Medical Plastics Market: Information by Type (Polyvinyl Chloride (PVC), Polypropylene (PP), Engineering Plastics, Polyethylene (PE), Polystyrene (PS), Silicones, and Other), Application (Disposables, Drug Delivery Devices, Diagnostic Instruments, Catheters, Surgical Instruments, and Others), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2030
ID: MRFR/CnM/3393-HCR | February 2021 | Region: Global | 137 Pages
TABLE OF CONTENTS
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics of the Global Medical Plastics Market
4.1 Introduction
4.2 Drivers
4.3 Restraints
4.4 Opportunities
4.5 Challenges
4.6 Trends/Technology
5 Market Factor Analysis of the Global Medical Plastics Market
5.1 Supply Chain Analysis
5.1.1 Raw Material Suppliers
5.1.2 Manufacturers/Producers
5.1.3 Distributors/Retailers/Wholesalers/E-Commerce
5.1.4 End User
5.2 Porter’s Five Forces Analysis
5.2.1 Threat of New Entrants
5.2.2 Bargaining Power of Buyers
5.2.3 Bargaining Power of Suppliers
5.2.4 Threat of Substitutes
5.2.5 Intensity of Competitive Rivalry
6. Global Medical Plastics Market, by Type
6.1 Introduction
6.2 Polyvinyl Chloride (PVC)
6.2.1 Market Estimates & Forecast, 2020-2027
6.2.2 Market Estimates & Forecast, by Region, 2020-2027
6.3 Polypropylene (PP)
6.3.1 Market Estimates & Forecast, 2020-2027
6.3.2 Market Estimates & Forecast, by Region, 2020-2027
6.4 Engineering Plastics
6.4.1 Market Estimates & Forecast, 2020-2027
6.4.2 Market Estimates & Forecast, by Region, 2020-2027
6.5 Polystyrene (PS)
6.5.1 Market Estimates & Forecast, 2020-2027
6.5.2 Market Estimates & Forecast, by Region, 2020-2027
6.6 Polyethylene (PE)
6.6.1 Market Estimates & Forecast, 2020-2027
6.6.2 Market Estimates & Forecast, by Region, 2020-2027
6.7 Silicones
6.7.1 Market Estimates & Forecast, 2020-2027
6.7.2 Market Estimates & Forecast, by Region, 2020-2027
6.8 Others
6.8.1 Market Estimates & Forecast, 2020-2027
6.8.2 Market Estimates & Forecast, by Region, 2020-2027
7. Global Medical Plastics Market, by Application
7.1 Introduction
7.2 Disposables
7.2.1 Market Estimates & Forecast, 2020-2027
7.2.2 Market Estimates & Forecast, by Region, 2020-2027
7.3 Drug Delivery Devices
7.3.1 Market Estimates & Forecast, 2020-2027
7.3.2 Market Estimates & Forecast, by Region, 2020-2027
7.4 Diagnostic Instruments
7.4.1 Market Estimates & Forecast, 2020-2027
7.4.2 Market Estimates & Forecast, by Region, 2020-2027
7.5 Surgical Instruments
7.5.1 Market Estimates & Forecast, 2020-2027
7.5.2 Market Estimates & Forecast, by Region, 2020-2027
7.6 Catheters
7.6.1 Market Estimates & Forecast, 2020-2027
7.6.2 Market Estimates & Forecast, by Region, 2020-2027
7.7 Others
7.7.1 Market Estimates & Forecast, 2020-2027
7.7.2 Market Estimates & Forecast, by Region, 2020-2027
