The global medical plastics market is anticipated to grow during the projected period due to the increasing awareness regarding personal hygiene due to the pandemic. Fortune Business Insights™ publishes this information in a report titled, "Medical Plastics Market, 2020-2027". As per the report, the medical plastics market size was USD 29.93 billion in 2019 and is anticipated to reach USD 54.29 billion by 2027 at a CAGR of 7.1% during the 2020-2027 period.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/medical-plastics-market-102136
Segments:
Medical Disposables Segment To Lead Global Market During The Forecast Period
By application, the market is categorized into medical disposables, medical instruments & tools, prosthetics & implants, drug packaging, and others. The medical disposables segment is expected to hold a dominant market share during the forecast period. The segmental growth is attributable to the high efficiency of products such as gloves, masks, injections, and others.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report highlights recent advancements and developments in the market. The impact of COVID-19 pandemic on market growth is provided further in this report. Also, the latest trends adopted by leading market players are discussed further in this report. A list of key market players is given further in the report. Furthermore, the key industry developments introduced by the leading market players are highlighted further along with the regional segmentation. Also, the drivers and restraints affecting the global market growth during the projected period are mentioned further in this report.
Drivers & Restraints:
Emerging Technologies In Healthcare Sector To Augment Market Growth
The market is expected to witness significant growth in the coming years owing to the increasing awareness regarding personal hygiene and cleanliness during the COVID-19 pandemic. Also, the rising technological advancements in the industry are projected to fuel the market. Furthermore, high investment in R&D activities is projected to fuel the market growth during the forecast period.
However, environmental pollution and medical waste management may hinder market growth.
Regional Insights:
North America Holds Prominent Market Share Due To Developing Healthcare Infrastructure
North America dominates the global medical plastics market share due to the increasing development in healthcare infrastructure. Furthermore, the rising disposable income and changing consumer preferences post-pandemic are anticipated to fuel the regional market growth. North American market stood at USD 5.36 billion in 2019.
Competitive Landscape:
Strategic Acquisitions Allow Companies To Strengthen Their Market Position
The prominent market players focus on brand acquisitions to enhance their business reach and increase profitability. Also, the companies focus on introducing new products to attract customers and improve their product portfolio.
Key Industry Development:
- July 2021: Minnesota Rubber and Plastics (MRP) acquired Pawling Engineered Products. The acquisition of Pawling's capabilities will improve MRP's existing product offerings, including engineered elastomer and thermoplastic for water, medical devices, transportation, food and beverage, and other essential global industries.
- December 2020: Spectrum Plastics Group, a leader in specialty medical packaging, component, and contract manufacturer, has acquired PeelMaster Medical Packaging Corporation. Adding PeelMaster will advance the company's position as a custom and flexible packaging supplier for the medical device sector.
- November 2020: GW Plastics Inc. announced the merger with Nolato Group. The company will have more than 25 facilities with a global position on 3 key continents: North America, Asia, and Europe. This will also allow Nolato to offer customers expanded resources and capacity in filtration, healthcare, and automotive markets.
List of Key Players Profiled in the Market Report for Medical Plastics:
- SABIC (Saudi Arabia)
- Celanese Corporation (U.S.)
- BASF SE (Germany)
- Evonik (Germany)
- Covestro AG (Germany)
- Solvay (Belgium)
- Röchling (Germany)
- GW Plastics (the US)
- Nolato AB (Sweden)
- Eastman Chemical Company (U.S.)
