Global Specialty Polystyrene Resin Market: Key Highlights
Global Specialty Polystyrene Resin Market: Key Market Dynamics
Global Specialty Polystyrene Resin Market: Regional Overview
The specialty polystyrene resin market in North America is growing at a substantial rate due to the lower prices for polystyrene feedstock and soft demand. In 2019, North America's polystyrene prices fell to an average of 3% per pound. The decline was fueled in part by a drop of 14% in prices for benzene feedstock, which is used to make styrene monomer. The specialty polystyrene resin market is expected to be flat high due to consumer products and electrical and electronics applications.
Asia Pacific is expected to hold the largest share of specialty polystyrene resin market. The Asia Pacific is the largest consumer and manufacturer of the specialty polystyrene resin. Due to the low labor cost and accessible raw material the Asia Pacific is a global leader in the manufacturing of the specialty polystyrene resin. Moreover, the increasing construction activities, growing automotive sector, well-developed e-commerce industry, and increasing demand for home appliances are some factors boosting the market growth in the Asia Pacific region.
Global Specialty Polystyrene Resin Market: Key Players Overview
BASF SE is a German-based company that operates through six segments namely Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. The company’s chemical segment consists of the Petrochemicals and Intermediates divisions. In June 2018, increased global production capacity for Neopor by a total of 40,000 metric tons per year. Expansion of the plants located at Ludwigshafen, Germany, and Ulsan, South Korea.
Eastman Chemical Company is one of the global leader in the manufacturing of specialty materials. The company engaged in to develop technologies with its 14,500 employees globally. In May 2019, Eastman Chemical Company invested to expand its production capabilities for resin and polymer at its Middelburg, The Netherlands, and Jefferson, Pennsylvania, manufacturing sites.
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