8. Global Medical Plastics Market, by Region
8.1 Introduction
8.2 North America
8.2.1 Market Estimates & Forecast, 2020-2027
8.2.2 Market Estimates & Forecast, by Type, 2020-2027
8.2.3 Market Estimates & Forecast, by Application, 2020-2027
8.2.4 US
8.2.4.1 Market Estimates & Forecast, 2020-2027
8.2.4.2 Market Estimates & Forecast, by Type, 2020-2027
8.2.4.3 Market Estimates & Forecast, by Application, 2020-2027
8.2.5 Canada
8.2.5.1 Market Estimates & Forecast, 2020-2027
8.2.5.2 Market Estimates & Forecast, by Type, 2020-2027
8.2.5.3 Market Estimates & Forecast, by Application, 2020-2027
8.3 Europe
8.3.1 Market Estimates & Forecast, 2020-2027
8.3.2 Market Estimates & Forecast, by Type, 2020-2027
8.3.3 Market Estimates & Forecast, by Application, 2020-2027
8.3.4 Germany
8.3.4.1 Market Estimates & Forecast, 2020-2027
8.3.4.2 Market Estimates & Forecast, by Type, 2020-2027
8.3.4.3 Market Estimates & Forecast, by Application, 2020-2027
8.3.5 France
8.3.5.1 Market Estimates & Forecast, 2020-2027
8.3.5.2 Market Estimates & Forecast, by Type, 2020-2027
8.3.5.3 Market Estimates & Forecast, by Application, 2020-2027
8.3.6 Italy
8.3.6.1 Market Estimates & Forecast, 2020-2027
8.3.6.2 Market Estimates & Forecast, by Type, 2020-2027
8.3.6.3 Market Estimates & Forecast, by Application, 2020-2027
8.3.7 Spain
8.3.7.1 Market Estimates & Forecast, 2020-2027
8.3.7.2 Market Estimates & Forecast, by Type,2020-2027
8.3.7.3 Market Estimates & Forecast, by Application, 2020-2027
8.3.8 UK
8.3.8.1 Market Estimates & Forecast, 2020-2027
8.3.8.2 Market Estimates & Forecast, by Type,2020-2027
8.3.8.3 Market Estimates & Forecast, by Application, 2020-2027
8.3.9 Russia
8.3.9.1 Market Estimates & Forecast, 2020-2027
8.3.9.2 Market Estimates & Forecast, by Type,2020-2027
8.3.9.3 Market Estimates & Forecast, by Application, 2020-2027
8.3.10 Poland
8.3.10.1 Market Estimates & Forecast, 2020-2027
8.3.10.2 Market Estimates & Forecast, by Type, 2020-2027
8.3.10.3 Market Estimates & Forecast, by Application, 2020-2027
8.3.11 Rest of Europe
8.3.11.1 Market Estimates & Forecast, 2020-2027
8.3.11.2 Market Estimates & Forecast, by Type, 2020-2027
8.3.11.3 Market Estimates & Forecast, by Application, 2020-2027
8.4 Asia-Pacific
8.4.1 Market Estimates & Forecast, 2020-2027
8.4.2 Market Estimates & Forecast, by Type, 2020-2027
8.4.3 Market Estimates & Forecast, by Application, 2020-2027
8.4.4 China
8.4.4.1 Market Estimates & Forecast, 2020-2027
8.4.4.2 Market Estimates & Forecast, by Type, 2020-2027
8.4.4.3 Market Estimates & Forecast, by Application, 2020-2027
8.4.5 India
8.4.5.1 Market Estimates & Forecast, 2020-2027
8.4.5.2 Market Estimates & Forecast, by Type, 2020-2027
8.4.5.3 Market Estimates & Forecast, by Application, 2020-2027
8.4.6 Japan
