Medical Styrenic Polymer Market Projected to Expand at a CAGR of 5.7% from 2023 to 2030, According to Contrive Datum Insights
Contrive Datum Insights Pvt Ltd
7 min read
Contrive Datum Insights Pvt Ltd
According to a market research study published by Contrive Datum Insights, more than 38% of the total market size was made up of North America, The North America market will grow in the same way as the European market
Farmington, March 19, 2023 (GLOBE NEWSWIRE) -- The Medical Styrenic Polymers Market is anticipated to progress at a CAGR of 5.7% during the forecast period 2022-2030. Polyvinyl chloride, or PVC, is a material that is often used in the medical field. Another thing that is driving the medical styrenic polymer market is the sharp switch from metal devices to polymer-based medical devices. This is because polymer-based medical devices have many benefits over metal devices. Polymer-based drugs are often used in medicine because they can be made in many different ways and are easy to handle.
Less expensive, easier on the eyes, and lighter. During the forecast period, this change in preference is likely to have a good effect on the size of the market as a whole. Products in the global styrenic polymers market are used in many different end-use verticals, such as automotive, consumer goods, packaging, building, and others. In the last ten years, the automotive industry has grown quickly, especially in emerging economies like India. This has made the world market for styrenic polymers bigger.
Medical Styrenic Polymer Market Recent Developments:
In June 2019, BASF publicly shook hands with NGK and signed a sales agreement to expand its product portfolio.
In July 2020, Chevron and Algonquin entered into an agreement to develop new projects that are expected to become an asset in Chevron's global portfolio.
In November 2020, SABIC and Vopak Holding Terminals BV entered into a partnership with Jubail and Yanbu Industrial Cities Co. (JYIC). According to the agreement, the strategic integration among the three parties is expected to expand the scope of cooperation between local and international organizations.
Medical Styrenic Polymer Market Dynamics:
Styrene polymers are used in a lot of different things, like containers, IV bags, packing, fabrics, and other things like tubing and multi-flow devices. Medical packaging is a big part of the market, making up about 20% of all medical styrenic plastics in 2019. Pharmaceutical capsules, tablets, liquids, ointments, powders, and creams all have their own packing. Medical equipment are wrapped in SBS, MBS, SEBS, and other materials made from SBS, MBS, and SEBS. Styrenic plastics are being used in more and more ways. During the forecast period, the use of medical styrenic polymers in medical products will increase their market share. During the assessment time, however, the high price of styrene polymers is likely to be the main thing holding back the market as a whole.
Regional Outlook:
The study forecasts revenue growth at the global, regional, and country levels and looks at recent industry trends in each subsegment from 2017 to 2030. In 2019, more than 38% of the total market size was made up of North America. This is because North Americans are paying more on health care. Also, strict healthcare rules and standards have led to the replacement of TPEs with regular metal devices because they are easier to work with and meet environmental rules. The North America market will grow in the same way as the European market between 2020 and 2026.
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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About Us: Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
