Medical Styrenic Block Copolymer Market Rising Demand for SBC in Medical Devices Production

According to Precision Business Insights' (PBI), latest report, the market value of the Medical Styrenic Block Copolymer (SBC) Market size was valued at USD 657 million in 2023 and is growing at 4.5% CAGR during the forecast period 2024 to 2030. The primary factors that drive the market are the growing well-developed healthcare infrastructure, rising utilization by pharmaceuticals and healthcare, and increasing demand for SBC in the market.

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THE MEDICAL STYRENIC BLOCK COPOLYMER (SBC) MARKET DETAILED SEGMENTATION:
Based on the type, the market is segmented into the following
• Styrene-butadiene-styrene (SBS)
• Styrene-isoprene-styrene (SIS)
• Hydrogenated SBC (HSBC)

Based on the application, the market is segmented into the following
• Tubing
• Medical Bags
• Equipment Packaging & Diagnosis Products
• Wound care
• Adhesives and Sealants
• Others

Styrene-butadiene-styrene (SBS)to Dominate the Medical Styrenic Block Copolymer (SBC) Market:
Based on type, Styrene-butadiene-styrene (SBS) holds the highest market share. The major factor for the rise of this segment is that the use of SBS provides durable materials and high-quality rubber, increasing spending in healthcare infrastructure and growing medical devices across the world demand SBC material for manufacture, their superior properties such as chemical resistance, high flexibility, and good dimensional stability make it compatible for the use in medical devices, increasing prevalence of cardiovascular diseases rises the demands for various medical devices which is indirectly connected to the SBC demand which drives the market growth by the significant rate.

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Based on the region, the market is segmented into the following
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Asia Pacific Medical Styrenic Block Copolymer (SBC) Market:
Asia Pacific region is expected to grow significantly in the Medical Styrenic Block Copolymer (SBC) Market size over the forecast period. The Medical Styrenic Block Copolymer (SBC) Market in the Asia Pacific hold a significant revenue share in 2022, the developing economics and high spending on healthcare infrastructure raise demand for medical devices for various diagnoses and treatments across the region, it is predicted to grow rapidly in the forecast years. China and India are emerging markets for SBC as there is a rise in pharmaceutical packaging and the government initiates to use of recycled products to regain the market in the forecast years.

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STRATEGIC NEW PRODUCT LAUNCHES, MERGERS, ACQUISITIONS, AND AGREEMENTS ARE THE KEY STRATEGIES ADOPTED BY MARKET PLAYERS:
The global Medical Styrenic Block Copolymer (SBC) Market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.

Key players' profiles in the Medical Styrenic Block Copolymer (SBC) Market report are Kumho Petrochemical LYC CHEMICAL Corp. Versalis S.p.A. RTP Company Grupo Dynasol Asahi Kasei Corporation JSR Corporation China Petrochemical Corporation Ineos Styrolution Group LG Chem Ltd. BASF SE. TSRC Corporation Dynasol Group Zeon Corporation

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This release was published on openPR.