Medical Styrenic Polymer Market 2024 By Application – Medical Packaging, Medical Containers, Medical Instruments, IV Solution Bags, Medical Fabrics

Global Market Insights, Inc. adds a new Global Medical Styrenic Polymer Market Research Report for forecast period that shows the growth of the market is rising at a steady CAGR from 2017 to 2024.

A report on medical styrenic polymer market compiled by Global Market Insights, Inc., predicts the industry to record a CAGR of 7% over 2017-2024. It further foresees this business space to generate revenue of over USD 4.5 billion by 2024. The trend of replacing conventional medical devices with styrenic polymers have set the wheels of medical styrenic polymer market in motion. This polymer can be easily processed and is widely used in manufacturing light weight and advanced medical devices. Conventional medical devices that are used in a majority of hospitals are made of metals, glass, and ceramics.

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However, these days, they are being replaced by polymers due to the several advantages they offer over their counterparts. Styrenic polymer is an ideal material as it is light in weight, water resistant, easily disposable, versatile, aesthetical, and cost effective. Growing applications of this polymer in the development of medical devices and pharmaceutical packaging has provided a significant impetus to medical styrenic polymer industry share.

Accounting for more than 40% of the overall medical styrenic polymer market, North America seized the highest industry share in 2016. Advancing healthcare standards and regulations in the region have led to a shifting trend of using plastic medical devices and equipment over metallic ones. As these devices are easy to process and do not have any dangerous implications on the human health and environment, they are being extensively used in manufacturing of medical equipment, which has spurred the regional styrenic polymer market.

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Polystyrene accounted for the largest chunk of medical styrenic polymer market share in 2016. The product is majorly used in manufacturing medical devices, equipment, packaging, etc. due to its rigid and cost-effective nature. Furthermore, excellent physical attributes including transparency, easy availability in several colors is likely to stimulate medical styrenic polymer market size for the segment by 2024.

ABS are amongst one of the fastest growing segment for medical applications owing to its unique combination of properties including easily colored, excellent finish and high-quality gloss. Moreover, it exhibits brilliant chemical resistance to heat and chemicals which will benefit in achieving promising growth for the medical styrenic polymer market size in the coming years.

Medical instruments segment captured the highest market share and is accounted to thrust at a CAGR close to 7.5% over the projected time spell. Increasing product use to manufacture devices & equipment owing to stringent regulations imposed against PVC use is likely to make prominent contribution to medical styrenic polymers market size by 2024. Medical fabrics segment for medical styrenic polymer market will witness promising gains owing to increasing product use to manufacture masks, operating gowns, surgical or orthopedic drapes, patient gowns, dressings in the coming years to gradually replace conventional plastic use from medical industry.

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Asia Pacific medical styrenic polymer market is estimated to be the fastest growing regional business in terms of product acceptance, by 2024. Rising medical infrastructure and improved healthcare ethics have proliferated the utility scope of styrenic based polymer medical devices in myriad applications. A significant rise is seen in the spending capacity of consumers, which has further propelled the use of low toxicity and environment friendly materials, thereby driving the regional medical styrenic polymer industry.

The top six players of the global medical styrenic polymer market catered to more than 45% of the total business share in 2016. On these grounds, it can be presumed that this business sphere is fairly consolidated. Prominent industry manufacturers have been investing generously in R&D activities and have been bringing forth a range of flexible products to suit several medical applications. Chi Mei Corporation, Styrolution, Ineos Abs USA, Saudi Basic Industries Corporation (SABIC), Kraton Polymers LLC, Americas Styrenics LLC, and Chevron Phillips Chemical Company LLC are the key medical styrenic polymer industry participants manufacturing and supplying styrenic polymer products across the globe.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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