COVID-19 Impact On Medical Plastics Market worth $29.4 billion by 2021 | Key Players include SABIC, BASF, Celanese, Evonik, Solvay, and Covestro

According to recent market research "COVID-19 Impact On Medical Plastics Market by Type (Engineering Plastics and Standard Plastics), Application (Medical Disposables, Prosthetics, Medical Instruments & Tools and Drug Delivery) and Region - Global Forecast to 2021", The global medical plastics market size is projected to grow from USD 25.1 billion in 2020 to USD 29.4 billion by 2021, at a CAGR of 17.2% during the forecast period.

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Increased demand due to COVID-19 for medical plastics such as PP, PE, and PC, among others, from OEMs, medical disposables, and medical device/equipment manufacturers for production of critical care systems and disposables such as ventilators, thermal scanners, respirators, gloves, masks, and so on is driving the market. In addition, growing awareness around maintaining proper health & hygiene is driving medical plastics consumption.

Based on type, the standard plastics segment is expected to lead the medical plastics industry during the forecast period. Standard plastics generally include PVC, PE, PP, PS, PMMA, and EVA have a higher demand compared to engineering plastics. The major applications of these plastics include the manufacturing of masks, gloves, drapes, gowns, trays, catheters, syringes, orthopedic devices, surgical tools, and lab wares. Increased requirements of PPEs such as gloves, masks, drapes, gowns, and others will boost the consumption of standard plastics such as PP, PE, PVC, and drive demand.

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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. The major drivers for the medical plastics industry include the growing demand from OEMs and medical device/equipment manufacturers for the production of critical care systems such as ventilators, thermal scanners, respirators, and so on.

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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