8.4.6.1 Market Estimates & Forecast, 2020-2027
8.4.6.2 Market Estimates & Forecast, by Type, 2020-2027
8.4.6.3 Market Estimates & Forecast, by Application, 2020-2027
8.4.7 Australia & New Zealand
8.4.7.1 Market Estimates & Forecast, 2020-2027
8.4.7.2 Market Estimates & Forecast, by Type, 2020-2027
8.4.7.3 Market Estimates & Forecast, by Application, 2020-2027
8.4.8 Rest of Asia-Pacific
8.4.8.1 Market Estimates & Forecast, 2020-2027
8.4.8.2 Market Estimates & Forecast, by Type, 2020-2027
8.4.8.3 Market Estimates & Forecast, by Application, 2020-2027
8.5 Middle East & Africa
8.5.1 Market Estimates & Forecast, 2020-2027
8.5.2 Market Estimates & Forecast, by Type, 2020-2027
8.5.3 Market Estimates & Forecast, by Application, 2020-2027
8.5.4 GCC
8.5.4.1 Market Estimates & Forecast, 2020-2027
8.5.4.2 Market Estimates & Forecast, by Type, 2020-2027
8.5.4.3 Market Estimates & Forecast, by Application, 2020-2027
8.5.5 Israel
8.5.5.1 Market Estimates & Forecast, 2020-2027
8.5.5.2 Market Estimates & Forecast, by Type, 2020-2027
8.5.5.3 Market Estimates & Forecast, by Application, 2020-2027
8.5.6 North Africa
8.5.6.1 Market Estimates & Forecast, 2020-2027
8.5.6.2 Market Estimates & Forecast, by Type, 2020-2027
8.5.6.3 Market Estimates & Forecast, by Application, 2020-2027
8.5.7 Turkey
8.5.7.1 Market Estimates & Forecast, 2020-2027
8.5.7.2 Market Estimates & Forecast, by Type, 2020-2027
8.5.7.3 Market Estimates & Forecast, by Application, 2020-2027
8.5.8 Rest of Middle East & Africa
8.5.8.1 Market Estimates & Forecast, 2020-2027
8.5.8.2 Market Estimates & Forecast, by Type, 2020-2027
8.5.8.3 Market Estimates & Forecast, by Application, 2020-2027
8.6 Latin America
8.6.1 Market Estimates & Forecast, 2020-2027
8.6.2 Market Estimates & Forecast, by Type, 2020-2027
8.6.3 Market Estimates & Forecast, by Application, 2020-2027
8.6.4 Brazil
8.6.4.1 Market Estimates & Forecast, 2020-2027
8.6.4.2 Market Estimates & Forecast, by Type, 2020-2027
8.6.4.3 Market Estimates & Forecast, by Application, 2020-2027
8.6.5 Argentina
8.6.5.1 Market Estimates & Forecast, 2020-2027
8.6.5.2 Market Estimates & Forecast, by Type, 2020-2027
8.6.5.3 Market Estimates & Forecast, by Application, 2020-2027
8.6.6 Mexico
8.6.6.1 Market Estimates & Forecast, 2020-2027
8.6.6.2 Market Estimates & Forecast, by Type, 2020-2027
8.6.6.3 Market Estimates & Forecast, by Application, 2020-2027
8.6.7 Rest of Latin America
8.6.7.1 Market Estimates & Forecast, 2020-2027
8.6.7.2 Market Estimates & Forecast, by Type, 2020-2027
8.6.7.3 Market Estimates & Forecast, by Application, 2020-2027
9. Company Landscape
9.1 Introduction
9.2 Market Strategy
9.3 Key Development Analysis (Expansion/Merger & Acquisitions/Joint Venture/New Product Development/Agreement/Investment)
