Global medical polymers market expected to register CAGR of 8.4% to 2020

The global medical polymers market is expected to grow at a CAGR of 8.4% from 2014 to 2020, according to a new report by Grand View Research. Shifting trends towards substitution of conventional materials by high performance polymers such as polypropylene and PVC in medical devices coupled with growing demand for medical equipments from emerging Asian healthcare market is expected to drive the market over the next five years. Increasing geriatric population, especially in developed economies is expected to further support the growth of this industry. Growing awareness regarding benefits of using medical polymers with biocide properties is expected to drive market demand. In addition, increasing popularity of lightweight, low cost, portable and small devices in healthcare industry is likely to propel industry expansion. Medical fibers and resins product segment is expected to grow at a CAGR of over 8% from 2014 to 2020. In addition, increasing consumption of polyvinyl chloride (PVC), polyethylene (PE), polystyrene (PS) and polypropylene (PP) will fuel medical polymers industry growth. Biodegradable plastics are expected to witness significant gains in light of its mounting utilization in pharmaceutical packaging because of high thermal and mechanical properties. Its demand is likely to reach 79.5 kilo tons by 2020. In terms of application, medical packaging was the second largest application segment in 2013 and is expected to grow at a CAGR of 6.0% from 2014 to 2020 on account of increasing scope of flexible packaging in finished goods. Rising demand from various packaging systems including blood bags, syringes, oral solids and liquids is expected to stimulate development. North America dominated the global market in 2013, accounting for over 40% of the volume share and is expected to grow substantially on account of technological development and significant investments in R&D. Moreover, increasing need for advanced instruments with better performance and higher strength and flexibility, mainly in the U.S., is likely to spur growth. The Dow Chemical Company, Celanese, and Eastman Chemical Company dominated the global market share in 2013. Other participants include Bayer, Evonik Industries, Victrex, DuPont, Tianjin Plastics Research Institute Co. Ltd, and Lubrizol Corporation. The key strategies adopted by major players include product developments and mergers & acquisitions. In November 2014, Celanese Corporation announced the introduction of a medically compliant and tribologically advanced material, Hostaform MT SlideX POM, which manufactures healthcare devices with low coefficient of friction and wear. In February 2011, Bayer MaterialScience announced development of a new polycarbonate resin, Makrolon, for bone fixation device on account of its high strength, reduction in complication and low cost. In June 2011 Eastman Chemical Company announced plans of acquiring Sterling Chemicals, a petrochemical company, in a deal worth USD 100 Million. In December 2014, Eastman Chemical Company announced plans of acquiring a specialty chemical company, Taminco Corporation.