In a recent published report, Kenneth Research has updated the market report for Medical Plastics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Plastics Market products.
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According to the statistics by the Food and Agricultural Organization (FAO) of the United Nations, the total amount of pesticides used around the world grew from 3,089,827 tonnes in 2000 to 4,122,334 tonnes in 2018. Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
The Medical Plastics market is anticipated to reach over USD 37.5 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the medical components segment dominated the global market, in terms of revenue. North America Medical Plastics market is expected to be the leading contributor to the global market revenue during the forecast period.The growing applications of plastics in advanced medical devices is expected to support the growth of the Medical Plastics market. The increasing demand of healthcare services from the geriatric consumers, and rising home healthcare services and self-medication boosts the adoption of medical plastics. Other driving factors include supportive government initiatives for promotion of quality healthcare services, growing demand for minimally invasive medical procedures, and technological advancements.
However, stringent government regulations and lack of standardized healthcare regulations globally are expected to restrict the growth of the Medical Plastics market. Increasing demand from developing nations, and technological innovation, and growing use of plastics as compared to metals are expected provide numerous growth opportunities to the market players during the forecast period.
North America Medical Plastics market generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The increasing geriatric population in the country coupled with growing penetration of lifestyle diseases drives the growth of the medical plastics in the region. Substantial investments in research and development, and supportive government initiatives further boost the market growth. Asia-Pacific Medical Plastics market is expected to grow at the highest rate during the forecast period.
The leading companies profiled in the Medical Plastics market include E.I. du Pont de Nemours and Company, HMC Polymers, Specialty Silicone Fabricators, Inc., Trinseo S.A., GW Plastics Inc., Eastman Chemical Company, The Dow Chemical Company, Tekni-Plex Inc., Orthoplastics Ltd., and Saint Gobain Performance Plastics among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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