High Impact PolyStyrene (HIPS) for Health Care Applications Market

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.