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Transparency Market Research, New York: The use of medical plastics across a variety of applications such as dental tools, medical bags, diagnostic instruments, catheters and syringes, disposables, drug delivery devices, and others may invite tremendous growth prospects for the medical plastics market.
According to the researchers at Transparency Market Research, the global medical plastics market is prognosticated to register a CAGR of 7.2 percent across the forecast period of 2019-2027 and may reach a valuation of US$ 15.4 bn by the end of 2027.
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Novel product developments are bringing extensive growth opportunities for the medical plastics market. For instance, researchers at the University of Birmingham have developed a thermoplastic biomaterial that’s perfect for use in bone replacements and other medical applications. Such developments may bring great growth opportunities for the medical plastics market.
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Medical Plastics Market: Major Findings
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Medical Plastics Market: Growth Boosters
The COVID-19 pandemic may provide an opportunity to the medical plastics market to increase its growth rate as the demand for single-use plastic PPE like respirators, face shields, gowns, and others is rising considerably. The advantages associated with medical plastics may also bring immense growth opportunities.
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Medical Plastics Market: Competitive Analysis
Numerous players are in the fray for scoring brownie points in terms of customer loyalty, novel product launches, and other aspects across the medical plastics market. The manufacturers in the medical plastics market try to create high-grade plastics at affordable prices for catering to the large end-user base. For this, research and development activities are an essential factor for discovering novel insights.
Activities like mergers, acquisitions, partnerships, collaborations, and joint ventures invite exponential growth across the medical plastics market. The manufacturers are also concentrating on finding ways to fully replace metal components with plastic to inculcate features in medical devices such as low-weight, cost-effective, and sterility. Some well-established participants in the medical plastics market are The Lubrizol Corporation, Covestro AG, BASF SE, Exxon Mobil Corporation, Solvay, Celanese Corporation, and Dow DuPont.
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Global Medical Plastics Market: Segmentation
By Process Technology
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Potting Compound Market – Potting compounds are the compounds that are used to encapsulate all the electronic components in one assembly or casing. Their primary function is to keep the components together and protect them from the damages that may occur due to shocks while maintaining the quality. Some of the examples of potting compounds available in the market today are Epoxy, Silicone, and polyurethane. As a result of the criticality in electronic industries today, the global potting compound market is experiencing major growth. Also, the growth of the market is attributed to quality maintenance these compounds offer to various businesses in the electronics industry.
Cosmetic Dyes Market – Increasing use of cosmetic dyes in toiletries, skin care, and hair care products is driving the global cosmetic dyes market. Increasing preference for hair color, such as permanent or temporary, is expected to raise the demand for cosmetic dyes during the forecast period. Additionally, rising research activities in the field of demi-permanent hair color with no ammonia formulation expected to fuel the demand for cosmetic dyes during the forecast period. Rising awareness about the quality of facial cosmetic products such as wrinkle treatment and premium lotions, among the young as well as geriatric population is another factor boosting the global cosmetic dyes market.
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