The Specialty Polystyrene Resin Market is expected to grow at > 2.8% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Specialty Polystyrene Resin Market
Specialty Polystyrene Resin Market is likely to witness a sluggish CAGR of 2.8% during the forecast period. Increasing usage of eco-friendly polystyrene by end-use industries to meet government’s criteria to reduce greenhouse gas emissions is the major factor that is contributing to the demand for specialty polystyrene resin, globally, during the forecast period.
Asia-Pacific is estimated to be the largest as well as the fastest-growing market for specialty polystyrene resins during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as healthcare, protective packaging, automotive & transportation, and others, which is generating huge demand for specialty polystyrene resins and the presence of a large number of specialty polystyrene resin manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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Market Scope & Market Segmentation
Specialty Polystyrene Resin Market Share: By Function Type
Based on the function type, the market is segmented as insulation, protection, cushioning, and others. The protection segment held the largest share of the market in 2020, and is expected to maintain its legacy during the forecast period. The growth of the segment is owing to the extensive use of specialty polystyrene resin for protective packaging in numerous end-use industries, on account of its remarkable strength-to-weight ratio.
Specialty Polystyrene Resin Market Share: By Application Type
Based on the application type, the specialty polystyrene resin market is segmented as building & construction, automotive & transportation, protective packaging, electrical & electronics, healthcare, and others. The protective packaging application segment dominates the market as it finds vast applications in the packaging industry due to the lightweight and high strength properties of specialty polystyrene resins. Further, specialty polystyrene is a material approved by the Drug Administration, which is likely to propel its growth in the healthcare industry during the forecast period.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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