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Global Medical Styrenic Block Copolymer (SBC) Market- Description
Styrenic block copolymers are referred to as types of thermoplastic elastomers which are processed like plastics but tend to behave like rubbers. They are generally produced by ionic copolymerization of styrene and butadiene and 2- methyl-1, 3-butadiene (SIS) and are often blended with oils and fillers along with various type of polymers to enable versatile modification of product properties. These copolymers are predominantly used in the medical sector when it comes to designing orthopedic and respiratory equipment, needle shields, surgery drapery, drip chambers, among others.
Source: WMR
Global Medical Styrenic Block Copolymer (SBC) Market- Overview
Global medical styrenic block copolymer (SBC) market was worth USD 7,134 million in 2022 and is anticipated to register a CAGR of 4.5% over the forecast duration 2023-2033, thereby reaching a valuation of USD 11,076 million by the end of the analysis timeline.
The major factors fueling the progression of this market are increasing use of styrenic block copolymers in producing oxygen masks, ventilators, and respiratory equipment. Also, the use of these components instead of phthalates in making producing healthcare equipment as the latter can negative impact a patients health is further adding to market expansion. Furthermore, favorable government laws and resignations approving the use of these copolymers for medical purposes and increasing expenditure on healthcare infrastructural development are positively swaying market dynamics.
Source: WMR
Global Medical Styrenic Block Copolymer (SBC) Market- Key Trends
Increasing prevalence of cardiac and respiratory diseases are creating lucrative market growth avenues
Rising incidences of cardiac and respiratory disorders owing to various reasons like unhealthy eating habits, pollution, tobacco consumption, just to name a few have increased the demand for various medical equipment. The of styrenic block copolymers in producing medical devices have been approved by concerned regulatory bodies as they are safe and efficient, therefore increasing prevalence of the mentioned disorders are creating lucrative growth opportunities for the market as a whole.
Increasing demand for medical-grade materials
The demand for medical-grade materials, including medical SBCs, has been on the rise due to an increasing need for safe and effective medical devices and equipment. Medical SBCs are used in a wide range of medical applications, including medical tubing, catheters, and medical adhesives. There is a growing emphasis on product quality and safety in the medical industry, and this trend is driving the demand for high-performance medical SBCs. Manufacturers are investing in R&D to develop new and improved SBC materials that meet the rigorous quality and safety standards of the medical industry. There is a growing demand for sustainable materials in the medical industry, and this trend is also impacting the medical SBC market. Manufacturers are developing new bio-based SBC materials that offer similar performance properties to traditional SBCs but with a lower environmental impact.
Outbreak of COVID 19 pandemic fueled market progression
The outbreak of COVID 19 pandemic had a severely adverse effect on almost all the regions of the world. It not only claimed millions of lives but also shattered the economy of various reasons. But the pandemic actually created positive growth opportunities for a few industries with the global styrenic block copolymer market being one of them. With increasing number of infections, there was a rise in demand for medical equipment like ventilators, oxygen masks, cylinders, among others which were crucial for treating the infected patients. This in turn boosted the production and supplies of the required equipment and devices, thereby fueling market growth.
Global Medical Styrenic Block Copolymer (SBC) Market- Segment analysis
By Product
Styrene Ethylene Butadiene Styrene
Styrene Isoprene Butadiene
Styrene-Butadiene-Styrene
The styrene-butadiene styrene segment is anticipated to amplify with a CAGR of 7.5% over the forecast duration. This is attributable to the widespread usage of this component in manufacturing various types of medical devices owing to its high durability, easy availability, and cost effective nature. Besides, it is also used as a replacement for natural rubber across several end use industries including medical.
Source: WMR
By Application
Tubing
Medical Bags
Equipment
Packaging & Diagnostics Products
Wound Care
The tubing segment is projected to record notable growth over the stipulated timeline as medical device manufacturers are replacing phthalates with styrenic block copolymers in tube production as they are safe and offer benefits such as low drug absorption, temperature resistance, flexibility, durability, elasticity, and better clarity.
Global Medical Styrenic Block Copolymer (SBC) Market- Regional Landscape
Considering the geographical terrain, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa are the major benefactors to global medical styrenic block copolymer (SBC) market expansion. Asia Pacific market is projected to grow substantially over the analysis timeline attributable to population expansion, increasing healthcare expenditure in nations like India and China, and rising investments from private and public entities for the improvement of healthcare infrastructure across the region. Alongside, favorable government initiatives to cater to healthcare development across various nations in the region is further adding to industry progression.
