Medical Styrenic Polymers Market Size Worth Over $5.9 billion by 2026
Published Date: July 23, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights., the Medical Styrenic Polymers Market size is forecast to exceed USD 5.9 billion by 2026. The growing deployment of the product in the medical packaging and medical instrument applications is also anticipated to further augment the market during the forecast period.
Metals find different application in medical device development, ranging from tiny screws for the smallest implants to complex surgical tools operated robotically. However, metals have certain disadvantages for use in healthcare industry which mainly include corrosion when comes in contacts with various solvents, acids, bases, active pharmaceutical ingredients and body fluid.
The growing research and development in to curb these disadvantages has led to the shifting of preference towards styrenic polymers, which is one of the major factors attributing to its demand. Moreover, advancement of technology has accelerated the pace of replacement of traditional materials with plastics, as plastics provide with a huge advantages over metallic devices. These advantages include lightness in weight, design versatility, easy disposability, cost effectiveness and among others.
Styrenic polymers cater to variety of medical applications through different products such as polystyrene, SAN, block copolymers and ABS. The preference of 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 styrenic polymers market.
Browse key industry insights spread across 204 pages with 173 market data tables & 29 figures & charts from the report, “Medical Styrenic Polymers Market By Product (Polystyrene, Acrylonitrile Butadiene Styrene [ABS], Styrene Acrylonitrile [SAN], Methyl-Methacrylate Butadiene Styrene [MBS], Methyl-Methacrylate Acrylonitrile Butadiene Styrene [MABS], Styrene Methyl–Methacrylate [SMMA], Styrene Butadiene Styrene [SBS], Styrene Ethylene Butylene Styrene [SEBS]), By Application (Medical Packaging, Medical Containers, Medical Instruments, IV Solution Bags, Medical Fabrics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Several countries across the world have suspended international trades, which has substantially influenced the demand for medical styrenic polymers. Governments of most of the countries have imposed restrictions on citizen mobility and have implemented temporary shutdown of the production facilities of major industries as a preventive measure for COVID-19 pandemic. These factors have moderately impacted the medical styrenic polymers market share due to the shortage in supply of essential raw materials required in the production of medical styrenic polymers.
However, some of the countries have recently allowed partial operation of manufacturing facility to reopen their revenue streams, the limitations regarding the labor batch-size will result in partial capacity production. Additionally, some of the companies are helping healthcare facilities to fight against the ongoing pandemic. For instance, ELIX Polymers, one of the leading ABS producers collaborated in Spain to fight against COVID-19. The company is donating an ELIX ABS 3D-FC (ABS) to cater to the propelling demand from hospitals for valves for ventilators, and other medical devices.
ABS segment held a market share of over 12% in 2019
ABS, also known as Acrylonitrile Butadiene Styrene, is projected to witness gains of 6.1% over the forecast timeframe. ABS is manufactured by a combination of styrene, butadiene and acrylonitrile. It provides unique combination of properties such as resistant to heat and chemicals, easily moldable, easily colored and exhibit high quality gloss and finish. ABS is strategically positioned between engineering plastics and commodity plastics in terms of properties and market acceptance.
Styrene-ethylene-butylene-styrene (SEBS) segment will hold a market share of over 15% in 2026. SEBS is another variety of styrenic block copolymer (SBC) and accounts for a prominent share of 70% among SBCs used in medical applications. The product delivers outstanding cost and performance benefits in the production of tough and transparent medical bags, tubings, and several other compounds for medical applications.
Asia Pacific to exhibit steady growth during the forecast period
Asia Pacific is growing at the fastest pace and is projected to witness gains close to 6.7% in the coming years. The growing population in the region has resulted in propelling investment for the development of the healthcare sector, which in turn is projected to generate substantial of medical styrenic polymers market revenue during the forecast period.
Some of the key manufacturers in the medical styrenic polymers industry include Styrolution group GmbH, BASF SE, Trinseo S.A , Saudi Basic Industries Corporation , Chi Mei Corporation , Kraton Corporation , Chevron Phillips Chemical , Bayer MaterialScience AG , Nova Chemical Corporation , LG Chem, ELIX Polymers , Mitsubishi Chemical Holding Corporation , Ovation Polymers , Grupo Dynasol , and Formosa Chemical & Fibre Corporation among others.