Driven by growth related to COVID-19, the global medical plastics market is projected to grow more than 17 percent in the next year, according to a new market study.
The study, "COVID-19 Impact on Medical Plastics Market," anticipates growth of 17.2 percent between 2020 and 2021, with the market then valued at $29.4 billion. The study was conducted by consulting firm Markets & Markets Inc. of Northbrook, Ill.
Standard plastics including PVC, polyethylene, polypropylene, polystyrene and acrylic are expected to have the highest growth rates in the next year, according to the study. Those materials have higher demand in that sector than engineering plastics, officials said.
Major medical applications for standard plastics include gloves, drapes, gowns, trays, catheters, syringes, orthopedic devices, surgical tools, and labware. Increased requirements of personal protection equipment (PPE) such as gloves and masks will boost consumption.
Within medical plastics uses, the study expects medical disposables to have the highest growth rate in the next year. The use of these disposables as instructed by agencies including the U.S. Food & Drug Administration is propelling demand for medical plastics globally, officials said.
The study identifies Saudi Basic Industries, BASF SE, Celanese Corp., Evonik, Solvay and Covestro AG as major suppliers of materials for medical plastics uses. Sabic of Riyadh, Saudi Arabia, was singled out for having "a strong product portfolio of medical plastics," with applications in medical disposables, drug delivery and diagnostics.