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Medical Styrenic Block Copolymer Global Market Report 2024 - By Report, Size, Share And Demand, Forecast To 2033
Medical Styrenic Block Copolymer Market
As per the report, the medical styrenic block copolymer market size has grown strongly in recent years. It will grow from $7.71 billion in 2023 to $8.33 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The medical styrenic block copolymer market size is expected to see strong growth in the next few years. It will grow to $11.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
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Rising Healthcare Expenditure Fueling Growth Of Medical Styrenic Block Copolymer Market
Increasing healthcare expenditure is expected to propel the growth of the medical styrenic block copolymer market going forward. Healthcare expenditure refers to average healthcare spending in an economy, which includes expenditure related to hospitals, home health agencies, and personal healthcare. Medical styrene block copolymer materials are used in the manufacture of medical products, which helps to make medical products flexible, stretchable, and elastic. For instance, in March 2021, according to the Indian Brand Equity Foundation, an India-based government agency, Indian public spending on health care increased to 2.1% of GDP for the year 2022, which is 1.8% of GDP for the year 2021. In addition, for the year 2022, the union budget has allocated 11.28 billion in its budget for health care. Also, according to the Centers for Medicare & Medicaid Services, a US-based government health organization, health care spending in the US increased by 9.7% in 2020, which reached $4.1 trillion. Therefore, increasing healthcare expenditure is driving the growth of the medical styrene block copolymer market.
Increasing Focus On Introducing Expanding Production To Gain A Competitive Edge
Major companies operating in the medical styrenic block copolymer market are focused on expanding production to gain a competitive edge in the market. Expanding the production of medical styrenic block copolymer to meet growing healthcare demands is essential for ensuring a stable supply of high-quality materials used in medical devices and packaging. For instance, in April 2021, China Petroleum & Chemical Corporation, a China-based oil and gas enterprise, launched production of its styrene-butadiene copolymer (SBC) project in Hainan, China. The project, which is managed by Sinopec's subsidiary, Hainan Baling Chemical New Material Co., Ltd., boasts an annual production capacity of 170,000 tons. This positions Sinopec as the largest global producer of SBC plants. Specifically, the SBC plant yields 120,000 tons of SBS products and 50,000 tons of SEBS products on an annual basis.
The medical styrenic block copolymer market covered in this report is segmented -
1) By Type: Styrene Ethylene Butadiene Styrene, Styrene Isoprene Butadiene, Styrene-Butadiene-Styrene
2) By Application: Tubing, Medical bags, Equipment, Packaging and diagnostics products, Wound care, Other Applications
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Major companies operating in the medical styrenic block copolymer market include Zeon Corporation, TSRC Corporation, Kumho Petrochemical Co. Ltd., LCY Chemical Corp., INEOS Styrolution Group GmbH, Trinseo S.A., RTP Company, LG Chem Ltd., China Petroleum & Chemical Corporation (Sinopec Corp.), Dynasol Group, Asahi Kasei Corporation, BASF SE, Versalis S.p.A., DENKA Company Limited, En Chuan Chemical Industries Co. Ltd., JSR Corporation, Eastman Chemical Company, Chi Mei Corporation, Kraton Corporation, Chevron Phillips Chemical Company LLC, Styrolution Group GmbH, Kuraray Co. Ltd., Korea Kumho Petrochemical Co. Ltd.
Contents of the report:
1. Executive Summary
2. Medical Styrenic Block Copolymer Market Report Structure
3. Medical Styrenic Block Copolymer Market Trends And Strategies
4. Medical Styrenic Block Copolymer Market - Macro Economic Scenario
5. Medical Styrenic Block Copolymer Market Size And Growth
…..
27. Medical Styrenic Block Copolymer Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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