Covid-19 Impact on Medical Grade Silicone Rubber Market
• Medical grade silicone rubber contains polymers of different chain lengths. It always comprises a principal silicon oxygen chain and an organic moiety bound to the silicon. Properties of medical grade silicone rubber vary greatly, depending on the organic groups and chemical structure.
• The main ingredients of medical grade silicone rubbers are unique raw silicone rubber gum and high-purity silica. Medical grade silicone rubber is utilized in instruments with critical functions, such as defibrillators, heart pumps, and surgical reconstructive components, which employ the biocompatible and hydrophobic properties of silicone.
Key Drivers of Medical Grade Silicone Rubber Market
• Rise in demand for medical grade silicone rubber from various medical applications such as disposables, catheters, surgical instruments, prosthetics and implants, and drug delivery systems is expected to augment the market. Medical grade silicone rubbers possess fine hydrophobic and electrical properties, good chemical stability and flame retardancy, and superior resistance to heat and cold. These properties make them ideal for medical applications such as disposables, catheters, surgical instruments, prosthetics and implants, and drug delivery systems.
• Increase in global healthcare expenditure is projected to boost the consumption of medical grade silicone rubber during the forecast period. Healthcare spending is rising across the globe due to an increase in awareness about healthcare and a rise in the demand for advanced healthcare services. Additionally, consistent rise in patient population due to an increase in the number of road accidents and chronic diseases is expected to fuel the need for surgeries, which in turn is boosting the demand for medical grade silicone rubber in surgical instrument applications.
Restraints of Medical Grade Silicone Rubber Market
• Volatility in prices of raw materials is projected to hamper the global medical grade silicone rubber market. Raw materials such as silicone rubbers, silicone rubber gum, and high-purity silica are used in the preparation of clear encapsulation materials. Prices of these raw materials are fluctuating, as the supply chain has been disrupted due to the COVID-19 pandemic. Demand for these raw materials is witnessing volatility, which in turn significantly affects their prices.
• Dearth of universal directives pertaining to applications of medical grade silicone rubber is also likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of medical grade silicone rubber. Companies find it difficult to comply with these country-wise directives and legislations. This can discourage investment in the medical grade silicone rubber market and subsequently, restrain the market.
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COVID-19 Impact on Medical Grade Silicone Rubber Market
• Market players operating in the medical grade silicone rubber market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Several players have halted their production output for the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials. Thus, demand for medical grade silicone rubber is expected to decline in 2020.
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Asia Pacific to Hold Major Share of Global Medical Grade Silicone Rubber Market
• In terms of region, the global medical grade silicone rubber market can be split into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
• Asia Pacific is expected to hold a significant share of the global market during the forecast period owing to a rise in the demand for advanced healthcare services. Increase in spending on healthcare infrastructure and reimbursement coverage is projected to boost the medical devices sector in the region, which in turn is projected to drive the demand for medical grade silicone rubber in Asia Pacific.
• Rise in disposable income, increase in per capita healthcare spending in China, India, Japan and other countries in Southeast Asia are major factors augmenting the market for medical grade silicone rubber in these countries
• The market in North America is also expected to expand at a significant pace during the forecast period owing to the presence of well-developed healthcare infrastructure in the region
Prominent Players Operating in Medical Grade Silicone Rubber Market
Major players operating in the global medical grade silicone rubber market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include;
• Dow Corning
• Wacker Chemie AG
• Momentive Performance Materials Inc.
• KCC Corporation
• Elkem Silicones
• Shin-Etsu Chemical Co., Ltd.
• NuSil Technology LLC
• Wynca Group
• Saint-Gobain Performance Plastics
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