The medical elastomers market is projected to grow from USD 5.51 Billion in 2017 to USD 7.92 Billion by 2022, at a CAGR of 7.5% during the forecast period. Medical elastomers are synthetic rubber or rubber-like polymers which are soft and elastic in nature. These elastomers are used in the manufacturing of medical devices, which are used in the diagnosis, treatment, and prevention of diseases or disorders in the human body. Medical elastomers are used to manufacture catheters, medical tubes, gloves, syringes, medical bags, and implants. The increasing use of these elastomers in the manufacturing of medical devices is expected to fuel the growth of the medical elastomers market.
The key companies operating in the medical elastomers market have adopted various inorganic and organic growth strategies, such as acquisitions, new product launches, mergers, expansions, partnerships, and joint ventures to strengthen their foothold in the market. BASF SE (Germany), DowDuPont (US), Solvay S.A. (Belgium), Eastman Chemical Company (US), and Royal DSM (Netherlands) are some of the leading players operating in the medical elastomers market.
New product launches and expansions were the key growth strategies adopted by the leading players between 2015 and 2017 to enhance their business prospects, increase their global reach, and widen their distribution networks. For instance, in 2015, Solvay S.A. established a fluoroelastomer (FKM) plant in China to fulfill the growing demand for specialty polymers in the country. This development further helped the company strengthen its market position in the medical elastomers market.
DowDuPont (US) is a leading innovation-driven company offering silicone-based medical elastomers. The company has adopted the merger strategy to strengthen its position in the medical elastomers market. In 2017, Dow (US) and DuPont (US) announced their merger of equals, thus forming DowDuPont. This merger enabled the companies to use each other’s resources and increase their effectiveness in the core markets.
Trelleborg AB (Sweden), Kuraray Co., Ltd. (Japan), Teknor Apex (US), Momentive Performance Materials Inc. (US), PolyOne Corporation (US), and Celanese Corporation (US) are some of the other leading manufacturers of medical elastomers.
Medical Elastomers Market by Type (Thermoset and Thermoplastic), Application (Medical Tubes, Catheters, Syringes, Gloves, Medical Bags, and Implants), and Region (North America, Europe, APAC, MEA, and South America) Global Forecast to 2022
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