Medical Styrenic Polymer Market projected to surpass $5.9 billion by 2026, Says Global Market Insights Inc.
The growth of the medical styrenic polymer market is fueled by the rising product demand in medical packaging as well as instruments due to its exceptional physical properties, says this report.
SELBYVILLE, Del., July 23, 2020 (Newswire.com) - As per Global Market Insights Inc., the medical styrenic polymers market valuation is expected to surpass $5.9 billion by 2026. The report offers a comprehensive analysis of the opportunities & drivers, market size as well as estimations, wavering industry trends, key investment avenues, competitive scenario, and top winning strategies.
The shifting preference from metallic to polymer-based devices is likely to generate plentiful growth opportunities for the medical styrenic polymers market over the forecast time period. Several key market players are also focusing on capacity expansion and joint venture strategies in an effort to acquire a larger chunk of the industry share, which would positively influence revenue streams.
Based on product, ABS, SEBS, and Polystyrene are considered as more revenue-generating products in the segment. Among these, polystyrene was considered the largest of the product segment in 2019 with industry projections anticipating it to grow at a CAGR of over 5% over the forecast time period.
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Key reasons for medical styrenic polymers market growth
- Increasing demand for polystyrene.
- Expanding application scope in medical packaging and instruments.
- Rising APAC healthcare sector.
2026 forecasts anticipate the overall application segment showing appreciative growth
In terms of revenue and volume, the COVID-19 pandemic has positively impacted the global medical styrenic polymers. The demand for medical solutions and products is increasing due to the growing need for these products in clinics and hospitals. Increasing the consumption of these products in medical containers, diagnostic components, and medical packaging is likely to increase the demand for medical styrenic polymers. Furthermore, owing to the rising COVID-19 cases, the consumption of medical products like medical fabrics, IV solution bags, and instruments is increasing, which is likely to drive the medical styrenic polymers market share.
North America & Asia-Pacific to witness remunerative growth
Based on geography, the medical styrenic polymer market in North America will show a substantial growth with projections anticipating it to exceed a valuation of $2.3 billion by the end of the analysis timeframe. Rising demand for IV solution bags, medical fabrics, and other medical instruments, due to the coronavirus outbreak and the rapidly increasing medical investment across the region, is expected to generate huge revenue gains over the projected time period.
The North American market was followed closely by APAC and Europe in 2019 and is projected to show similar growth trends over the forecast timeline.
In fact, the APAC medical styrenic polymers market is growing at the industry's fastest rate and is likely to foresee gains of nearly 6.7% in the coming years. The increasing population in the region has resulted in rising investment towards the growth of the healthcare sector, which in turn is anticipated to generate considerable revenue gain over the projected time period.
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Leading market players:
The key market players analyzed in the medical styrenic polymers industry report include Nova Chemical Corporation, Mitsubishi Chemical Holding Corporation, Saudi Basic Industries Corporation, LG Chem, Styrolution Group GmbH, Ovation Polymers, Chevron Phillips Chemical, Formosa Chemical & Fibre Corporation, Trinseo S.A, Bayer MaterialScience AG, ELIX Polymers, Ovation Polymers, Kraton Corporation, BASF SE, Mitsubishi Chemical Holding Corporation, and Chi Mei Corporation among others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.
