Metal Replacement Market to attain noteworthy proceeds from the healthcare sector | Celanese, Owens Corning, SGL, Solvay SA, BASF SE

A key factor analyzed by Global Market Insights, Inc., for metal replacement market growth includes robust product demand and investments in the healthcare sector. Metals have long been preferred by manufacturers due to their high strength, stiffness, and electrical and chemical resistance. However, companies are increasingly edging towards metal replacement products owing to the need for fast-paced production, complex designs, and reduced operational costs.

Metal replacements are essential for reducing weight, cost and production time. Materials like thermoplastic and ABS have gained considerable significance in the automobile sector. A report by DuPont claims that around 16% of weight in a vehicle is plastic, which is likely to reach 25% in the next five years. Apart from automobiles, metal replacements are also extensively used in healthcare, O&G exploration and extraction rigs, as well as consumer electronics like mobiles and tablets.

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Industry growth will predominantly come from Asia Pacific. Increasing government and private investments to expand healthcare facilities and initiatives to promote medical insurance and attract foreign investments will proliferate metal replacement market size in APAC. The demand for polyvinyl chloride (PVC) is high in the region's healthcare sector. It is mostly used for making disposable medical devices like flexible containers and tubing due to its unique technical properties and low cost. PVC is also a preferred material for flooring, ceiling and wall coverings in hospital environments.

Companies mentioned in the report include:

o Celanese
o Owens Corning
o SGL
o Solvay SA
o BASF SE
o Jushi Group
o Toray Industries

New innovations in the healthcare sector will facilitate the adoption of metal replacement materials like PVC in the coming years. In 2020, Kerala State Drugs and Pharmaceutical (KSDP) announced plans to manufacture sanitizer wrist bands made with a special PVC (polyvinyl chloride) that are used to make blood bags, to help fight the COVID-19 pandemic.

Robust growth in the regional healthcare sector will favor product demand. According to a report, the healthcare market of Asia is projected to grow from $1835 billion in 2016 to over $2660 billion by 2020. Factors such as these will drive metal replacement market of APAC over 2024.

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This report provides a detailed and comprehensive analysis on the metal replacement market, including:

o Metal replacement market size, historical from 2015 to 2019 and annual forecast from 2020 to 2026

o Major metal replacement industry trends, technology evolution, economic indicators and business challenges

o Regulatory and geopolitical trends impacting the industry

o Business drivers and pitfalls impacting key regional markets

o Competitive landscape of the industry and detailed profiles on the major companies

Based on type, engineering thermoplastic polymer segment is anticipated to provide robust growth proceeds to the metal replacement industry. The materials provide consistent strength and stiffness, and outstanding impact performance to healthcare products. They offer superior creep resistance, maintain structural performance at extreme temperatures, and resist corrosion. They are also relatively lighter and stronger than aluminum, aluminum alloy and magnesium alloy, making them an ideal replacement for traditional metal parts.

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The demand for thermoplastic polymer is expected to intensify in the automotive sector given the growing demand for lighter weight vehicles that offer greater fuel efficiency. While in the healthcare sector, engineering thermoplastic polymer is anticipated to gain sizable traction owing to its wide spread use in various medical devices.

Rising cases of coronavirus worldwide will also boost the adoption of thermoplastic polymer. In 2020, plastics engineering company, Röchling Engineering Plastics UK announced that it will support the healthcare sector with thermoplastic materials and components to assist the NHS and global OEMs. Whereas in Hertfordshire, Röchling Insoll is observing high demand for thermoplastic seals and fittings used in fluid and gas supply systems that are developed for the healthcare sector.

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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

This release was published on openPR.