Styrenic Polymers Market
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); and 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, 2019 - 2027
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Styrenic Polymers Market for Medical Applications: Description
- Styrenic polymers, or styrenics, are a class of the plastics family, with styrene as the main building block. Polystyrene is the parent material for all styrenic copolymers. It is a widely utilized thermoplastic material. It is employed in various end-user industries such as automotive, building & construction, electrical & electronics, and medical among many others.
- Styrenic polymers that are employed in medical applications include polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene acrylonitrile (SAN), styrene butadiene block copolymers (SBC), styrene methyl methacrylate (SMMA), and others. Styrenic polymers are employed in various applications in the medical industry. For instance, these are utilized in the manufacture of surgical instruments, portable medical devices, liquid containers, connector tubes, and bags.
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What are Key Growth Drivers of Global Styrenic Polymers Market for Medical Applications Market?
- Plastics offer a wide range of desirable attributes that enable them to be utilized in design and development of various medical device applications. Traditionally, medical devices are made of metals, ceramics, or glass.
- However, advancement of technology has accelerated the pace of replacement of traditional materials with plastics, as plastics provide a broad range of advantages over metallic devices. These advantages include design versatility, lightness in weight, easy disposability, better aesthetics, and cost-effectiveness. The shift in trend toward plastics augurs well for styrenic polymers, as they account for a large share of medical plastics market.
- Plastics are easier to process and provide flexibility to design ergonomic devices. Modern medical devices have become functionally more complex and smaller in size.
- Components such as gears, levers, axels, buttons, actuators, and counters also need to be miniaturized, while maintaining high performance, reliability, durability, and dimensional stability. These components can be easily micro-molded with plastics to manufacture precision parts with tight tolerance.
- Mass production of medical devices with plastic components also provides economic advantage while maintaining optimum functionality. Styrenic polymers, in particular, exhibit a wide range of properties through different products such as polystyrene, ABS, SAN, and block copolymers.
- The shift in market dynamics from traditional materials to plastics has propelled the medical plastics market as a whole. This includes styrenic polymers, which accounts for about 17% share of the global medical polymers market.
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What are Key Challenges for Global Styrenic Polymers Market for Medical Applications Market?
- The higher price of common styrenic polymers (such as polystyrene and ABS) over its competitors restrains the market to some extent.
- The price sensitive nature of the market, especially in Asia Pacific, is anticipated to hamper the market for styrenic polymers due to its high prices.
- However, the prices of styrenic polymers are estimated to decline due to the rapid fall in prices of raw materials in recent years. This is projected to boost the demand for styrenic polymers.
Lucrative Opportunities for Players in Global Styrenic Polymers Market for Medical Applications Market
- The medical device market dynamics directly influence the styrenic polymers market in medical applications. The medical and healthcare industry has expanded in the recent past, due to the rise in geriatric population and advancements in medical technology.
- The geriatric population has increased significantly across the world. According to the WHO, the population above 65 years of age has risen rapidly over the last 50 years. The number of people aged 60 years and above is estimated to increase from 605 million in 2000 to 2 billion by 2050.
- Furthermore, this significant rise in population is expected to trigger the growth of non-communicable diseases (e.g. cancer, cardiovascular and neurological diseases). These diseases currently account for about 87% of the overall diseases among the aging population in low-, middle-, and high-income countries.
- Rise in the geriatric population is likely to drive the medical devices market in the near future. The medical devices market is projected to expand further, due to increasing life expectancy and rise in population in several regions across the world.
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Asia Pacific to Dominate Global Styrenic Polymers Market for Medical Applications Market
- In terms of consumption, Asia Pacific constituted a prominent share of the styrenic polymers for medical applications market in 2018. The trend is anticipated to continue during the forecast period. Increase in focus on providing better health care to highly populated countries in the region is estimated to act as key driver of the market. Furthermore, in terms of growth potential, Asia Pacific is expected to lead the global market during the forecast period.
- The styrenic polymers market follows the dynamics of the medical polymers market. The market is projected to expand at an above-average pace in the near future. Rise in medical and health care standards coupled with growth in regional GDP and PPP are anticipated to drive the medical plastics market, including the medical styrenics market.
Leading Players in Global Styrenic Polymers Market for Medical Applications Market
- Medical device and medical packaging manufacturers procure styrenic polymers of different grades and qualities. Low degree of integration exists between styrenic polymer manufacturers and final product manufacturers. The styrenic polymers market is fairly consolidated, with some companies accounting for a significant share of the market. The volume of styrenic polymers used in medical applications is less, as compared to its primary applications in automotive and building & construction industries.
- INEOS STYROLUTION Group GmbH is a leading manufacturer of styrenic polymers for medical applications in the market. Other notable manufactures include
- LG Chem Ltd.
- Chi Mei Corporation
- Chevron Phillips Chemical Company LLC
- Kraton Corporation
- Trinseo LLC
- TSRC Corporation
- The styrenic polymers market for medical applications is moderately consolidated in nature, with the top few companies occupying considerable market share.
Global Styrenic Polymers Market for Medical Applications – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global styrenic polymers market for medical applications to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for growth of the global styrenic polymers market for medical applications. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the global styrenic polymers market for medical applications is likely to expand during the forecast period of 2019 to 2027.
The report offers intricate dynamics about different aspects of the global styrenic polymers market for medical applications that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the medical industry with respect to the global styrenic polymers market for medical applications during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the global styrenic polymers market for medical applications and estimates statistics related to growth of the market in terms of volume (tons) and value (US$ Mn).
This study covers a detailed segmentation of the global styrenic polymers market for medical applications, along with key information and a competition landscape. The report mentions company profiles of key players operating in the global styrenic polymers market for medical applications, wherein various developments and expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Global Styrenic Polymers Market for Medical Applications
The report provides detailed information about the global styrenic polymers market for medical applications on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global styrenic polymers market for medical applications that would help them design successful strategies and make target-driven decisions.
- Which type segment of the global styrenic polymers market for medical applications would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the global styrenic polymers market for medical applications between 2019 and 2027?
- What are winning imperatives of frontrunners in the global styrenic polymers market for medical applications?
- Which application segment is expected to generate maximum revenue in the global market for styrenic polymer for medical application during the forecast period?
Research Methodology – Global Styrenic Polymers Market for Medical Applications
The research methodology adopted by analysts for compiling the report on the global styrenic polymers market for medical applications is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global styrenic polymers market for medical applications.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global styrenic polymers market for medical applications.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global styrenic polymers market for medical applications.
Global Styrenic Polymers Market for Medical Applications – Segmentation
TMR’s research study segments the global styrenic polymers market for medical applications in terms of product, application, and region. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the global styrenic polymers market for medical applications.