Medical Styrenic Block Copolymer Market Definition And Segments Medical styrene block copolymers refer to thermoplastic elastomers. These materials look like plastic but behave like rubber. This material helps to make products flexible, stretchable, and elastic. It can also be used as an alternative to natural rubber, silicone rubber, thermoplastic polyurethane (TPU), or polyvinyl chloride (PVC). The medical styrenic block copolymer market is used in the manufacture of medical products such as surgical drapery, needle shields, dental dams, drip chambers, and exercise bands. The main types of medical styrene block copolymers are styrene ethylene butadiene styrene, styrene isoprene butadiene, and styrene-butadiene-styrene. Styrene isoprene butadiene is a thermoplastic elastomer blend that exhibits both the elasticity and resilience of butadiene rubber or isoprene rubber (natural rubber)and the ability of polystyrene to be molded and shaped under the influence of heat and is used in making diapers, sanitary pads, and hygienic products. The various applications include tubing, medical bags, equipment, packaging, diagnostic products, wound care, and others. The medical styrenic block copolymer market covered in this report is segmented - 1)By Type: Styrene Ethylene Butadiene Styrene, Styrene Isoprene Butadiene, Styrene-Butadiene-Styrene 2)By Application: Tubing, Medical bags, Equipment, Packaging and diagnostics products, Wound care, Other Applications 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 in the historic period can be attributed to regulatory compliance, infection control, telemedicine services, precision medicine, 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 growth in the forecast period can be attributed to sterilization resistance, drug delivery systems, flexible medical packaging, medical device manufacturing, tissue engineering, biocompatibility techniques. Major trends in the forecast period include advanced medical devices, biodegradable copolymers, 3d printing, surgical robotics, radiopacity. Rising Healthcare Expenditure Fueling Growth Of Medical Styrenic Block Copolymer Market Increasing healthcare expenditure is expected to propel the growth of the medical styrenic block copolymer market going forward. Healthcare expenditure refers to average healthcare spending in an economy, which includes expenditure related to hospitals, home health agencies, and personal healthcare. Medical styrene block copolymer materials are used in the manufacture of medical products, which helps to make medical products flexible, stretchable, and elastic. For instance, in March 2021, according to the Indian Brand Equity Foundation, an India-based government agency, Indian public spending on health care increased to 2.1% of GDP for the year 2022, which is 1.8% of GDP for the year 2021. In addition, for the year 2022, the union budget has allocated 11.28 billion in its budget for health care. Also, according to the Centers for Medicare & Medicaid Services, a US-based government health organization, health care spending in the US increased by 9.7% in 2020, which reached S4.1 trillion. Therefore, increasing healthcare expenditure is driving the growth of the medical styrene block copolymer market. Demand From The Medical Device Industry Fuels Expansion Of The Medical Styrenic Block Copolymer Market The demand from the medical device industry is expected to propel the growth of the medical styrenic block copolymer market going forward. The medical device industry encompasses the production and distribution of a wide range of instruments and equipment used for healthcare purposes, from diagnostic tools to surgical devices. Medical styrenic block copolymers are used in medical procedures due to their biocompatibility, flexibility, and resistance to sterilization methods, making them suitable for applications like catheters, IV tubing, and surgical instruments. For instance, in September 2022, according to MedTech Europe, a Belgium-based European trade association representing the medical technology industries, in Europe, on average, approximately 11% of gross domestic product (GDP) is allocated to healthcare. Out of this, about 7.6% is attributed to medical technologies. The spending on medical technology across European countries ranges from around 5% to 12% of the total healthcare expenditure. The per capita expenditure on medical technology in Europe stands at approximately $346.08 (E284). Therefore, the demand from the medical device industry is driving the growth of 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. Increasing Focus On Introducing Expanding Production To Gain A Competitive Edge Major companies operating in the medical styrenic block copolymer market are focused on expanding production to gain a competitive edge in the market. Expanding the production of medicalstyrenic block copolymer to meet growing healthcare demands is essential for ensuring a stable supply of high-quality materials used in medical devices and packaging. For instance, in April 2021, China Petroleum & Chemical Corporation, a China-based oil and gas enterprise, launched production of its styrene-butadiene copolymer (SBC)project in Hainan, China. The project, which is managed by Sinopec's subsidiary, Hainan Baling Chemical New Material Co., Ltd., boasts an annual production capacity of 170,000 tons. This positions Sinopec as the largest global producer of SBC plants. Specifically, the SBC plant yields 120,000 tons of SBS products and 50,000 tons of SEBS products on an annual basis. Strategic Partnerships To Gain A Competitive Edge Major companies operating in the medical styrenic block copolymer market are focused on developing strategic partnerships to drive revenues in the market. Strategic partnerships in the medical styrenic block copolymer industry enhance R&D capabilities, expand market reach, and foster innovation through collaborative efforts with medical device manufacturers and suppliers. For instance, in January 2022, Agilyx, a Norway-based plastic recycling technology company, partnered with Toyo Styrene Co. Ltd., a Japan-based manufacturer of polystyrene resin products, to develop a chemical recycling facility in Japan. The facility's goal is to recycle post-use polystyrene plastic into styrene monomer. The partnership has entered the construction phase, aiming for a daily capacity of 10 tons. Agilyx is supplying the technology for the facility, utilizing its advanced chemical recycling process. DI Chemicals Acquired Karton In December 2021, DL chemicals, a South Korea-based company that manufactures medical polyethylene and elastomer polybutylene products, acquired Karton for a deal amount of S2. 5 billion. With this acquisition, DL chemicals would provide the financial strength and a growth-oriented focus for Kraton. Furthermore, the deal would allow Kraton to further invest in innovations and develop new technological products on the market. Kraton Corporation is a US-based company that manufactures high-performance elastomers and medical styrenic block copolymer market. 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 report include 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 include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. 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. The medical styrenic block copolymer market research report is one of a series of new reports from The Business Research Company 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. Medical Styrenic Block Copolymer Market Report Scope Report Attribute Details Market Size Value In 2024 $8. 33 billion Revenue Forecast In 2033 $11. 39 billion Growth Rate CAGR of 8.2% from 2024 to 2033 Base Year For Estimation 2023 Actual Estimates/Historical Data 2018-2023 Forecast Period 2024-2028-2033 Market Representation Revenue in USD Billion and CAGR from 2024 to 2033 Segments Covered 1)By Type: Styrene Ethylene Butadiene Styrene, Styrene lsoprene Butadiene, Styrene-Butadiene-Styrene Regional Scope Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa Country Scope Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa Key Companies Profiled Zeon Corporation; TSRC Corporation; Kumho Petrochemica 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. Customization Scope Pricing And Purchase Options
2)By Application:Tubing, Medical bags, Equipment, Packaging and diagnostics products, Wound care, Other Applications