According to the report, the global medical plastics industry generated $24.1 billion in 2019, and is expected to garner $37.2 billion by 2027, witnessing a CAGR of 5.6% from 2020 to 2027.
Prime determinants of growth
Robust investment in healthcare, increase in the aging population, and change in consumer lifestyle drive the growth of the global medical plastics market. However, variations in global fuel price and presence of toxic elements hinder the market growth. On the other hand, rise in demand for bioplastics in the medical sector presents new opportunities in the coming years.
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- There has been a considerable increase in demand for exam gowns, face masks, and gloves. In addition, the preferences shifted to utilization of disposable masks and gloves as safety tools, which in turn, impacted the demand for medical plastics.
- The extended lockdown lowered down the speed of production of medical plastics along with hindering cross-border export and import activities. Owing to these restrictions, different countries focused on strengthening their domestic supply chains to cater to rise in demand.
- Many automotive and manufacturing companies undertook the task of producing disposable plastics for medical equipment. This is expected to cater to the domestic demand.
The polyvinyl chloride (PVC) segment to maintain its leadership status during the forecast period
Based on type, the polyvinyl chloride (PVC) segment accounted for nearly one-third of the global medical plastics market in 2019, and is expected to maintain its leadership status during the forecast period. This is attributed to rise in demand for various transparent and cost-effective medical plastics. However, the polypropylene (PP) segment is expected to witness the highest CAGR of 7.6% from 2020 to 2027. This is due to increase in demand for diverse steam-sterilized devices.
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The disposables segment to maintain its lead position by 2027
Based on application, the disposables segment contributed to the highest share, holding more than one-fourth of the global medical plastics market in 2019, and is estimated to maintain its lead position by 2027. This is attributed to surge in demand for plastic surgeries and orthopedic applications. However, the surgical instruments segment is expected to portray the largest CAGR of 7.3% during the forecast period. This is due to increase in the aging population and rise in disposable income in countries like U.S. and Canada.
Asia-Pacific, followed by Europe and North America, to maintain its dominance by 2027
Based on region, Asia-Pacific, followed by Europe and North America, accounted for the largest market share in terms of revenue in 2019, holding nearly half of the global medical plastics market, and will maintain its dominance throughout the forecast period. Moreover, this region is projected to manifest the fastest CAGR of 6.0% from 2020 to 2027. This is due to expansion of production capacities in countries such as India, China, and South Korea.
Leading Market Players
- Arkema S.A.
- BASF SE
- Celanese Corporation
- Solvay SA
- Covestro AG
- Evonik Industries AG
- Lubrizol Corporation
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