Medical Styrenic Polymer Market to achieve 7% growth up to 2024
Date: 2018-12-10   Author: Rahul Varpe  Category: #market

Medical Styrenic Polymer Market to achieve 7% growth up to 2024

Global Market Insights, Inc. adds a new Medical Styrenic Polymer Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Medical Styrenic Polymer Market size is expected to surpass USD 4.5 billion by 2024. 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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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.

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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.

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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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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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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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