Albany, New York, Feb. 21, 2019 (GLOBE NEWSWIRE) -- The global styrenic polymers market depicts a fairly consolidated vendor landscape, notes Transparency Market Research. This is mainly because of the dominance of few prominent players in the market. INEOS STYROLUTION Group GmbH has a staggering share in the global styrenic polymers market. Some of the other predominant players in this sector are TSRC Corporation, Kraton Corporation, SABIC,Chi Mei Corporation, and LG Chem Ltd. The small players in the market are opting collaboration strategy to tap growth.
As per the Transparency Research Market, the global styrenic polymers market stood at US$2,649.44 million in 2016. The market is anticipated to touch a valuation of US$4,843.85 million by 2025 rising at an impressive CAGR of 7.0% from 2017 to 2025.
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On the basis of geography, Asia Pacific held major share in the global styrenic polymers market in 2016. It is anticipated to hold its sway in the near future as well. This is mainly because of the increasing consumption of styrenic polymers in the region owing to the presence of various end user industries in the region. On the basis of product type, hydrogenated SBCs is projected to lead the global styrenic polymers market owing to an increased demand from the medical industry. The SBC help in the manufacturing of the surgical equipment.
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Cost Effectiveness of Styrenic Polymers to Drive the Market
The global styrenic polymers market is growing at a rapid speed. This is because of an increasing demand from end use industries. Some of the end use applications of the styrenic polymers are liquid containers, surgical instruments, portable medical devices, connector tubes and bags. The substantial increase in application of styrenic polymers is mainly due to the low price of these products as compared to other plastics. A significantly rise in the demand of styrenic polymers in engineering novel medical devices is the key driver expected to accentuate growth in the global styrenic polymers market over the forecast period. Abrasion resistance of the styrenic polymers is one property expected to bolster applications in across different industries. Apart from this, restriction over the use of poly vinyl chloride across key regions of the globe propels the global styrenic polymers market.
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High Cost of Styrenic Polymers May Hinder Thriving Demand in Some Regions
An increase in price of the styrenic polymers may affect the growth of the global styrenic polymers market mainly in price sensitive regions. Manufacturers in these region are inclining towards the inexpensive substitutes to reduce production costs. Small manufacturer are tending towards cheap polymers to reduce overall cost. Nevertheless, soaring technological advancements hold lucrative avenues for the global styrenic polymers market. This indicates that there has been a marked decline in the prices of raw materials in various regions.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “ Styrenic Polymers Market for Medical Applications (Product - Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Styrene Acrylonitrile (SAN), Styrene Butadiene Block Copolymers (SBC), and Styrene Methyl Methacrylate (SMMA); Application - Intra-venous Systems & Fluid Delivery, Mobile & Digital Health, Surgical Gloves, and Respiratory & Drug Delivery Devices) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025,”
The global styrenic polymers market is segmented on the basis of:
Application
- Intra-venous Systems & Fluid Delivery
- Mobile & Digital Health
- Surgical Gloves
- Respiratory & Drug Delivery Devices
- Others
Product
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Styrene Acrylonitrile (SAN)
- Styrene Butadiene Block Copolymers (SBC)
- Styrene Methyl Methacrylate (SMMA)
- Others
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