ALBANY, New York, Feb. 6, 2019
ALBANY, New York, Feb. 6, 2019 /PRNewswire/ --
Transparency Market Research (TMR) witnesses the global styrenic polymers market for medical applications have a consolidative competitive scenario. INEOS STYROLUTION Group GmbH is dominating the global styrenic polymers market. Some of the other players operating in the global styrenic polymers market are TSRC Corporation, SABIC, Trinseo LLC, Chi Mei Corporation, Chevron Phillips Chemical Company, Kraton Corporation, and LG Chem Ltd.
The key players in the market are increasingly looking to maintain their demand-supply ratio. Additionally, these players are investing more in research and development activities in order to improve their products to meet the demands of their consumer. These initiatives are benefiting their income and likely to propel the growth of the global styrenic polymers market.
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According to TMR, the global styrenic polymers market in medical applications collected revenue of about US$2,649.44 mn is projected to collect revenue of US$4,843.85 mn by expanding with a CAGR of 7.0% over the forecast period from 2017 and 2025.
Based on the type, styrene butadiene block copolymers (SBCs) segment is dominating the global styrenic polymers market and is expected to witness high demand for the type of styrenic polymer over the forecast period. Based on the region, Asia Pacific dominated the global market for styrenic polymers by accounting leading share in 2016. This growth is attributed to the rising demand for the range of styrenic polymers in the developing countries of the region such as China.
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Growing Demand for Cost-Effective Material in Manufacturing Medical Device to Propel Growth
The global styrenic polymers market for medical applications is gaining momentum due to the rapidly increasing use of styrenic polymers and copolymers across a number of applications such as surgical instruments, bags, portable medical devices, liquid containers, and connector tubes. The growing uptake of styrenic polymers across medical applications due to its superior properties such as high stability and good abrasion resistance is widening its applications across the medical sectors, which is again propelling the growth of the global styrenic polymers market.
Additionally, the cost-effectiveness and flexible design are bolstering the growth of the styrenic polymers and copolymers in the medical industry, which is also driving the growth of the global styrenic polymers market. Furthermore, growing stringent regulations imposed on the polyvinyl chloride (PVC) is leading to fortify demand for the styrenic polymers mainly in the medical sector for packaging purposes is fuelling the growth of the growth of the styrenic polymers market.
Growing demand for plasticizer-free and halogen materials in the medical devices manufacturing is benefitting the growth of the global styrenic polymers market.
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Rising Prices of Materials to Hamper Growth in Price Sensitive Market
Despite these factors, growing prices of the styrenic polymers in various regions is hampering its adoption primarily in the price-sensitive economies is crippling growth of the global styrenic polymers market. Additionally, the presence of the numerous alternatives is also hampering the growth of the global styrenic polymers markets. Nonetheless, lowering prices of the raw materials is offering lucrative opportunities for growth of the global styrenic polymers market. Moreover, growing demand for these polymers mainly for manufacturing the medical devices is offering opportunities for growth over the forecast period.
This information is encompassed in the report by TMR, titled "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); 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 2017 - 2025."
For the study, the Styrenic Polymers Market has been segmented as follows:
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