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Global Platinum Silicone Tubing and Hose Market 2019 Trends & Forecast Report 2026
Platinum Silicone Tubing & Hose Market
In terms of value, the global platinum silicone tubing & hose market was valued at US$ 3,230.8 Mn in 2018 and it is expected to reach US$ 6,211.4 Mn by 2026 at a CAGR of 8.5%. Platinum-cured silicone tubing is an exceptional choice for the purpose of fluid transfer in pharmaceutical and biotechnology applications. It provides advantages such as resistance to high temperatures and less potential leachability.
The main factors which are accentuating the growth of the global platinum silicone tubing & hose market are increasing adoption of minimally invasive medical procedures and the rising demand for medical tubing devices.
However, a steady demand for peroxide-cured silicone tubing is expected to impede the growth of the platinum silicone tubing & hose market. But, factors like innovation and customization of polymers and tubing structures, and the rising adoption of polymer materials rather than metals, will be generating opportunities for the market in the future.
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Based on the type, the platinum silicone tubing & hose market is segmented into general purpose, high pressure, medical grade, and food grade. Among these, the medical grade type holds the highest share in the market owing to the properties of platinum silicone tubes such as resistance to oxidation and radiation, the ability to survive in repeated sterilizations, and the ability to repel bacterial growth.
On the basis of the end-user, the medical segment holds the highest share in the platinum silicone tubing & hose market, owing to properties which help in resisting UV, ozone, gases, moisture, and extreme temperatures.
Geographically, North America is dominating the platinum silicone tubing & hose market, with a market share of 32.4% during the forecast period. The medical and the food & beverage industry in this region are key markets for platinum-cured silicone tubes, owing to the benefits offered by these tubes and their wide range of applicability. Asia-Pacific is the fastest growing region in the platinum silicone tubing & hose market, owing to the rising demand for platinum-cured silicone tubing in the medical and biotechnology sector.
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