Medical Styrenic Block Copolymer Global Market Report 2024

Medical styrene block copolymers refer to a category of thermoplastic elastomers that exhibit plastic-like appearance but rubber-like behavior. These materials provide flexibility, stretchability, and elasticity to products. They can serve as alternatives to natural rubber, silicone rubber, thermoplastic polyurethane (TPU), or polyvinyl chloride (PVC). The medical styrenic block copolymer market is involved in the manufacturing of various medical products, including surgical drapery, needle shields, dental dams, drip chambers, and exercise bands.

The main types of medical styrene block copolymers include styrene ethylene butadiene styrene (SEBS), styrene isoprene butadiene (SIBS), and styrene-butadiene-styrene (SBS). Styrene isoprene butadiene is a thermoplastic elastomer blend that combines the elasticity and resilience of butadiene rubber or isoprene rubber (natural rubber) with the moldability of polystyrene under the influence of heat. This type is used in the production of diapers, sanitary pads, and other hygienic products. Various applications of medical styrene block copolymers include tubing, medical bags, equipment, packaging, diagnostic products, wound care, and more.

The medical styrenic block copolymer market research report is one of a series of new reports that provides medical styrenic block copolymer market statistics, including medical styrenic block copolymer market industry global market size, regional shares, competitors with a medical styrene block copolymer market share, detailed medical styrene block copolymer market segments, market trends and opportunities, and any further data you may need to thrive in the medical styrenic block copolymer market industry. This medical styrene block copolymer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical styrenic block copolymer market size has grown strongly in recent years. It will grow from $7.71 billion in 2023 to $8.33 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historical period can be attributed to several factors, including a focus on regulatory compliance, efforts in infection control, the expansion of telemedicine services, advancements in precision medicine, and global healthcare initiatives.

The medical styrenic block copolymer market size is expected to see strong growth in the next few years. It will grow to $11.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to factors such as resistance to sterilization, the development of drug delivery systems, advancements in flexible medical packaging, growth in medical device manufacturing, progress in tissue engineering, and the application of biocompatibility techniques. Key trends during this period include the emergence of advanced medical devices, the use of biodegradable copolymers, the adoption of 3D printing technology, the integration of surgical robotics, and advancements in radiopacity.

The anticipated increase in healthcare expenditure is poised to drive the expansion of the medical styrenic block copolymer market. Healthcare expenditure, which encompasses spending on hospitals, home health agencies, and personal healthcare, plays a crucial role in determining the demand for medical products. Medical styrenic block copolymers, known for conferring flexibility, stretchability, and elasticity to medical products, are integral to various applications. For instance, in March 2021, the Indian Brand Equity Foundation reported that India's public spending on healthcare reached 2.1% of GDP in 2022, up from 1.8% in 2021, with a budget allocation of 11.28 billion for healthcare in 2022. Similarly, the Centers for Medicare & Medicaid Services noted a 9.7% increase in U.S. healthcare spending in 2020, reaching $4.1 trillion. This surge in healthcare expenditure is a driving force behind the growth of the medical styrenic block copolymer market.

The growth of the medical styrenic block copolymer market is further propelled by the demand from the medical device industry. This industry encompasses a diverse range of instruments and equipment crucial for healthcare purposes. Medical styrenic block copolymers find extensive use in medical devices due to their biocompatibility, flexibility, and resistance to sterilization methods. Applications include catheters, IV tubing, and surgical instruments. For example, according to MedTech Europe, around 11% of GDP in Europe is allocated to healthcare, with approximately 7.6% attributed to medical technologies. The expenditure on medical technology varies across European countries, ranging from 5% to 12% of total healthcare spending. The per capita expenditure on medical technology in Europe averages around $346.08 (€284). The demand from the medical device industry is thus a significant driver for the medical styrenic block copolymer market.

Major players in the medical styrenic block copolymer market are strategically expanding their production capacities to gain a competitive advantage. Meeting the increasing demands of the healthcare sector for high-quality materials used in medical devices and packaging necessitates the expansion of production facilities. For instance, in April 2021, China Petroleum & Chemical Corporation launched a styrene-butadiene copolymer (SBC) project in Hainan, China, with an annual production capacity of 170,000 tons. This move positions Sinopec as the largest global producer of SBC plants, contributing to the stability of the supply chain for medical styrenic block copolymers.

Strategic partnerships are a focal point for major companies in the medical styrenic block copolymer market, aiming to drive revenue growth. Collaborative efforts through partnerships enhance research and development capabilities, broaden market reach, and foster innovation. In January 2022, Agilyx partnered with Toyo Styrene to develop a chemical recycling facility in Japan, focusing on recycling post-use polystyrene plastic into styrene monomer. This collaborative venture utilizes Agilyx's advanced chemical recycling process and signifies a significant step in addressing sustainability concerns.

In December 2021, DL chemicals acquired Karton for $2.5 billion, providing financial strength and a growth-oriented focus for Kraton Corporation. Kraton, a U.S.-based company, specializes in manufacturing high-performance elastomers and contributes to the medical styrenic block copolymer market.

Major companies operating in the medical styrenic block copolymer market include Zeon Corporation, TSRC Corporation, Kumho Petrochemical Co. Ltd., LCY Chemical Corp., INEOS Styrolution Group GmbH, Trinseo S.A., RTP Company, LG Chem Ltd., China Petroleum & Chemical Corporation (Sinopec Corp.), Dynasol Group, Asahi Kasei Corporation, BASF SE, Versalis S.p.A., DENKA Company Limited, En Chuan Chemical Industries Co. Ltd., JSR Corporation, Eastman Chemical Company, Chi Mei Corporation, Kraton Corporation, Chevron Phillips Chemical Company LLC, Styrolution Group GmbH, Kuraray Co. Ltd., Korea Kumho Petrochemical Co. Ltd.

North America was the largest region in the medical styrenic block copolymer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical styrenic block copolymer market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the medical styrenic block copolymer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The medical styrenic block copolymer market consists of sales of polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene butadiene rubber (SBR), expandable polystyrene (EPS), and unsaturated polyester resins (UPR). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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