Key Highlights of Global Styrenic Polymers Market for Medical Applications
·
The
global Styrenic
Polymers Market for Medical Applications was valued at US$
3,028.2 Mn in 2018 and
is anticipated to expand at a CAGR of 6.6% during
the forecast period
·
Used
in a number of surgical instruments, connector tubes, portable medical devices,
liquid containers, and bags, styrenic polymers and copolymers are seeing a
rapid increase in demand for their superior properties such as high abrasion
resistance, and dimensional stability. Besides, these have better processing
timelines that other plastics. But, there are also other factors associated
with these polymers that are not directly associated with the polymer
properties but nonetheless, add to growing popularity. These include low cost
and versatility in design.
·
Additionally,
it is also worth noting than in some countries use of PVC (poly vinyl chloride)
is now banned or at least restricted, leading to a higher demand for styrenic
polymers
Key Drivers of Global Styrenic
Polymers Market for Medical Applications
·
Polyvinyl
chloride (PVC) is a highly popular thermoplastic that is used in medical
applications across the world. Usage of PVC has been a growing concern over the
last decade, as it contains phthalates, which is hazardous to the environment.
Demand for thermoplastic elastomers has increased in almost every end-use
industry (including medical and healthcare) in the quest for environment
friendly alternatives for PVC.
·
PVC
is utilized in the medical and healthcare industries to manufacture devices for
the storage of IV fluids, dialysis solutions, blood bags, tubing, and
connectors. This is due to PVC’s clarity and its ability to withstand
temperatures ranging from as low as -40°C to as high as 120°C. However, the
increasing impact of PVC on the environment through release of dioxins is
changing its market dynamics.
·
There
exists a threat that PVC is likely to contaminate IV fluids and migrate into
the human body. Therefore, thermoplastic elastomers, primarily SBCs, are
increasingly employed over PVC in medical applications. Thermoplastic
elastomers are plasticizer-free materials. These cause no or very less harm to
the environment. Various countries have already banned the usage of PVC in medical
IV bags/CAPD bags, catheters, and many other medical devices.
·
Restrictions
on PVC in medical applications have benefitted other plastics such as styrenic
polymers. A new family of hydrogenated SBCs has found new applications in the
medical market. According to the U.S. FDA, thermoplastic elastomers (TPEs) are
best suited for applications that require UV stability, and are safe to be
utilized in medical devices and equipment.
·
Styrene
block copolymers are halogen and plasticizer-free materials with superior
abrasion resistance. These exhibit good mechanical performance. This shift in
trend toward lower reliance on PVC materials is a major factor driving the
medical styrenics market.
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Advancement in Medical Technology
to Boost Opportunities for Global Styrenic Polymers Market for Medical
Applications
·
Medical
technology has also evolved in recent years. This has led to the
conceptualization of portable medical devices with complex functionality. The
medical device industry invests significantly in new product development to
meet the evolving needs of the healthcare market.
·
Plastics
have become the preferred medical device manufacturing materials. Expansion of
the medical devices market is expected to further boost the demand for medical
plastics (including styrenic polymers).
More Trending Reports
High Price of Styrenic Polymers
Compared to Other Commodity Thermoplastics to Hamper its Demand in Medical
Applications
·
Styrenic
polymers offer several functional and environmental advantages over other
plastic families such as PVC, polypropylene, and polyethylene. However, the
higher price of common styrenic polymers (such as polystyrene and ABS) over its
competitors restrains the market to some extent.
·
Utilization
of polyethylene in medical applications is rapidly increasing. Its usage is
rising at a more rapid pace, as compared to polystyrene, partly due to its low
price.
·
The
cost for medical grade plastics is considerably higher than general grade
plastics. PVC is a highly inexpensive commodity thermoplastic material that is
employed in medical device applications.
·
ABS
was the highest priced plastic among all plastics. ABS is not considered a
commodity thermoplastic; however, the high rate of commoditization is
undeniable. The average price of ABS is almost three times that of the lowest
priced PVC.
· The price sensitive nature of the market, especially in Asia Pacific, is anticipated to hamper the market for styrenic polymers due to its high prices. However, the prices of styrenic polymers are estimated to decline due to the rapid fall in prices of raw materials in recent years. This is projected to boost the demand for styrenic polymers.
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Asia Pacific Dominates Global
Styrenic Polymers Market for Medical Applications
·
Asia
Pacific currently dominates the market for medical styrenics in the world. The
styrenic polymers market for medical applications in the region is anticipated
to expand at a significant CAGR during the forecast period.
·
China
accounted for more than 60% share of the styrenic polymers market for medical
application in Asia Pacific in 2018. The trend is projected to continue during
the forecast period, as the country is a prominent producer as well as consumer
of styrenic polymers.
·
China
accounts for a majority of production as well as consumption of styrenic
polymers in Asia Pacific. Manufacturers in Asia Pacific are primarily focused
on offering products at lower rates, as compared to those in other regions.
·
The
market in Japan and ASEAN is primarily based on exports of styrenic polymers to
other Asian countries, mainly China. Demand for styrenic polymers is projected
to continue steadily in these countries over the next few years.
·
Key
manufacturers operating in the Asia Pacific market include Chi Mei Corporation,
LG Chem, and TSRC Corporation.
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Consolidated Nature of Global Styrenic
Polymers Market for Medical Applications
·
The
vendor landscape of the global styrenic polymers market for medical
applications is consolidated, credit the few players considered prominent in
the market landscape.
·
One
of the most significant players in the market landscape include INEOS
STYROLUTION Group GmbH. Other prominent names include SABIC, TSRC Corporation,
Trinseo LLC, Chevron Phillips Chemical Company, Chi Mei Corporation, Kraton
Corporation, and LG Chem Ltd.
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