Medical Plastic Compounds Market Scope
Medical Plastic compounds are the basis of products, the global medical plastic market is segmented into Polypropylene (PP), Polyethylene (PE), Polycarbonate (PC), Liquid Crystal Polymer (LCP), Polyether sulfone (PES), polyethyleneimine (PEI), Polyphenol sulfone (PPSU), Polymethyl Methacrylate (PMMA), and others. Semi-crystalline polymers that are commonly used in the healthcare industry include polypropylene, polyethylene, nylon, and polyetheretherketone (PEEK).It is widely used in heart valve structure, urinary catheters, and disposable syringes owing to high chemical and bacterial resistance. Improved use of home health and self-medication devices is the market drives of medical plastic compound.
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|Key Companies Profiled||Amco Polymers (United States), Chroma Color Corporation (United States), Entec Polymers (United States), Monster Polymers (Canada), foster corporation (United States), Celanese Corp (United States), Arkema Sa(France), BASF SE(Germany ), Celanese Corp. (Texas) and Covestro Ag (Germany)|
Medical Plastic Compounds is a fragmented market due to the presence of a large number of established competitors. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Amco Polymers (United States), Chroma Color Corporation (United States), Entec Polymers (United States), Monster Polymers (Canada), foster corporation (United States), Celanese Corp (United States), Arkema Sa(France), BASF SE(Germany ), Celanese Corp. (Texas) and Covestro Ag (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Evonik Industries Ag (Germany), ExxonMobil Corp. (United States), Royal Dsm (Netherlands), Solvay Sa (Belgium) and The Lubrizol Corp (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Medical Plastic Compounds market by Type , by Application (Disposables, Catheters, Surgical Instruments, Medical Bags, Implants, Drug Delivery System and Others) and Region with country level break-up.
On the basis of geography, the market of Medical Plastic Compounds has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesIn August 2021,Benvic has acquired US-based Chemres, a provider of polymers, custom compounds and solutions for a variety of industries including medical. The acquisition of Chemres is the ninth ‘add-on’ acquisition since Benvic joined Invest industrial’s portfolio in 2018. Among the others, in 2019 Benvic acquired Modenplast Medical, an Italian compounder, specialising in medical-grade vinyl compounds and tubing extrusion., and In march 2023,Sterimed Group, through its UK subsidiary Westfield Medical, has announced that it has completed the acquisition of Grantown Medical, a manufacturer of sterilisation pouches and provider of packing services for the medical device industry in the UK.
In March 2023, Evonik, the market and innovation leader in polyurethane additives, has boosted its range of high-performance products for the spray polyurethane foam (SPF) industry with the release of DABCO PM 301. Used in combination with the latest Opteon™ 1100 and Opteon™ 1150 blowing agents from Chemours, a global chemistry company, DABCO PM 301 improves thermal performance and increases efficiency in SPF systems. and In August 2022, LEHVOSS high-performance compound plant goes into operation After extensive construction work in its innovation centre, the LEHVOSS Group has put another compounding plant into operation at its Hamburg location.
Influencing Trend:Ecological and Environmental Concerns and Influence of the Consumer, Cost and Compatibility
Market Growth Drivers:Improved use of home health and self-medication devices
Challenges:Lack of trained professionals in healthcare
Restraints:Raw material price volatility
Opportunities:Increase in demand for plastics over metals
Key Target Audiencepharmaceutical companies, Biotechnological institutes, Government and private laboratories, Research and Development (R&D) companies, Medical research laboratories, Market research and consulting service providers, Government Agencies, End User Industry and Others