High impact polystyrene (HIPS) is a cost-effective and rigid plastic material that is easy to thermoform and transform to any shape. HIPS offers several benefits over other polymers such as excellent thermoform features, greater impact strength and moderate rigidity, ease of gluing and painting. Due to its advantages, HIPS is used in the automotive, cosmetic and packaging display, medical packaging, and foodservice packaging industries. The standard dimension of commercially available HIPS is 40 inches × 72 inches – 48 inches × 96 inches.
Superior properties of polystyrene increase in preference for high- impact polystyrene in health care applications, and technical advancement are estimated to propel demand for HIPS from the health care sector during the forecast period. However, low demand for HIPS in developed regions and stringent regulatory standards are likely to hamper the global high impact polystyrene (HIPS) for health care applications market in the near future. However, increasing investment in research and development by the major players and mergers and acquisitions by the key companies are projected to offer attractive opportunities to the global high impact polystyrene (HIPS) for health care applications market in the coming years.
The global high impact polystyrene (HIPS) for health care applications market can be segmented based on type, health care application, end-user, and region. Based on type, the market can be classified into extrusion molding, injection molding, and others. The injection molding segment held a major market share in 2017, followed by the extrusion molding and others segments. In terms of health care application, the global high impact polystyrene (HIPS) for health care applications market can be segmented into medical device packaging, medicine containers, and others (petri dishes, pipettes, trays, etc.). The medicine containers segment was constituted a signficant market share in 2017 followed by the pipettes and petri-dishes segments, respectively. This is because HIPS is widely used in medicine containers due to its excellent optical clarity. The others segment (petri dishes, pipettes, trays, etc.) is anticipated to expand at a significant CAGR during the forecast period. Based on end-user, the market can be categorized into health care companies, contract research organizations, contract manufacturing organizations, and others (academics and research organizations).
In terms of region, the global high impact polystyrene (HIPS) for health care applications market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held a leading share of the global high impact polystyrene (HIPS) for health care applications market in 2017, owing to a highly developed health care industry, strong research and development infrastructure, well-established health care system, presence of major players, high awareness about the product among end-users, and technological advancements in the region. In Europe, Germany, France, and the U.K. held a major share of the HIPS for health care applications market in 2017.The market in Italy and Spain is expected to expand at a significant pace during the forecast period. Highly developed health care industry, prominent research and development infrastructure, availability of medical devices and drugs, presence of major players, and contribution of small companies are key factors that contributed to the high market share of Germany, France, and the U.K. in 2017. Developing health care infrastructure and technological advancements are likely to propel the growth of the high impact polystyrene (HIPS) for health care applications market in Italy and Spain in the next few years.
In Asia, China and Japan held a dominant share of the high impact polystyrene (HIPS) for health care applications market in 2017. The HIPS for health care applications market in India is estimated to expand at a significant CAGR in the near future, owing to the emerging healthcare industry and presence of well-established domestic players. An underdeveloped health care industry and lack of awareness about the use of HIPS in the health care industry are likely to hamper the high impact polystyrene (HIPS) for health care applications market in Latin America and Middle East & Africa during the forecast period.
Major players operating in the global high impact polystyrene (HIPS) for healthcare applications market include Styrolution, Trinseo, Versalis, SABIC, KKPC, PS Japan, CHIMEI, King Plastic Corporation, Hong Kong Petrochemical, Formosa, LG Chem, Zhengjiang CHIMEI, Formosa Plastics (Ningbo), and Astor Chemical Industrial.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.