 to US$ 195 million by 2034. This estimated growth is expected to be driven by a consistent CAGR of 3.70% in the specialty polystyrene resin industry over the next decade.
Surging demand for ready-to-cook and packaged food products in the packaging industry is creating the demand for specialty polystyrene resins. Inflating purchasing power and increasing demand for hygienic and packaged food are some common factors that are raising the sales of specialty polystyrene resins.
The versatility and durability of specialty polystyrene resins make them useful in applications like safe packaging and food service. Further, there is a substantial surge in the demand in the healthcare market for specialty polystyrene resin owing to a spike in demand for medical laboratories, medical devices, pharmaceutical products, and packaging of essential medicines owing to population growth.
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“Key players are projected to incorporate customization options in their service plan to meet the evolving demands from multiple end users,” comments Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Specialty Polystyrene Resin Market Report
- In the historical period, the specialty polystyrene resin market grew at a 4.2% CAGR.
- Based on function, the protection segment is anticipated to register a CAGR of 3.5% through 2034.
- By application, the protective packaging segment is expected to account for a CAGR of 3.2% over the forecast period.
- The United States market is estimated to record a CAGR of 3.9% and reach US$ 34.3 million by 2034.
- The China market is assessed to register a CAGR of 4.8% through 2034. By 2034, the market valuation in China is expected to reach US$ 31.4 million.
- In Japan, the market size is expected to reach US$ 21.4 million by 2034. The estimated CAGR is expected to be 5.4% CAGR.
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Competitive Dashboard
Key players are partnering on research and development projects to develop innovative specialty polystyrene resins with improved functionalities. Additionally, they are partnering with firms in industries like automotive, packaging, or construction to form customized specialty polystyrene resins modified to their specifications.
Market players are further collaborating with waste management companies to develop efficient collection and recycling systems for post-consumer specialty polystyrene resin waste. Thus, promoting sustainability and potentially securing a dependable source of recycled material.
Industry participants are emphasizing the unique properties and advantages of using specialty polystyrene resins, thereby targeting certain customer segments and creating brand awareness. Ongoing research on developing specialty polystyrene resins that break down naturally to potentially minimize environmental impact is expected to enhance the competitiveness of players.
Recently, chemical companies shared their PCR innovations. For instance, TOMRA, INEOS Styrolution, and recycling firm EGN Entsorgungsgesellschaft Niederrhein came into a partnership for a commercial-scale project to recycle post-consumer polystyrene for food packaging applications. Under this initiative, EGN is expected to construct a mechanical recycling facility that has a processing capacity of 40,000 tons of post-consumer polystyrene annually.
Key Players in the Specialty Polystyrene Resin Industry
- Sumitomo Chemical
- Toray Industries
- Mitsubishi Chemical Corporation
- Asahi Kasei
- Formosa Plastics Coporation
- ExxonMobil
- China Petrochemical Corporation
- BASF
- TotalEnergies
- Sinopec
- LG Chem
- Braskem
- SABIC
- Styron
- INEOS Styrolution
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Specialty Polystyrene Resin Industry by Category
By Function:
- Protection
- Insulation
- Cushioning
- Others
By Application:
- Protective Packaging
- Building and Construction
- Automotive and Transportation
- Electrical and Electronics
- Healthcare
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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