Global Medical Styrenic Block Copolymer (SBC) Market- Competitive Hierarchy
Key players operating in the marketplace are Eastman Chemical Company, Versalis S.p.A, Kumho Petrochemical Co Ltd, Versalis S.p.A., LYC CHEMICAL Corp., Grupo Dynasol, RTP Company, BASF SE, JSR Corporation, LG Chem Ltd, LYC Chemical Corp, Ineos Styrolution Group, Asahi Kasei Corporation, China Petrochemical Corporation, TSRC Corporation, Zeon Corporation, Kraton Corporation, Trinseo S.A., En Chuan Chemical Industries Co. Ltd., HEXPOL AB, CHIMEI, Momentive Performance Materials, Inc., Chevron Philips, and Others.
Notably, PTT Global Chemical Public Company Limited, Kuraray Co., Ltd, and Sumitomo Corporation in January 2019 joined hands to invest in butadiene derivatives manufacturing project in Thailand. The project aimed at an annual production capacity of 16 kilotons of thermoplastic elastomers.
Global Medical Styrenic Block Copolymer (SBC) Market- Report Scope
Global Medical Styrenic Block Copolymer (SBC) Market- Historical Years- 2020-2021
Global Medical Styrenic Block Copolymer (SBC) Market- Forecast Years- 2023-2033
Global Medical Styrenic Block Copolymer (SBC) Market 2022- USD 7,134 million
Global Medical Styrenic Block Copolymer (SBC) Projected Market 2033- USD 11,076
Global Medical Styrenic Block Copolymer (SBC) Market CAGR- 4.5%
Key segments reported-
By Product (styrene ethylene butadiene styrene, styrene isoprene butadiene and styrene-butadiene styrene),
By Application (wound care, tubing, medical bags, and packaging & diagnostic products
Key regions and countries reported-
North America (US and Canada)
Asia Pacific (China, India, Japan, South Korea, and Australia)
Latin America (Brazil and Mexico)
Middle East and Africa (GCC and South Africa)
Europe (UK, Spain, France, Germany, and Italy)
Key players profiled- Eastman Chemical Company, Versalis S.p.A, Kumho Petrochemical Co Ltd, Versalis S.p.A., LYC CHEMICAL Corp., Grupo Dynasol, RTP Company, BASF SE, JSR Corporation, LG Chem Ltd, LYC Chemical Corp, Ineos Styrolution Group, Asahi Kasei Corporation, China Petrochemical Corporation, TSRC Corporation, Zeon Corporation, Kraton Corporation, Trinseo S.A., En Chuan Chemical Industries Co. Ltd., HEXPOL AB, CHIMEI, Momentive Performance Materials, Inc., Chevron Philips, and Others.
1. Global Medical Styrenic Block Copolymer (SBC) Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Medical Styrenic Block Copolymer (SBC) Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years 2020 to 2021
1.3.2. Projected Data Reporting Years 2022 to 2033
1.3.3. Reporting Data Parameters Value (US$ Million) & Volume (Kilo Tons)
1.4. Global Medical Styrenic Block Copolymer (SBC) Market Scope and Market Estimation
1.4.1. Global Medical Styrenic Block Copolymer (SBC) Overall Market Size (US$ Million) & (Kilo Tons), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Medical Styrenic Block Copolymer (SBC) Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Medical Styrenic Block Copolymer (SBC) Market Segmentation
1.5.1. Product of Global Medical Styrenic Block Copolymer (SBC) Market
1.5.2. Application of Global Medical Styrenic Block Copolymer (SBC) Market
1.5.3. Key Regions of Global Medical Styrenic Block Copolymer (SBC) Market
2. Global Medical Styrenic Block Copolymer (SBC) Market - Executive Summary
2.1. Global Medical Styrenic Block Copolymer (SBC) Market Summary & Snapshot
2.2. Global Medical Styrenic Block Copolymer (SBC) Market, By Product (US$ Million) & (Kilo Tons)
2.3. Global Medical Styrenic Block Copolymer (SBC) Market, By Application (US$ Million) & (Kilo Tons)
2.4. Global Medical Styrenic Block Copolymer (SBC) Market, By Geography (US$ Million) & (Kilo Tons)
2.5. Global Medical Styrenic Block Copolymer (SBC) Market Outlook & Future Opportunities
3. Medical Styrenic Block Copolymer (SBC) Market Trends, Outlook, and Factors Analysis
3.1. Global Medical Styrenic Block Copolymer (SBC) Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Medical Styrenic Block Copolymer (SBC) Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increasing adoption of product in producing ventilators, oxygen masks, and respiratory equipment.