10. Company Profiles
10.1 Exxon Mobil Corporation
10.1.1 Company Overview
10.1.2 Financial Updates
10.1.3 Product/Business Segment Overview
10.1.4 Strategy
10.1.5 Key Developments
10.1.6 SWOT Analysis
10.2 BASF SE
10.2.1 Company Overview
10.2.2 Financial Updates
10.2.3 Product/Business Segment Overview
10.2.4 Strategy
10.2.5 Key Developments
10.2.6 SWOT Analysis
10.3 DuPont de Nemours, Inc.
10.3.1 Company Overview
10.3.2 Financial Updates
10.3.3 Product/Business Segment Overview
10.3.4 Strategy
10.3.5 Key Developments
10.3.6 SWOT Analysis
10.4 Evonik Industries AG
10.4.1 Company Overview
10.4.2 Financial Updates
10.4.3 Product/Business Segment Overview
10.4.4 Strategy
10.4.5 Key Developments
10.4.6 SWOT Analysis
10.5 Celanese Corporation
10.5.1 Company Overview
10.5.2 Financial Updates
10.5.3 Product/Business Segment Overview
10.5.4 Strategy
10.5.5 Key Developments
10.5.6 SWOT Analysis
10.6 Covestro AG
10.6.1 Company Overview
10.6.2 Financial Updates
10.6.3 Product/Business Segment Overview
10.6.4 Strategy
10.6.5 Key Developments
10.6.6 SWOT Analysis
10.7 Solvay
10.7.1 Company Overview
10.7.2 Financial Updates
10.7.3 Product/Business Segment Overview
10.7.4 Strategy
10.7.5 Key Developments
10.7.6 SWOT Analysis
10.8 Röchling Group
10.8.1 Company Overview
10.8.2 Financial Updates
10.8.3 Product/Business Segment Overview
10.8.4 Strategy
10.8.5 Key Developments
10.8.6 SWOT Analysis
10.9 The Lubrizol Corporation
10.9.1 Company Overview
10.9.2 Financial Updates
10.9.3 Product/Business Segment Overview
10.9.4 Strategy
10.9.5 Key Developments
10.9.6 SWOT Analysis
10.10 Tekni-Plex
10.10.1 Company Overview
10.10.2 Financial Updates
10.10.3 Product/Business Segment Overview
10.10.4 Strategy
10.10.5 Key Developments
10.10.6 SWOT Analysis
10.11 Eastman Chemical Company
10.11.1 Company Overview
10.11.2 Financial Updates
10.11.3 Product/Business Segment Overview
10.11.4 Strategy
10.11.5 Key Developments
10.11.6 SWOT Analysis
10.12 Saint-Gobain Performance Plastics
10.12.1 Company Overview
10.12.2 Financial Updates
10.12.3 Product/Business Segment Overview
10.12.4 Strategy
10.12.5 Key Developments
10.12.6 SWOT Analysis
10.13 Trinseo
10.13.1 Company Overview
10.13.2 Financial Updates
10.13.3 Product/Business Segment Overview
10.13.4 Strategy
10.13.5 Key Developments
10.13.6 SWOT Analysis
10.14 Ensinger
10.14.1 Company Overview
10.14.2 Financial Updates
10.14.3 Product/Business Segment Overview
10.14.4 Strategy
10.14.5 Key Developments
10.14.6 SWOT Analysis
10.15 Fortune Medical Plastic Products Company
10.15.1 Company Overview
10.15.2 Financial Updates
10.15.3 Product/Business Segment Overview
10.15.4 Strategy
10.15.5 Key Developments
10.15.6 SWOT Analysis
11. Conclusion
LIST OF TABLES
Table 1 Global Medical Plastics Market: by Region, 2020-2027
Table 2 North America: Medical Plastics Market, by Country, 2020-2027
Table 3 Europe: Medical Plastics Market, by Country, 2020-2027
Table 4 Asia-Pacific: Medical Plastics Market. by Country, 2020-2027
Table 5 Middle East & Africa: Medical Plastics Market, by Country, 2020-2027
Table 6 Latin America: Medical Plastics Market, by Country, 2020-2027
Table 7 Global Medical Plastics Type Market, by Regions, 2020-2027
Table 8 North America: Medical Plastics Type Market, by Country, 2020-2027
Table 9 Europe: Medical Plastics Type Market, by Country, 2020-2027
Table10 Asia-Pacific: Medical Plastics Type Market, by Country, 2020-2027
Table11 Middle East & Africa: Medical Plastics Type Market, by Country, 2020-2027
Table12 Latin America: Medical Plastics Type Market, by Country, 2020-2027
Table 13 Global Medical Plastics Application Market, by Regions, 2020-2027
Table14 North America: Medical Plastics Application Market, by Country, 2020-2027
Table15 Europe: Medical Plastics Application Market, by Country, 2020-2027
Table16 Asia-Pacific: Medical Plastics Application Market, by Country, 2020-2027
Table17 Middle East & Africa: Medical Plastics Application Market, by Country, 2020-2027
Table18 Latin America: Medical Plastics by Application Market, by Country, 2020-2027
Table19 Global Type Market, by Region, 2020-2027
Table20 Global Application Market, by Region, 2020-2027
Table21 North America: Medical Plastics Market, by Country, 2020-2027
Table22 North America: Medical Plastics Market, by Type, 2020-2027
Table23 North America: Medical Plastics Market, by Application, 2020-2027
Table24 Europe: Medical Plastics Market, by Country, 2020-2027
Table25 Europe: Medical Plastics Market, by Type, 2020-2027
Table26 Europe: Medical Plastics Market, by Application, 2020-2027
Table27 Asia-Pacific: Medical Plastics Market, by Country, 2020-2027
Table28 Asia-Pacific: Medical Plastics Market, by Type, 2020-2027
