SABIC is engaging in new capacity investments to build up its specialty plastics
Posted by rohan on January 10th, 2020
The feasibility of manufacturing polystyrene in solid form of as foam makes it a favorable market with a moderate cumulative growth rate of 2.72% annually. The market is going to witness some ups and downs in the forecast period, as the key players of the market are looking forward to a wide range of possible combinations with polystyrene resin market.The Global Specialty Polystyrene Resin market size was around 1 million by the end of 2018. It is expected to grow at CAGR of 2.72% to reach 7 million by 2023.Trinseo, a materials group, launched a general-purpose polystyrene resin specifically for the healthcare sector. Trinseo, claims that the new resin offers the versatility of polystyrene with an extended notification of the change and additional feature of ISO 10993 compliance.
Market Drivers and Restraints:
The urge to replace harmful plastic with PS plastic is a driving force in this market. The demand for newer drugs in the healthcare sector drives the polystyrene resin market.As the polystyrene is a supporting good for many other major markets. It is totally dependent on other markets for a drastic change.The changing policies of the leading companies are also restraint to the markets predictably.
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Report segmented as
By geography, the Global Specialty Polystyrene Resin market is segmented as Latin America, Europe, Asia Pacific, Middle-East & Africa, and North America.Asia Pacific topped the polystyrene resin market in terms of revenue generated at the end of 2018 and is expected to be the fastest-growing market, attributed to its high CAGR. Easy availability of raw materials in the region, low labor costs and a wide customer base in the emerging economies like India and China is the reason for the region to lead the global polystyrene resin market.North America and Europe are almost equally stable in the market as major global giants in this field tend to invest in a low-cost region like the Asia Pacific than in North America and Europe.
Important Market Players:
By the end of 2018, Sekisui Plastics Co., Ltd. (Japan), DowDuPont(US), Total S.A. (France), BASF SE (Germany), SUNPOR KUNSTSTOFF GmbH (Austria), Synthos (Poland), Atlas EPS (US), VERSALIS (Italy), SABIC (Saudi Arabia), LG Chem Ltd. (South Korea), BEWiSynbra Group AB (publ) (Sweden), Samsung Fine Chemicals Co., Ltd (South Korea), NOVA Chemicals Corporation (Canada), and Trinseo (US) are the leading shareholders of the Global Specialty Polystyrene Resin market.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
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About the Authorrohan
Joined: September 20th, 2017
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