Röchling Group (Germany), The Lubrizol Corporation (U.S.), Eastman Chemical Company (U.S.), The DowDuPont, Inc. (U.S.), Saint-Gobain Performance Plastics (France), Solvay SA (Belgium), BASF SE (Germany), NUSIL(U.S.), Tekni-Plex (U.S.), and Celanese Corporation (U.S.) are some of the prominent players at the forefront of competition in the Global Medical Plastics Market and are profiled in MRFR Analysis.
Medical Plastics Market – Market Overview
Medical Plastics are the special type of plastics which are used to manufacture safe and reliable devices for the medical industry. Medical Plastics are used widely across the Medical Industry for applications such as disposables, implants, surgical instruments, diagnostic instruments, drug delivery devices, catheters, syringes, and others. High demand for superior quality, sterility, and performance of the equipment are subject to remain the key driver to the Global Medical Plastics Market. The growing geriatric population and rising health care aid are also likely to be driving the medical plastics market during the assessment period.
The Global Medical Plastics Market is segmented by type, application, and region. Based on the type, the Global Medical Plastics Market is segmented into polyvinyl chloride, polypropylene, polystyrene, engineering plastics, polyethylene, and silicones. Among them, the polyvinyl chloride segment holds a major portion of the market on account of its growing use in flexible containers and tubing owing to its chemical stability, inert, and versatile nature. Additionally, the polyethylene segment is expected to exhibit rapid growth during the forecast period due to its increasing consumption in surgical cables, tubing, and orthopaedic sutures. Based on the application, the global medical plastics market is segmented into disposables, implants, syringes, diagnostic instruments, drug delivery devices, catheters, and surgical instruments. Among them, the disposables segment is expected to grow at a highest rate due to growing demand for disposable enemas, dialysis disposables, medical and cleaning gloves, and others.
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The Global Medical Plastics Market is studied across five key regions which includes Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among them, North America held the major share of the global market due to strong Medical Industry on account of the high budget allocation for healthcare sector in the region. The region is expected to continue its dominance during the forecast period due to the growing geriatric population. Asia Pacific is following North America in terms of market size and countries such as China, Japan, and India are expected to be the major growth centric regions. Europe is another major market of medical plastics and is expected to show significant growth mostly from the in Germany, the U.K. and Italy. The enactment of new rules and regulations set by the European Union has driven the manufacturers to produce high standard medical devices in the industry. Furthermore, advancing research & development is expected to stimulate the product market. A considerable development is expected in Latin American countries such as in Brazil, Uruguay, and Argentina due to the growing consumption of polyethylene, and polyvinyl chloride in the medical industry. The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of plastics in drug delivery systems, syringes, diagnostic instruments, and catheters.
Medical Plastics Market – Competitive Analysis
The global market of Medical Plastics is a lucrative market is expected to expand at an encouraging CAGR during the forecast years. The major strategies adopted by key players are expansion, collaborations or partnerships and product launch. In order to meet regulations, set by various bodies of respective regions, manufacturer is entering into agreement with raw material supplier to maintain profit across the value chain. In highly competitive market, companies are investing more in innovations and brand building thereby, fostering the strong relationship with customer. On other hand, major players are carrying out research & development activities to improve the properties of medical plastics.
Industry/ Innovation/ Related News:
April 2018 – Röchling Group constructed a new building to expand the production capacity of its Medical division in Neuhaus am Rennweg, Germany. The project has an investment of approximately USD 45 million.
March 2018- Lubrizol plans the global expansion of production capacity and technology for Thermoplastic polyurethane (TPU). The project includes the capacity expansion of its key plants in North America, Europe, and Asia and is estimated to have an overall investment of USD 80 million. In North America, the company is planning to add new production capabilities, expand raw material storage capacity, warehouse space and improved site logistics. In China, the company planning to start a new compounding and extrusion lines. In Europe, the company is planning to extend the production capabilities for elastomers, aliphatic and adhesives.
August 2017- Eastman Chemical announced to expand the production capacity of PETG (polyethylene terephthalate glycol) by 20% over its existing capacity in Kuantan, Malaysia. The expansion project is expected to meet the growing demand for copolyester products.
April 2018- DowDuPont Inc. plans to invest around $100m to expand the production capacity of speciality plastic materials at its site in Orange, Texas.
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