3.2.1.2. Increasing cases of congenital heart anomalies will increase use of medical devices
3.2.1.3. Rise in government spending on healthcare
3.2.2. Restraints
3.2.2.1. Rising demand for other substitutes such as thermoplastic elastomer
3.2.3. Opportunities
3.2.3.1. Advanced technologies used in the formulation of styrenic bock copolymers to include low styrene content
3.2.3.2. Rising privatization in medical sector
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Medical Styrenic Block Copolymer (SBC) Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Medical Styrenic Block Copolymer (SBC) Market
3.9.1. By Product
3.9.2. By Application
3.9.3. By Regions
4. Global Medical Styrenic Block Copolymer (SBC) Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Medical Styrenic Block Copolymer (SBC) Market, 2020 2021 (US$ Million) & (Kilo Tons)
4.2. Global Medical Styrenic Block Copolymer (SBC) Market, By Product, 2020 to 2021 (US$ Million) & (Kilo Tons)
4.3. Global Medical Styrenic Block Copolymer (SBC) Market, By Application, 2020 to 2021 (US$ Million) & (Kilo Tons)
4.4. Global Medical Styrenic Block Copolymer (SBC) Market, By Region, 2020 to 2021 (US$ Million) & (Kilo Tons)
5. Global Medical Styrenic Block Copolymer (SBC) Market Estimates & Forecast Trend Analysis, by Product
5.1. Global Medical Styrenic Block Copolymer (SBC) Market Share (%) Estimates and Forecasts, by Product, 2022 & 2033
5.2. Global Medical Styrenic Block Copolymer (SBC) Market (US$ Million) & (Kilo Tons) Estimates and Forecasts, by Product, 2022 to 2033
5.2.1. Styrene Ethylene Butadiene Styrene
5.2.2. Styrene Isoprene Butadiene
5.2.3. Styrene-Butadiene-Styrene
6. Global Medical Styrenic Block Copolymer (SBC) Market Estimates & Forecast Trend Analysis, by Application
6.1. Global Medical Styrenic Block Copolymer (SBC) Market Share (%) Estimates and Forecasts, by Application, 2022 & 2033
6.2. Global Medical Styrenic Block Copolymer (SBC) Market (US$ Million) & (Kilo Tons) Estimates and Forecasts, by Application, 2022 to 2033
6.2.1. Tubing
6.2.2. Medical Bags
6.2.3. Equipment
6.2.4. Packaging & Diagnostics Products
6.2.5. Wound Care
7. Global Medical Styrenic Block Copolymer (SBC) Market Analysis and Forecast, by Region
7.1. Global Medical Styrenic Block Copolymer (SBC) Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
7.2. Global Medical Styrenic Block Copolymer (SBC) Market (US$ Million) & (Kilo Tons) Estimates and Forecasts, by Region, 2022 to 2033
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Middle East and Africa
7.2.5. Latin America
8. North America Medical Styrenic Block Copolymer (SBC) Market: Estimates & Forecast Trend Analysis
8.1. North America Medical Styrenic Block Copolymer (SBC) Market Assessments & Key Findings
8.2. North America Medical Styrenic Block Copolymer (SBC) Market Share (%) Estimates and Forecasts, 2022 & 2033
8.3. North America Medical Styrenic Block Copolymer (SBC) Market Size Estimates and Forecast (US$ Million) & (Kilo Tons) (2022 to 2033)
8.3.1. By Product
8.3.2. By Application
8.3.3. By Major Country
8.3.3.1. The U.S.
8.3.3.2. Canada
9. Europe Medical Styrenic Block Copolymer (SBC) Market: Estimates & Forecast Trend Analysis
9.1. Europe Medical Styrenic Block Copolymer (SBC) Market Assessments & Key Findings
9.2. Europe Medical Styrenic Block Copolymer (SBC) Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. Europe Medical Styrenic Block Copolymer (SBC) Market Size Estimates and Forecast (US$ Million) & (Kilo Tons) (2022 to 2033)
