Styrenic Polymers Market Research Report : Key Growth Factors and Forecast 2025

The consolidation prevailing in the global styrenic polymers market for medical applications is attributable to the presence of only a handful of players. Among them, INEOS STYROLUTION Group GmbH has emerged at the fore by the virtue of being one of the leading manufacturers, finds TMR in a new study. Besides this, LG Chem Ltd., Chi Mei Corporation, Chevron Phillips Chemical Company LLC, Kraton Corporation, Trinseo LLC, TSRC Corporation, and SABIC are some of the prominent players operating in the global styrenic polymers market for medical applications.

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Recent studies have identified the market as forward integrated as some of its leading players manufacture and supply products across the world. In the coming years, the market is likely to witness several innovations as market players invest in research and development to manufacture more technologically advanced and flexible products. In response to this strategies deployed by the players, the market is likely to showcase a positive trajectory during the forecast period.

According to TMR, the global styrenic polymers market for medical applications will exhibit 7.0% CAGR between 2017 and 2025. Given the scenario, the market’s is forecast to reach US$4,843.85 mn by the end of 2025, as compared to US$2,649.44 mn in 2016. Regionally, the global market was led by Asia Pacific, which held the dominant market share in 2016. Besides this, the market will witness rising demand from Europe and North America in the coming years.

Diverse Applications within Medical Industry Key to Market’s Growth

The application of polystyrene (PS), styrene acrylonitrile (SAN), acrylonitrile butadiene styrene (ABS), and styrene butadiene block copolymers (SBC) has significantly increased in the medical industry. Styrenic polymers are used in the manufacture of portable medical devices, liquid containers, connector tubes and bags. Such diversity in applications connotes the rising application of styrenic polymers in the coming years. In addition, the market is significantly gaining from restrictions imposed on the use of PVC in the medical sector.

Styrenic polymers are required for various applications in the medical industry. To cater to this rising demand, the market players are investing in innovations. As a result of similar efforts, the application of hydrogenated SBCs, which belong to a relatively novel family, has increased. There are various factors bolstering styrenic polymers application in the medical sector. For instance, styrenic block copolymers have superior abrasion resistance and are halogen and plasticizer-free, which make them best suited to be utilized in medical devices and equipment. On account of the superior medical performance offered by styrenic polymers, their demand has considerably surged in the medical sector. The trend is expected to remain constant through the forecast period, offering the global styrenic polymers market lucrative growth prospects.

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Price Sensitive Nature of Styrenic Polymers Creates Hindrances to Growth

Styrenic polymers offer various environmental and functional benefits over their plastic contemporaries such as polyethylene, PVC, and polypropylene. While this boosts application, the higher price of styrenic polymers is creating bottlenecks for the market players, limiting their penetration in underdeveloped economies. The companies may face hindrances from the price sensitive nature of the market as well. The effect is likely to be the strongest in Asia Pacific, which could pose considerable threat to the market. Nonetheless, the price of styrenic polymers is likely to decline over the coming years in response to the falling raw material prices in the recent years. This is likely to give impetus to the global styrenic polymers market for medical applications in the coming years.

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This release was published on openPR.