Styrenic Polymers Medical Applications Market Estimated to Expand at a Robust CAGR by 2025
The global styrenic polymers market for medical applications features a fairly consolidated landscape marked by the presence of only few prominent players, finds Transparency Market Research (TMR). INEOS STYROLUTION Group GmbH, a global styrenics supplier, is one of the most prominent players exercising its dominance in the global market. Some other leading players are SABIC, TSRC Corporation, Trinseo LLC, Chevron Phillips Chemical Company, Chi Mei Corporation, Kraton Corporation, and LG Chem Ltd.
Recent trends indicate the market witnessing forward integration among its leading manufacture and suppliers of end products in various parts of the world, observes TMR. Over the assessment period, the rising investment on incessant research and development (R&D) activities by manufacturers world over is anticipated to lead to product innovations, which is anticipated to up the level of competition prevailing in the market.
The global styrenic polymers market for medical applications stood at US$2,649.44 million in 2016 and is projected to touch a valuation of US$4,843.85 million by 2025 end. This represents a CAGR of 7.0% from 2017 to 2025.
Among the various regional markets, Asia Pacific accounted for the leading share in 2016 and is expected to hold its sway throughout the forecast period. The attractive growth potential of the regional market can be attributed to the extensive uptake of a variety of styrenic polymers in countries such as China. This regional market is expected to be trailed by the Middle East and Africa.
Broadly, the various product types used by styrenic polymers in the medical industry are polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene acrylonitrile (SAN), styrene butadiene block copolymers (SBC), and styrene methyl methacrylate (SMMA). Of these, there is a vastly rising demand for hydrogenated SBCs, especially in manufacturing novel products in the medical industry.
Numerous Attractive Properties to Bolster Applications
The global styrenic polymers market for medical applications is driven primarily by the extensively rising use of styrenic polymers and copolymers in diverse number of applications, including surgical instruments, liquid containers, portable medical devices, bags, and connector tubes.
The substantially rising number of applications can be attributed to a number of superior properties this class of plastic products displays, which confers several benefits to the end-use industries. The high dimensional stability, markedly faster processing compared to other plastics, and noteworthy abrasion resistance are some of the attractive properties that have been stoking the demand for styrenic polymers in the medical industry. In addition, the marked cost effectiveness and amazing design versatility bolster the application of different types of styrenic polymers and copolymers in the medical industry world over.
In various parts of the world, strengthening governmental policies banning or restricting the use of poly vinly chloride (PVC) is a notable trend fortifying the demand for styrenic polymers in manufacturing medical devices in recent years.
The growing popularity of thermoplastic elastomers in medical devices manufacturing is also getting a boost from various regulations from regional agencies, such as U.S. FDA. For instance, their emphasis on including UV-stable medical devices is providing a robust impetus to the growth of the market. The growing demand for halogen and plasticizer-free materials in the medical devices manufacturing sector is also expected to bolster the use of styrene block copolymers.
Elevated Price of Styrenic Polymers Key Concern in some Regions
The elevated price of some of the product types of styrenic polymers in various regions, especially in price-sensitive economies is one of the notable factors crippling the growth of the market. The medical device manufacturing industry in regions such as Asia Pacific prefer inexpensive substitutes to polystyrene and ABS. Nevertheless, recent trends indicate that there has been a marked decline in the prices of raw materials in various regions. This bodes well for the overall market.
The significantly growing demand for styrenic polymers in engineering novel medical devices to overcome the drawbacks of contemporary medical devices is a key factor expected to accentuate the market growth over the assessment period.
The study presented here is based on a report by Transparency Market Research (TMR) titled “ Styrenic Polymers Market for Medical Applications (Product – Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Styrene Acrylonitrile (SAN), Styrene Butadiene Block Copolymers (SBC), and Styrene Methyl Methacrylate (SMMA); Application – Intra-venous Systems & Fluid Delivery, Mobile & Digital Health, Surgical Gloves, and Respiratory & Drug Delivery Devices) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025,”