Press release
Biopharma Plastics Market to Valued at US$ 15.95 Billion by 2033
Biopharma Plastics Market
Increasing health concern, and growth in healthcare expenditure are expected to drive the market for biopharma plastics along with polymers. Moreover, the presence of large-scale PP molding facilities and the manufacturing sector is projected to propel the market growth over the forecast period.
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Industry leaders are investing heavily in R&D to provide biopharmaceutical products that suit every aspect of consumer needs, which is driving the biopharma plastics market. North America dominates the biopharma plastics market due to the presence of key manufacturers of biopharma plastics such as Celanese Corporation, Eastman Chemical Co., and DuPont. Europe is the second-largest shareholder in the market, mainly due to the growing political support and favorable reimbursement regulations for medical devices.
Key Takeaways from the Market Study
- As of 2023, the biopharma plastics market was valued at US$ 5.42 Billion
- From 2023 to 2033, the biopharma plastics industry is poised to grow at an 11.4% CAGR
- By 2033, the biopharma plastics market is slated to reach a valuation of US$ 15.95 Billion
- By polymer type, the polyvinyl chloride segment accounted for the largest share of 21.5% and is expected to continue this trend over the forecast period.
- China is poised to yield a CAGR of 11.3% with respect to biopharma plastics in 2033
"Growing healthcare spending and increasing application of biopharma plastics are expected to radically transform the biopharma plastics market in the coming years," comments an analyst at FMI.
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Competitive Landscape
BASF SE, LyondellBasell Industries Holdings B.V., SABIC, LG chem, Toray Industries, Inc., Solvay, Dow, Inc., DuPont de Nemours, Inc., Saint-Gobain Performance Plastics, Tekni-Plex are some of the key players in the biopharma plastics industry.
The manufacturers are involved in the production of biopharma plastics in a larger capacity. Research and innovation are also conducted to launch innovative plastics for biopharmaceutical products. Also, some of the key players are acquiring small pharmaceutical companies to increase their production capacity.
- In September 2022 - LyondellBasell announced today that Hanwha Solutions Corporation will use the LyondellBasell Lupotech T high-pressure polyethylene technology at a new site in Yeosu, South Korea. The Lupotech T process technology will be used for a 300 kiloton per year (KTA) vinyl acetate copolymer (EVA) line.
- In July 2022 - DuPont celebrated the opening of its new DuPont™Liveo™ Healthcare Solutions manufacturing facility located at the Cooper River Site in South Carolina. The new facility will expand capacity for biopharmaceutical tubing extrusion to meet increased demand from Liveo™ customers
- In October 2021 - Tekni-Plex Healthcare has acquired precision extrusion manufacturer Johnson Plastic Group (JPG) as part of a strategy to expand the company's patient care solutions platform. The acquisition expands Tekni-Plex Healthcare's medical device capabilities and broadens the division's global footprint by adding a presence in Mexico.
- In November 2022 - Solvay, a leading supplier of advanced materials, has teamed up with French start-up Ostiumin a joint project designed to enable the mechanical recycling of end-of-life single-use surgical instruments molded in glass-fiber reinforced Ixef® polyarylamide (PARA) from Solvay's portfolio of specialty polymers
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Key Segments Covered in the Biopharma Plastics Market Industry Survey
Biopharma Plastics Market by Polymer Type:
- Polyethylene - PE
- Polypropylene - PP
- Acrylonitrile Butadiene Styrene - ABS
- Polyethylene Terephthalate - PET
- Polyvinyl Chloride - PVC
- Polytetrafluoroethylene - PTFE
- Other
Biopharma Plastics Market by Application:
- Protective Wear
- Container
- Bioreactor Bags
- Syringes
- Depth Filter
- Disposable Medical Connectors
- Others
Biopharma Plastics Market by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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