The specialty polystyrene resin market size is projected to grow from USD 111 million in 2018 to USD 126 million by 2023, at a CAGR of 2.64% during the forecast period. The major driving factors in the specialty polystyrene resin market are its properties such as protection (from moisture, rust, dust, and others) in applications, such as packaging, healthcare, and cosmetics and insulation properties in the building & construction and automotive & transportation industries.
The major specialty polystyrene resin vendors include Sekisui Plastics Co., Ltd. (Japan), NOVA Chemicals Corporation (Canada), Synthos (Poland), BASF SE (Germany), SUNPOR KUNSTSTOFF GmbH (Austria), 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), Total S.A. (France), and Trinseo (US). These players have adopted various growth strategies, such as new product developments, distribution agreements, investments & expansions, and mergers & acquisitions, to expand their presence in the global specialty polystyrene resin market. Mergers & acquisitions has been the most dominating strategy adopted by major players from 2015 to 2018, which help them innovate their offerings and broaden their customer base.
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In line with the rising demand for specialty polystyrene resin, Synthos S.A. has been working to deliver efficient specialty polystyrene resin products to various end-use industries. This company operates through business segments such as styrenics derivatives, rubbers, dispersion, derivatives, latex, utilities, agro, and others. The company offers specialty polystyrene resin products under its brand, SYNTHOS High impact polystyrenes (HIPS). In August 2016, the company acquired the EPS business of INEOS Styrenics European Holding BV (Switzerland). Through this, the company accelerated growth and delivered additional benefits to customers of both the companies, giving them access to expanded technologies and an enhanced product portfolio.
The second most active company in specialty polystyrene resin is Samsung Fine Chemicals (South Korea) a subsidiary of LOTTE Fine Chemicals (South Korea). The company has a strong presence in South Korea and a good presence in other countries of APAC. The company offers specialty polystyrene resins, which are used in various end-use industries such as electrical & electronics. In November 2015, Lotte Fine Chemicals (South Korea) acquired the Samsung Fine Chemicals’ petrochemical business unit for the price of USD 2.45 billion. The takeover of the Samsung business is designed to boost its competitiveness in plastics such as polycarbonate, ABS, and polystyrene. The acquisition increased the production capacity, sales revenue, and global reach to meet the growing demand from the packaging, building & construction, automotive, and industrial OEMs.
Specialty Polystyrene Resin Market by Function (Protection, Insulation, Cushioning & Others), Application (Protective Packaging, Building & Construction, Automotive & Transportation, Electronics, Healthcare), and Region - Global Forecast to 2023
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