钴系催化剂是指以钴的氯化物、氧化物、有机酸盐和吡啶络合物等任何可溶和不可溶的钴化合物为主催化剂的一类催化体系。同镍系催化剂一样，钴系催化剂也属于配位聚合机理，定向性较强，当其用于丁二烯聚合，在以卤化烷基铝为助催化剂时，通常可得到顺式-1,4-构型含量为96-98%，1,2-构型含量为1-2%的高顺式聚丁二烯。此外，通常还加入水、有机过氧化物、卤素、醇和有机卤化物等作为第三组分活化剂，以提高催化剂的活性。工业上采用的催化体系为辛酸钴/一氯二烷基铝/水三元体系。同镍系聚丁二烯橡胶一样，钴系聚丁二烯橡胶中较高含量的顺式-1,4-构型将赋予其优异的弹性和高强度，进而为HIPS提供更强的韧性和强度。钴系聚丁二烯基本不含有凝胶，其支化度通常在0.8左右，明显高于镍系、钛系和稀土聚丁二烯。这点特点使得钴系聚丁二烯橡胶在苯乙烯中具有较好的溶解性，因而钴系聚丁二烯适合作用生产HIPS用胶。
性能HIPS具有通用聚苯乙烯（GPPS）的尺寸稳定性，而且具有更好的冲击强度和刚性。 [4]
HIPS相对密度为1.04~1.06，热变形温度70~84℃。HIPS的拉伸强度约为15~30MPa，伸长率为35~60%。随温度的降低、应变速率的增加而增加，有点像橡胶增韧体系。HIPS的性质有点像黏弹性固体，当暴露在恒定拉伸应力下会产生蠕变。蠕变随分子量的升高而降低，并通常随橡胶含量的升高而增加。
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