Table29 Asia-Pacific: Medical Plastics Market, by Application, 2020-2027
Table30 Middle East & Africa: Medical Plastics Market, by Country, 2020-2027
Table31 Middle East & Africa: Medical Plastics Market, by Type, 2020-2027
Table32 Middle East & Africa: Medical Plastics Market, by Application, 2020-2027
Table33 Latin America: Medical Plastics Market, by Country, 2020-2027
Table34 Latin America: Medical Plastics Market, by Type, 2020-2027
Table35 Latin America: Medical Plastics Market, by Application, 2020-2027
LIST OF FIGURES
FIGURE 1 Global Medical Plastics Market Segmentation
FIGURE 2 Forecast Research Methodology
FIGURE 3 Five Forces Analysis of Global Medical Plastics Market
FIGURE 4 Value Chain of Global Medical Plastics Market
FIGURE 5 Share of Global Medical Plastics Market in 2020, by Country
FIGURE 6 Global Medical Plastics Market, 2020-2027,
FIGURE 7 Global Medical Plastics Market Size, by Type, 2020
FIGURE 8 Share of Global Medical Plastics Market, by Type, 2020-2027
FIGURE 9 Global Medical Plastics Market Size, by Application, 2020
FIGURE10 Share of Global Medical Plastics Market, by Application, 2020-2027
Medical Plastics Market
The CAGR for the medical plastics market is expected to be 5.9% for the time period that this report covers. The market was worth USD 22.34 million in 2018. It’s projected to be worth USD 43.8 million in 2028.
$43.8 Million
Market Size
5.9%
CAGR
Asia-Pacific
Dominating Region
2021-2028
Forecast Period
Segmentation
Key Players
- Röchling Group (Germany)
- Exxon Mobil Corporation (US)
- Fortune Medical Plastic Products Company
- BASF SE (Germany)
- DuPont de Nemours Inc. (the US)
- Eastman Chemical Company (US)
- Celanese Corporation (US)
- Covestro AG (Germany)
- Solvay (Belgium)
- The Lubrizol Corporation (US)
- Evonik Industries AG (Germany)
- Trinseo (US)
- Ensinger (Germany)
- Tekni-Plex (US)
- Röchling Group (Germany)
Drivers
- Growing consumption of medical devices.
- Rising demand for Medical Plastics Market in various applications.
Medical Plastics Market Overview
The CAGR for the medical plastics market is expected to be 5.9% for the time period that this report covers. The market was worth USD 22.34 million in 2018. It’s projected to be worth USD 43.8 million in 2028.
Medical plastics are special polymers that are made from one or a combination of two or more of the following materials:
- Polyvinyl chloride
- Polypropylene
- Polyethylene
These plastics have a high tensile point and are chemical resistant. These two qualities make them invaluable in the health care setting. Also, unlike as is the case with other types of plastics medical plastics don’t corrode easily. Other qualities that make them highly desirable to healthcare professionals in general are:
- Easy sterilization
- Versatility
- Durable
- Safe to use
Medical plastics are budget and environmentally friendly. Therefore, they are used heavily in drug delivery systems, disposable products, and diagnostic instruments.
COVID-19 analysis
COVID-19 has many unique properties that most other viruses that exist in the post-modern era don’t. One is that it is very dangerous. The second is that it is communicable, the third is that people who recover from it can get it again soon afterward. The fourth is that it has caused more than a few hospitalizations and even deaths. The fifth is that it can cause long-term serious health issues in those who make a complete recovery.
Governments around the world realized that this virus was not to be taken lightly early on. That’s why they imposed quarantines and lockdowns. These were temporary because they did not work. The same could not be said for most companies in most industries. Most companies were forced to either shut down or scale back production dramatically.
Well, the companies in the medical plastic market actually benefitted from COVID-19. More and more people got the virus and were hospitalized as a result. This generated tremendous growth in the market by increasing the demand and applications for these products.
Competitive landscape
The medical plastics market is competitive and fragmented. The market in general has a high CAGR. it’s also very lucrative and has few barriers to entry. Hence, larger companies and even medium-sized companies are incentivized to enter the market. Companies find that they must invest heavily in research and development if they want to develop and market the products that will continue to make them profitable by allowing them to develop a sustainable competitive advantage.
Mergers and acquisitions and strategic partnerships with other successful companies also accomplishes the same objectives and generates the same results.