9.3.1. By Product
9.3.2. By Application
9.3.3. By Major Country
9.3.3.1. Germany
9.3.3.2. The U.K.
9.3.3.3. France
9.3.3.4. Italy
9.3.3.5. Spain
9.3.3.6. Rest of Europe (includes all other European countries)
10. Asia Pacific Medical Styrenic Block Copolymer (SBC) Market: Estimates & Forecast Trend Analysis
10.1. Asia Pacific Medical Styrenic Block Copolymer (SBC) Market Assessments & Key Findings
10.2. Asia Pacific Medical Styrenic Block Copolymer (SBC) Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Asia Pacific Medical Styrenic Block Copolymer (SBC) Market Size Estimates and Forecast (US$ Million) & (Kilo Tons) (2022 to 2033)
10.3.1. By Product
10.3.2. By Application
10.3.3. By Major Country
10.3.3.1. China
10.3.3.2. Japan
10.3.3.3. India
10.3.3.4. ASEAN
10.3.3.5. South Korea
10.3.3.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
11. Middle East & Africa Medical Styrenic Block Copolymer (SBC) Market: Estimates & Forecast Trend Analysis
11.1. Middle East & Africa Medical Styrenic Block Copolymer (SBC) Market Assessments & Key Findings
11.2. Middle East & Africa Medical Styrenic Block Copolymer (SBC) Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Middle East & Africa Medical Styrenic Block Copolymer (SBC) Market Size Estimates and Forecast (US$ Million) & (Kilo Tons) (2022 to 2033)
11.3.1. By Product
11.3.2. By Application
11.3.3. By Major Country
11.3.3.1. GCC
11.3.3.2. South Africa
11.3.3.3. Egypt
11.3.3.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
12. Latin America Medical Styrenic Block Copolymer (SBC) Market: Estimates & Forecast Trend Analysis
12.1. Latin America Market Assessments & Key Findings
12.2. Latin America Medical Styrenic Block Copolymer (SBC) Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Latin America Medical Styrenic Block Copolymer (SBC) Market Size Estimates and Forecast (US$ Million) & (Kilo Tons) (2022 to 2033)
12.3.1. By Product
12.3.2. By Application
12.3.3. By Major Country
12.3.3.1. Brazil
12.3.3.2. Mexico
12.3.3.3. Rest of Latin America (includes all other Latin America countries)
13. Competitive Landscape
13.1. Market Revenue Share Analysis (%), by Major Players (2021)
13.2. Market Competition Matrix, by Leading Players
13.3. List of Emerging, Prominent and Leading Players
13.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
14. Company Profiles
14.1. Eastman Chemical Company
14.1.1. Company Overview & Insights
14.1.2. Financial Performance
14.1.3. Product / Service Portfolio
14.1.4. Geographical Footprint & Share
14.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
14.2. Kumho Petrochemical Co.Ltd.
14.3. Versalis S.p.A.
14.4. LYC CHEMICAL Corp.
14.5. Grupo Dynasol
14.6. RTP Company
14.7. Asahi Kasei Corporation
14.8. China Petrochemical Corporation
14.9. JSR Corporation
14.10. LG Chem Ltd.
14.11. Ineos Styrolution Group
14.12. BASF SE.
14.13. Dynasol Group
14.14. TSRC Corporation
14.15. Zeon Corporation
14.16. Kraton Corporation
14.17. Trinseo S.A
14.18. En Chuan Chemical Industries Co. Ltd
14.19. Versalis S.p.A.
14.20. HEXPOL AB
14.21. CHIMEI
14.22. INEOS Styrolution Group GmbH
14.23. Momentive Performance Materials Inc.
14.24. Chevron Phillips
14.25. Others
15. Assumptions and Research Methodology
15.1. Data Mining
15.2. Secondary Research
15.3. Primary Research
15.4. Subject Matter Expert Advice
15.5. Quality Check
15.6. Final Review
15.7. Data Triangulation
15.8. Bottom-Up Approach
15.9. Top Down Approach
15.10. Research Flow
15.11. Key Insights from Industry Experts
15.12. Data Applications
15.13. Assumptions
15.14. Limitations
16. Conclusions and Recommendations
16.1. Key Research Findings and Conclusion
16.2. Key Insights & Recommendations from Analysts