Medical Styrenic Polymer Market Update, Analysis, Forecast, 2016 – 2024
Medical Styrenic Polymer Market size is expected to surpass USD 4.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
Pressing need to substitute plastics including PVC in the medical industry owing to its hazardous environmental implications will drive medical styrenic polymers market size by 2024. PVC is extensively utilized in the healthcare industry to create devices for storing IV solutions, blood/medicine containers, tubes and connectors owing to brilliant clarity and ability to withstand broad range of temperature conditions.
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However, significant amount of toxic component released from PVC which may contaminate IV fluids and migrate into human body has led to formulation of strict regulations to gradually replace these products with styrene plastic which is eco-friendly and plasticizer free making it desirable across medical & healthcare industry.
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Paradigm shift from metallic medical devices to polymer devices owing to its desirable attributes which includes design flexibility, better physical characteristics, light weight and cost efficiency will make significant contribution towards medical styrenic polymer market size by 2024. In addition, increasing preference for smaller size medical devices along with complex functionality will result in escalating product demand by 2024. This is primarily due to easily micro-molding nature of plastic to produce small components with high tolerance.
High product price compared to its existing counterparts in the business is probable to hamper medical styrenic polymer market size in the near future. For instance, polyethylene is growing at a faster pace in the industry compared to styrene polymers owing to its lower price. However, increasing population aged above 65 years coupled with technology advancements and stringent regulations against traditional plastic and metallic devices in the healthcare industry will generate plentiful opportunities for the medical styrenic polymer market size over the projected time spell.
Browse key industry insights spread across 112 pages with 164 market data tables & 13 figures & charts from the report, "Medical Styrenic Polymer Market" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-styrenic-polymer-market
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.
Asia Pacific is expected to be the fastest growing region for medical styrenic polymer market by 2024. This is credited to increasing healthcare ethics and environment friendly material use for widespread medical applications which will subsequently boost the regional medical styrene polymers market size by 2024.
Key industry share contributors of medical styrenic polymers are Craton Polymers, Styrolution Group, Styron, Americas Styrenics, INEOS ABS, Chevron Phillips and SABIC.
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