LONDON--(BUSINESS WIRE)--The global specialty polystyrene resin market is expected to post a CAGR of around 3% during the forecast period 2019-2023, according to the latest market research report by Technavio.
The medical industry uses specialty polystyrene resins to manufacture medical devices as they possess better resistance to the sterilization process compared to traditional plastics. This is encouraging market vendors to develop specialty polystyrene resins specifically for medical devices. These resins find their applications in medical devices such as disposable electrocardiograph (ECG) electrodes and grounding plates. The medical device market is expected to observe strong growth due to the growing healthcare industry across the world. Moreover, increasing investments in the medical devices segment in the US, Germany, India, and China is expected to fuel the market’s growth over the forecast period.
As per Technavio, the increasing demand from construction and packaging applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global specialty polystyrene resin market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global specialty polystyrene resin market: Increasing demand from construction and packaging applications
Specialty polystyrene resins used as polystyrene foam offer better stability, durability, and strength for building components when compared to traditional plastics. The growth of the global population and improvement in the income of the middle-class population is expected to fuel the demand for specialty polystyrene resins. Specialty polystyrene resins are also used for cushioning, insulation, and protecting of packaged goods.
The growing demand for processed and ready-to-cook food products has also increased the demand for specialty polystyrene in the packaging industry. These factors are expected to drive the growth of the global specialty polystyrene resins market during the forecast period.
“The increase in the number of construction activities in developing countries such as India, China, Thailand, Indonesia, and the Philippines is driving the specialty polystyrene resin market in APAC. Additionally, the growth of the e-commerce industry is also contributing to the growth of the market in the region. The strong growth of various end-user industries such as construction, packaging, electronics, and automotive in the US, Mexico, and Canada have increased the demand for specialty polystyrene resin in North America”, says an analyst at Technavio.
Global specialty polystyrene resin market: Segmentation analysis
This market report segments the global specialty polystyrene resin market by application (packaging, automotive, construction, electronics, and healthcare) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the market in 2018 with a market share of nearly 49%, followed by North America, Europe, South America, and MEA. The dominance of APAC can be attributed to the growing demand for consumer goods such as food and beverages and electronics in the region.
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- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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