The medical elastomer market is expected to grow at a CAGR of 8.3% to reach USD 14.27 billion by 2029 from USD 9.57 billion in 2024. The factors like growing demand for medical devices for medical & pharmaceutical applications are significantly driving the market growth. The key global players in the medical elastomer market, such BASF (Germany), Dow (US), Celanese Corporation (US), Eastman Chemical Company (US), Syensqo (Belgium), Mitsubishi Chemical Group Corporation (Japan), Kuraray Co., Ltd. (Japan), ExxonMobil (US), Momentive Performance Materials (US), Envalior (Germany) and Zeon Corporation (Japan) have a strong foothold in their respective regions and are exploring geographic diversification options to expand their businesses. They are focusing on increasing their market shares through new product launches, mergers and expansions.
BASF
BASF is one of the leading manufacturers of chemicals globally The company operates through six major business segment. The company offers medical elastomer products through its materials business segment. The company serves healthcare industry focby focusing on developing innovative elastomer solutions, including thermoplastic elastomers (TPEs) for applications such as medical tubing, catheters, syringes, gloves, and implants. The company has well established geographic footprint and strategically located manufacturing facilities across various regions such as Ludwigshafen (Germany), Geismar (USA), and multiple locations in Asia including Shanghai and Ulsan. The company has recently inaugurated its largest single Thermoplastic Polyurethane (TPU) production line globally at the Zhanjiang Verbund site in China in order to strengthen its presence in medical elastomer market.
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Dow
Dow is one of the leading materials science companies specializing in the development and production of a wide range of products across various sectors, including packaging, infrastructure, mobility, and consumer care. The company offers medical elastomers products through its packaging & specialty plastics business segment. The company has several manufacturing units for manufacturing its medical elastomers offerings. The key sites are Midland, Michigan, and Plaquemine, Louisiana. These facilities are well-equipped to manufacture high-performance medical-grade materials complying with stringent regulatory standards such as USP Class VI and USP 10993. The company has significant geographic presence in Europe, Asia Pacific, North America, South America, and Middle East & Africa. The company has recently announced the launch of its new MDI distillation and polyurethane facility in Freeport, Texas. This facility increases its production capacity by 30% in order to support the growing demand in automotive, construction, consumer, and industrial markets.
Celanese Corporation
Celanese Corporation is one of the leading global technology and specialty materials company. The company offers its products to cater various industries such as agriculture, automotive & transportation, construction, electronics, food & beverage, medical & pharmaceutical, and packaging. The company offers medical elastomers through its engineered materials business segment. Celanese Corporation has significant global presence with manufacturing facilities strategically located across North America, Europe, and Asia. The company holds 61 global production facilities and 19 strategic affiliate production sites, enabling it to serve a diverse customer base effectively. The company has acquired majority stake in the DuPont’s Mobility & Materials (M&M) business. This business is a leading producer of engineering thermoplastics and elastomers in order to cater healthcare industry.
Mitsubishi Chemical Group Corporation
Mitsubishi Chemical Group Corporation is a global leader in the chemical industry. The company operates through three major business segments namely, performance products, industrial materials and healthcare. The company focuses on developing innovative materials and solutions that contribute to sustainability and address global challenges. The company offers medical elastomers products through its performance products business segment under brand Zelas series. The company provides products serving various applications in healthcare industry such as medical tubing, infusion bags, and injected components. The company has recently announced the development of a plant-derived thermoplastic elastomer which contains 70% of the biomass content. The company has a significant presence in Japan with multiple manufacturing facilities for polymers. It also operates in North America with facilities such as Mitsubishi Chemical Carbon Fiber and Composites, Inc., located in California.
Related Reports:
Medical Elastomer Market by Type (Thermoset Elastomers; Thermoplastic Elastomers), Applications (Medical Tubing; Catheters; Syringes; Gloves; Medical & Infusion Bags and Implants), End-use Industry & Region - Global Forecast to 2029
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