Albany, NY -- (SBWire) -- 11/14/2017 --The use of styrenic polymers as an alternative for PVC materials in medical applications is witnessing an uptick. This, coupled with the wider trend of replacing metal medical devices with devices made from medical plastics creates lucrative opportunities for medical polymers in general and styrenic polymers in particular. These factors will enable the global styrenic polymers market to achieve a strong CAGR of 7.5% from 2014-2020, says Transparency Market Research's latest report. The report, titled 'Styrenic Polymers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020' further states that the global styrenic polymers market will grow from its 2013 valuation of US$ 2.08 billion to US$ 3.29 billion by 2020. The report's findings show that in 2013, in volume terms, the global demand for styrenic polymers for medical applications was 806.7 kilo tons.

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Thanks to their physical and chemical properties that fit into the needs of an expansive range of applications - from medical devices to pharma packaging - styrenic polymers enjoy steady demand. The report on the global styrenic polymers market segments the market based on products as: Polystyrene (PS), Methyl - Methacrylate Acrylonitrile Butadiene Styrene (MABS), Styrene Acrylonitrile (SAN), Acrylonitrile Butadiene Styrene (ABS), Styrene Methyl - Methacrylate (SMMA), Methyl - Methacrylate Butadiene Styrene (MBS), Styrene Ethylene Butylene Styrene (SEBS), Styrene Butadiene Styrene (SBS), and Others (UPR, SIBS, and ASA).

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Polystyrene, which is available as a commodity – and which is also the sole commodity thermoplastic among the aforementioned styrenic polymers – holds a lion's share in the global styrenic polymers market for medical applications. Moreover, many medical device components as well as products such as bags and tubes are manufactured using SBS and SEBS, which are styrenic block copolymers. Even as metals are making way for medical plastics in the healthcare industry, a few medical plastics remain more popular than others. Take the example of polyvinyl chloride (PVC), which has until now been the preferred medical plastic. But having come under the regulatory scanner because of reports linking it to toxicity, the use of PVC is dwindling. Although styrenic polymer now faces relatively less competition from PVC and polyethylene, the former is still priced higher than its competitors. This has restrained the styrenic polymers market for medical applications. The cost-related hurdle will, in all likelihood, be overcome as companies are commissioning R&D projects to find cost-effective ways to produce styrenic polymers. With this, the styrenic polymers market will see some beneficial changes. The report also notes that the demand for medical devices is expanding thanks to the aging population worldwide. Because the demand for styrenic polymers is dependent on the state of the medical devices industry, the former is expected to see an upsurge in demand.

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Furthermore, the report says that North America stood as the single-largest market for styrenic copolymers in medical applications. With a 39.9% share of the market in 2013, North America was comfortably ahead of Asia Pacific, which ranked second in terms of demand for styrenic polymers for medical applications. The growth rate of the Asia Pacific market will be faster than any other region over the report's forecast period (2014-2020). In order to provide an overview of the global styrenic polymers market for medical applications, the report profiles the following market participants: Styrolution Group GmbH, Chi Mei Corporation, Saudi Basic Industries Corporation (SABIC), Chevron Phillips Chemical Company LLC, Styron LLC (Trinseo S.A.), and LG Chem Ltd.

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