Celanese Corporation is a major American player in the medical plastics market. It invested heavily in research and development. Thus, it was able to develop and market new products at higher prices before the competition was able to. It developed a sustainable competitive advantage that allowed it to become and remain profitable.
List of companies
- Röchling Group (Germany),
- Exxon Mobil Corporation (US),
- Fortune Medical Plastic Products Company (China),
- BASF SE (Germany),
- DuPont de Nemours, Inc. (the US),
- Eastman Chemical Company (US),
- Celanese Corporation (US),
- Covestro AG (Germany),
- Solvay (Belgium),
- The Lubrizol Corporation (US),
- Evonik Industries AG (Germany),
- Saint-Gobain Performance Plastics (France),
- Trinseo (US),
- Ensinger (Germany),
- Tekni-Plex (US) and
- Röchling Group (Germany)
Market dynamics
Drivers
More and more people around the world are aware of the benefits of medical plastics. Thus, demand for these polymers is on the rise. It also has many beneficial qualities that lead to many valuable and innovative uses and applications. Many companies use syringes, implants, disposables, catheters, and surgical instruments. These have medical plastics in them.
The fact that they last for ages and are inexpensive are also major growth factors.
Opportunities
Many companies in the medical plastics market are investing heavily in research and development. Thus, they are able to develop and market a new generation of polymers that are stronger, less expensive, and have many more innovative uses and applications than the previous types of medical plastics did.
Restraints
The polymers that are used to make medical plastics can and often do experience wide fluctuations in price often. This is a factor that’s holding back growth in the medical plastics market.
Challenges
The greatest challenge that companies in the medical plastics market face lie in continuing to develop and market those polymers that are superior in quality, more durable, and can sell at a lower price point to the mass market.
Cumulative growth analysis
The CAGR for the medical plastics market is expected to be 5.9% for the time period that this report covers. The market was worth USD 22.34 million in 2018. It’s projected to be worth USD 43.8 million in 2028.
Technology analysis
Eastman Chemical Company is a major American player in the medical plastics market. It is an industry leader because it invested heavily in research and development. It was able to create a sustainable competitive advantage by developing newer products before the competition could. It was also a first mover in introducing and marketing these products.
Segment overview
By type
The medical plastics market can be grouped into the following sub-segments based on type:
Polypropylene, polyvinyl chloride, polyethylene, engineering plastics, silicones, polystyrene, others.
PP has the largest market share. It’s also expected to have the highest CAGR for the time period that this report covers. There’s a reason why it’s so popular - it’s because it’s made up of only two elements on the periodic table of elements: carbon and hydrogen. Thus, it is neutral in composition. It’s not likely to combust, corrode, or be damaged by the elements easily. It’s also very safe to use in any healthcare or clinical setting.
PVC is desirable because it can be used at very high temperatures. Thus, it’s easy to sanitize and sterilize. It’s invaluable for these reasons because it can be used in a wide variety of applications and settings.
By application
The medical plastics market can be grouped into the following sub-segments based on application:
Drug delivery systems, catheters, diagnostic instruments,, surgical instruments, disposables, and others.
The disposables sub-segment is used most often in needles, gloves, and enema bags. Thus, it’s popular and has the largest market share.
Regional analysis
The medical plastics market can be grouped into five major regions:
- The European Union
- North America
- Latin America
- The Middle East and North Africa
- Asia-Pacific
The Asia-Pacific region is projected to have the highest CAGR and the largest market share for the time period that this report covers. It’s mainly because nations like India and China have large populations that are becoming better educated and have a growing middle class. These populations are growing increasingly aware that medical plastics help facilitate proper medical care.
The populations in all Asian nations are rapidly aging (though not as rapidly as in Western nations.) Elderly people tend to need more medical care more often. Hence, the need for devices and equipment that use medical plastics.
The governments in the North and Latin American regions are passing more stringent requirements on the manufacture, usage, and disposal of nondegradable plastics. Thus, medical plastics are used more and more often in various types of medical equipment. Additionally, many companies in this region are investing heavily in research and development. The objective is to develop and market superior medical plastics.
Governments and people in The European Union are interested in living a high quality of life. Thus, they are spending much more on healthcare and demanding the use of medical plastics in all types of medical equipment more often. These are the reasons why the region has a high CAGR and market share in terms of medical plastics.
