Selbyville, Delaware, Dec. 08, 2022 (GLOBE NEWSWIRE) --
As per the report published by Global Market Insights Inc., the global Medical Styrenic Block Copolymers Market was estimated at USD 620 mn in 2022 and is expected to surpass a valuation of $1.2 bn by 2032, progressing at a CAGR of 7% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Based on the analysis, the increased emphasis on minimizing the use of PVC-based materials in medical devices and equipment will augment the demand for styrenic block copolymers across the medical sector.
PVC is widely integrated in a range of medical devices, such as gloves, nasal cannulas, catheters, enteral feeding devices, IV & blood bags, breathing circuits, oxygen masks, surgical gowns, blood bags, medical tubing, etc., due to its high durability, strength, flexibility, and ability to operate under high temperatures and harsh environments. The material is known for its superior biocompatibility, ease of processing, recyclability, resilience, and affordability.
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However, the escalating efforts toward evaluating more biologically and environmentally friendly polymers have resulted in the emergence of several high-performance alternatives such as Styrene-ethylene butylene-styrene (SEBS) copolymer rubbers, SEBS/polypropylene blends, etc. The ongoing replacement of low-durometer, plasticized PVC in medical devices where biocompatibility holds utmost significance will positively influence the medical styrenic block copolymer through 2032.
Styrene-Butadiene-Styrene to gain traction due to exceptional durability
Styrene-Butadiene-Styrene (SBS) segment is expected to amass more than USD 460 million by 2032, depicting a more than 6% CAGR throughout the projection period. Styrene-Butadiene-Styrene exhibit similar properties to that of rubber at room temperature and thus are primarily used in applications where high durability is critical. Styrene-Butadiene-Styrene (SBS) is also extensively utilized in a range of medical devices, pharmaceutical packaging, medical bags, and tubes, driven by its easy availability, superior durability, and low-cost attributes, creating favorable growth prospects for the medical styrenic block copolymer market.
Key reasons for Medical Styrenic Block Copolymers Market growth:
- Rising demand for oxygen mask, respiratory devices and other medical equipment
- Shifting trends in minimizing PVC to reduce health issues
Increasing minimally invasive surgeries to propel product demand in tubing applications
Speaking of the application landscape, medical styrenic block copolymer industry from tubing application is primed to showcase above 6.5% CAGR from 2023 to 2032 and reach over USD 150 million by 2032. Medical tubing made of SBC depicts exceptional mechanical, thermal, and chemical properties and better clarity than PVC. These offer low drug absorption and are used in a variety of peristaltic pumps, drug delivery systems, and feeding tubes. Besides, their increasing usage in highly critical minimally invasive procedures, such as urological retrieval devices, cardiovascular catheters, stent delivery systems, etc.
Flourishing economic outlook to streamline industry growth across Asia Pacific
Asia Pacific medical styrenic block copolymers market is speculated to garner over USD 200 million by 2032. The regional growth can be credited to the robust economic landscape and a significant rise in disposable incomes, resulting in increased healthcare expenditure. Governments across numerous regional economies, including China, the Philippines, India, and Indonesia, have been emphasizing offering low-cost healthcare services, accelerating the demand for medical devices and equipment.
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Footprint expansion to stimulate the competitive outlook
Major companies operating in the medical styrenic block copolymers market include Kraton Corporation, TSRC Corporation, China Petroleum & Chemical Corporation, LG Chem, Dynasol Group, Asahi Kasei Corporation, Kumho Petrochemical, LCY Chemical Corp, INEOS Styrolution Group GmbH, JSR Corporation, RTP Company, Zeon Corporation, En Chuan Chemical Industries Co., Ltd., and Trinseo SA.
Partial chapters of report table of contents (TOC):
Chapter 5 Medical Styrenic Block Copolymers (SBC) Market, By Product
5.1 Key product trends
5.2 Styrene-butadiene-styrene (SBS)
5.3 Styrene isoprene butadiene (SIBS)
5.4 Styrene ethylene butylene styrene (SEBS)
5.5 Others
Chapter 6 By Application
6.1 Key application trends
6.2 Tubing
6.3 Medical bags
6.4 Equipment’s
6.5 Packaging & diagnostics products
6.6 Wound care
6.7 Others
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About Global Market Insights
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.
