Analysis of Potential Impact of COVID-19 on Styrenic Polymers Market

 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

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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.

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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.

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.

Global Styrenic Polymers Market for Medical Applications: Research Scope

Global Styrenic Polymers Market for Medical Applications, by Product

• Polystyrene (PS)
• Acrylonitrile Butadiene Styrene (ABS)
• Styrene Acrylonitrile (SAN)
• Styrene Butadiene Block Copolymers (SBC)
• Styrene Methyl Methacrylate (SMMA)
• Others

Global Styrenic Polymers Market for Medical Applications, by Application

• Intra-venous Systems & Fluid Delivery
• Mobile & Digital Health
• Surgical Gloves
• Respiratory & Drug Delivery Devices
• Others

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