Press release
Styrenic Polymer Market Growth Trends Forecast in Medical industry by 2017
The material, as on today, has already been commercialized in the market, in a medical application by Fleima-Plastic, a global producer of ABS-based caps and a prominent partner of the German medical styrenic polymer industry giant.
ABS (Acrylonitrile Butadiene Styrene) is considered to be one of most crucial products under the umbrella of medical styrenic polymer market, subject to its superior properties such as high heat resistance, high chemical endurance, excellent quality gloss & finish, and superior moldability.
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The product has observed a high rate of adoption in recent years, especially across the Asia Pacific belt, owing to which ABS-based medical styrenic polymer industry share is likely to grow at a rate of 8% over 2017-2024. Estimates claim ABS market to grow at a rate of 6% over 2016-2024, which will only serve to increase the remuneration spectrum of ABS-based medical styrenic polymer industry.
The first quarter of 2017 also witnessed Ineos launching two new styrenic grades at the Pharmapack 2017 - Novodur HD M203FC G3 and Styrolux 4G60, both of which are designed to be utilized by medical device manufacturers. This goes to prove that styrenic polymers find extensive utilization in medical devices, and as per statistics, medical instruments covered the maximum share of medical styrenic polymer market in 2016.
Subject to the increased deployment of these polymers to manufacture medical components, accompanied by the surging healthcare sector and the enforcement of strict norms with regards to PVC usage, medical styrenic polymer industry size from medical instruments will grow at a CAGR of 7.5% over 2017-2024.
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Medical styrenic polymer market may observe an increased traction in the course of the forthcoming years, pertaining to the declining adoption of PVS. Polyvinyl chloride has been used for the longest time by healthcare device firms to develop medical components for dialysis solutions, IV fluids, tubing, blood bags, and connectors. However, it has come to notice that the rising usage of PVC catastrophically impacts the environment, by means of the dioxin releases.
Subject to the strict norms enforced by agencies with regards to environmental safety, medical styrenic polymer industry players such as INEOS ABS, Styrolution Group GmbH, Kraton Polymers LLC, Styron LLC (Trinseo S.A.), Americas Styrenics LLC, and the Chi Mei Corporation have been striving to develop eco-friendly alternatives, which has led to a surging demand for styrenic polymers. This crusade is likely to carve out a positive roadmap for the growth of medical styrenic polymer market, anticipated to generate a valuation of more than USD 4.5 billion by 2024.
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