Styrenic Polymers Market Plying for Significant Growth During 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.
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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.
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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.
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