The governments in the Middle East and North Africa don’t pass policies that encourage the development and usage of medical plastics. This is one of the reasons why the growth rate and market shares aren’t high in this part of the world.
Recent developments
October 2021- a supplier of specialized and sustainable material solutions and services, Avient, announced the launch of two new products, an addition to its MEVOPUR line of medical-grade materials to support manufacturers of pharmaceutical packaging and medical devices reach sustainability goals more easily. Both of these latest MEVOPUR products will be launched at Pharmapack Europe 2021. The MEVOPUR medical-grade materials are manufactured following ISO13485-2016 protocols and reinforced by testing to ISO 10993-1, USP, European Pharmacopeia, and ICH Q3D guidelines. These MEVOPUR medical-grade materials can help producers of pharmaceutical packaging and medical devices decrease the risk of regulatory non-compliance.
October 2021- VinylPlus Med launched its first medical PVC recycling scheme in Belgium to boost sustainability in the healthcare sector across Europe by reprocessing unwanted single-use PVC medical devices. With this stance, VinylPlus Med manages to get the PVC industry, waste management companies, hospitals, and recyclers together. Adequate recycling and sorting of non-infectious plastic waste can substantially lessen hospitals' environmental impact and operational costs. The scheme was launched following the success of the VinylPlus-funded RecoMed recycling scheme of PVC masks and tubing.
BASF signed a memorandum of cooperation in June 2019 to develop a polymer solution at the PolyLab Research and development center based in Russia. It is targeted to produce a range of solutions for long-term good.
Celanese expanded its horizons by initiating an ultra-high molecular weight polyethylene facility based in china in April 2018. This new setup made it possible for the company to fulfill the materials required for exceptional use in automotive, medical, and other industries.
Evonik launched a commercial line of bioresorbable PLA-PEG copolymers used in medical devices in October 2019. This product enabled the organization to expand its horizons across the region.
The companies are making regular efforts to stay up to date with the technology and enable the population to use the products efficiently.
Report overview
The CAGR for the medical plastics market is expected to be 5.9% for the time period that this report covers. The market was worth USD 22.34 million in 2018. It’s projected to be worth USD 43.8 million in 2028.
The North American market may encourage the manuacture and usage of medical plastics through increasingly stringent government regulations but the Asia-Pacific region leads in terms of market share and CAGR. the populations in the Asia-Pacific region are becoming better educated. Hence, they are more aware about the value and importance of medical plastics in various medical equipment. They’re also demading to be treated with this type of medical equipment much more often.
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | Significant Value |
| CAGR | 5.9% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019Â &Â 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Exxon Mobil Corporation (US), BASF SE (Germany), DuPont de Nemours, Inc. (US), Evonik Industries AG (Germany), Celanese Corporation (US), Covestro AG (Germany), Solvay (Belgium), The Lubrizol Corporation (US), Röchling Group (Germany), Tekni-Plex (US), Eastman Chemical Company (US), Saint-Gobain Performance Plastics (France), Trinseo (US), Ensinger (Germany), and Fortune Medical Plastic Products Company (China) |
| Key Market Opportunities | Advancing research & development of product in the market has propelled regions to witness a significant growth. |
| Key Market Drivers |
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Frequently Asked Questions (FAQ) :
The market valued at 22.34 billion USD in the year 2018.
The expected CAGR of the market during the forecast period of 2019-2025 is 5.9%.
Based on the end-user, the market has the following segment: Drug delivery devices, Diagnostics, and disposables.
Based on the regions, the market tha dominate is Asia-Pacific due to the growth in the healthcare sector in countries like India, China, and Japan.
Some of the major players in the global medical plastic market are Röchling Group (Germany), Exxon Mobil Corporation (US), Fortune Medical Plastic Products Company (China), BASF SE (Germany), DuPont de Nemours, Inc. (the US), Eastman Chemical Company (US), Celanese Corporation (US), Covestro AG (Germany), Solvay (Belgium), The Lubrizol Corporation (US), Evonik Industries AG (Germany), Saint-Gobain Performance Plastics (France), Trinseo (US), Ensinger (Germany), Tekni-Plex (US) and Röchling Group (Germany)
