The growing demand from the packaging industry is expected to propel healthy growth of the market during the forecast period, states Fortune Business Insights in a report, the market is predicted to be driven by booming food and beverage industry.
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The report on the specialty polystyrene resin market contains:
Excellent insights on the segments
Thorough research with authoritative analysis
Latest industry trends
All-inclusive information about eminent players
Inflated Demand for Ready-to-eat Food products to Influence Growth
The growing purchasing power of consumers is likely to contribute positively to the growth of the market. The growing awareness regarding the benefits of polystyrene owing to its lightweight and low-density single cells useful in the application of safe packaging of food products is predicted to enable speedy expansion of the market. The high demand for packaged and hygienic food is expected to bode well for the market. The growing demand for specialty polystyrene in medical laboratories, pharmaceutical products, medical devices, and packaging of essential medicines is expected to promote the growth of the market. The increasing acquisitions and partnerships among major players are expected to create lucrative business opportunities for the market. For instance, in March 2018, Atlas Roofing Corporation announced that it has signed an agreement to acquire ACH Foam Technologies a leader in North America of molded polystyrene solutions with manufacturing facilities. ACH Foam Technologies will help Atlas to grow its global reach and sales and became one of the largest molded polystyrene manufacturers.
Nevertheless, the volatile prices of crude oil is expected to retard the growth of the market in the foreseeable future. The low availability of substitute resins is expected to further dampen the growth of the market in the foreseeable future.
Heavy Demand for Packaging Materials to Favor Growth in Asia Pacific
Asia Pacific is expected to rise excellently in the forthcoming years owing to the presence of major manufacturers in the region. The growing food and beverage industry coupled with high demand for packaging materials are factors expected to aid the speedy expansion of the market in the foreseeable future. North America is predicted to witness a high growth rate during the forecast period due to the demand for polystyrene from the packaging and healthcare industry. Europe is expected to observe substantial growth during the forecast period due to the growing demand for packaged and ready-to-eat food products in the region. The Middle East and Latin America are expected to hold a minor share in the global market owing to the growing emphasis on greenhouse gas emissions. The strict government regulations along with the high construction of energy-efficient buildings are factors predicted to drive the market in the regions.
August 2016: Synthos announced the acquisition of INEOS Styrenics European Holding BV (Switzerland)’s EPS business. Through this, the company accelerated growth and introduced additional benefits to both companies ‘ consumers, providing them with exposure to new technology and an improved product portfolio
June 2018: BASF SE announced the plans for Neopor, an expandable graphite containing polystyrene, will aid to raise its global production capacity to 40,000 tonnes/year.
The Report Lists the Main Companies in the Specialty Polystyrene Resin Market:
SUNPOR KUNSTSTOFF GmbH
INEOS Styrenics European Holding BV
Lotte Fine Chemicals
LG Chem, Ltd
BEWiSynbra Group AB (publ)
Samsung Fine Chemicals Co
NOVA Chemicals Corporation
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