Industry giants are investing significantly in research and development activities to enhance the ease of usability as well as to reduce complexity of the medical devices. To develop highly precise and accurate products, manufacturers are giving preference to plastics, pertaining to its easy micro-molding ability, which will lead medical styrenic polymer industry to generate substantial revenue by the end of 2024. Key participants in medical styrenic polymer market are Styron LLC, Saudi Basic Industries Corp., Styrolution Group GmbH, Chevron Phillips Chemical Company LLC., Kraton Polymers LLC, INEOS ABS (USA) Corporation, Chi Mei Corporation, and Americas Styrenics LLC.
Considering the environmental aspect, manufacturers are using thermoplastic elastomers like polystyrene, MBS (methyl-methacrylate butadiene styrene), and styrene methyl–methacrylate instead of PVC. Polystyrene based products contributed majorly toward medical styrenic polymer market by accounting for more than 50% of the revenue in 2016. This product is mainly used to manufacture packaging and medical devices, owing to the ease of availability, cost-effectiveness, and superior transparency, which will lead the segment to generate a sizable revenue by 2024.
Protective and hygienic packaging solutions are not only safe for patients, but also a better option to challenge fossil based solutions. Renewable packaging also offers cost-effectiveness and consistent quality to the consumers. To provide safety to patients and avoid transmissible disease agents, medical service providers are treading toward the usage of medical packaging for various instruments, drugs, and syringes. Medical packaging application of medical styrenic polymer market will exhibit substantial CAGR over the coming seven years. The deployment of strict rules and regulations to sustain health and hygiene across the medical sector will also fuel the product demand.
The emergence of technologically advanced procedures such as 3D printing is likely to generate lucrative opportunities for medical styrenic polymer industry giants over the years ahead. Manufacturers have also been working toward developing high-grade products to sustain their business position.