COVID-19 Impact On Medical Plastics Market Europe is projected to register the highest CAGR between 2020 and 2021
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.
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TOC on "COVID-19 Impact On “Medical Plastics Market”.
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.
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