The vendor landscape of the global styrenic polymers market for medical applications is consolidated, credit the few players considered prominent in the market landscape. One of the most significant players in the market landscape include INEOS STYROLUTION Group GmbH. Other prominent names include SABIC, TSRC Corporation, Trinseo LLC, Chevron Phillips Chemical Company, Chi Mei Corporation, Kraton Corporation, and LG Chem Ltd. As per market, experts, “Forward integration will mark the future for leading manufacturers over the coming few years.”
The analysts from Transparency Market Research also believe that over the period of 2017 and 2025, investments will flow into Research and Development (R&D) to ensure better products, innovative products hit the market. In turn, this will lead to an increase in competition among the vendors, helping the market chart a decent growth trajectory.
Recent study indicates that the global styrenic polymers market for medical applications will grow at a stead 5.7% CAGR over the period stated above, improving the market worth substantially. It might be interesting to note here that in the year 2016, the market worth was USD 2649.44 million, and will reach to a USD 4843.85 million by 2025
Wide Use in Medical Domain to Propel Demand for Styrenic Polymers over the Forecast Period
Used in a number of surgical instruments, connector tubes, portable medical devices, liquid containers, and bags, styrenic polymers and copolymers are seeing a rapid increase in demand for their superior properties such as high abrasion resistance, and dimensional stability. Besides, these have better processing timelines that other plastics. But, there are also other factors associated with these polymers that are not directly associated with the polymer properties but nonetheless, add to growing popularity. These include low cost and versatility in design.
Additionally, it is also worth noting than in some countries use of PVC (poly vinyl chloride) is now banned or at least restricted, leading to a higher demand for styrenic polymers
Asia Pacific to Dominate the Global Styrenic Polymers Market for Medical Applications over the Forecast Period
The region that led the market in 2016 was Asia Pacific (APAC) and as per projections by TMR analysts, “The region will hold its sway, through 2025, owing to a lucrative landscape with a slew of opportunities emerging.” It is also worth noting here that adoption of a variety of polymers in some of the countries in the region for various end-use industries will contribute to growth of the regional market in the global world. Some of the countries that are set to contribute to this demand over the forecast period are China and India. Close in the footsteps of the Asia Pacific region will be the Middle East and Africa region.
The global styrenic polymers market for medical applications is segmented based on:
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Styrene Acrylonitrile (SAN)
- Styrene Butadiene Block Copolymers (SBC)
- Styrene Methyl Methacrylate (SMMA)
- Intra-venous Systems & Fluid Delivery
- Mobile & Digital Health
- Surgical Gloves
- Respiratory & Drug Delivery Devices
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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