The global Medical Plastics Market size during this pandemic is projected to grow from USD 25.1 billion in 2020 to USD 29.4 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period.
Browse 25 market data Tables and 6 Figures spread through 57 Pages and in-depth TOC on "COVID-19 Impact On “Medical Plastics Market”.
Medical plastics are used in medical disposables, prosthetics, medical instruments & tools, drug delivery, and other applications. Companies, such as SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), and Covestro (Germany) are some of the leading players operating in the medical plastics market. They have adopted short, mid- and long term growth strategies such as donations, increased production, partnerships, and others to serve their customers efficiently and improve their future market shares.
The standard plastics segment is projected to lead the medical plastics market during the forecast period.
Based on type, the standard plastics segment is expected to lead the medical plastics industry during the forecast period. Standard plastics generally include PVC, PE, PP, PS, PMMA, and EVA have a higher demand compared to engineering plastics. The major applications of these plastics include the manufacturing of masks, gloves, drapes, gowns, trays, catheters, syringes, orthopaedic devices, surgical tools, and lab wares. Increased requirements of PPEs such as gloves, masks, drapes, gowns, and others will boost the consumption of standard plastics such as PP, PE, PVC, and drive demand.
Critical questions the report answers:
- What are the upcoming trends for the medical plastics market during this period?
- How are the market dynamics for different types of medical plastics during this period?
- What are the significant trends in applications influencing the medical plastics market during this period?
- What are the factors governing the medical plastics market in each region during this period?
- What are the strategies followed by various companies during this period?
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SABIC (Saudi Arabia) has a strong position in the global medical plastics market. The company has a strong product portfolio of medical plastics, which finds application in medical disposables, drug delivery, and diagnostics, among others. It operates through its 64 manufacturing and compounding sites located in the Americas, APAC, the Middle East & Africa, and Europe and has extensive sales & distribution infrastructure, which helps in providing necessary deliveries to high demand regions. It focuses on offering solutions to diverse applications in the healthcare industry. For example, SABIC announced a donation of USD 1.1 million to the Hubei Charity Federation for fighting COVID-19 spread in February 2020. In addition, the company deployed 50 tons of material required to produce containers for disinfectants. It delivered several tons of materials for the production of ventilators, intensive care unit monitors, and various other devices required to tackle the COVID-19 situation.
Based on the application, the medical disposables segment is projected to register the highest CAGR during the forecast period in the medical plastics market
The use of medical plastics is increasing due to their versatility. Medical disposables can be defined as single-use products that are used in surgical as well as procedural applications. The use of these medical products in procedural applications and general check-up is increasing. Besides, the use of these disposables as instructed by various agencies, such as USFDA and Europe FDA, are propelling the demand for medical plastics globally. Increased demand for disposables such as gloves, masks, gowns, and other PPEs will drive the market during this pandemic.
The company is also planning to expand its supply chain base to cater to the increased demand for medical plastics from the healthcare industry. Various plastics that are used in the manufacturing of medical devices are POM, PBT, UHMW-PE, PET, EVA, and others. This development is expected to help the company in maintaining mid to long term relations with customers, which will prove to be a driving factor in the post-pandemic world.
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