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. The major drivers for the medical plastics industry include the growing demand from OEMs and medical device/equipment manufacturers for the production of critical care systems such as ventilators, thermal scanners, respirators, and so on.
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.
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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.
Celanese (US) is another major player operating in the medical plastics market. The company has a strong global presence and offers medical plastics for various applications such as catheters, implants, surgical instruments, dental tools, and drug delivery devices. In April 2020, Celanese Corporation, a global chemical company, pledged to prioritize production of those materials which are used for the manufacturing of ventilators, respirators, and other critical medical equipment and supplies. 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.
COVID-19 Impact On Medical Plastics Market by Type (Engineering Plastics and Standard Plastics), Application (Medical Disposables, Prosthetics, Medical Instruments & Tools and Drug Delivery) and Region - Global Forecast to 2021
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