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Medical Plastics Market size was valued at USD 46.5 billion in 2019 and is poised to grow from USD 50.13 billion in 2023 to USD 98.55 billion by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Dow Chemical Company', 'BASF SE', 'Eastman Chemical Company', 'DuPont de Nemours, Inc.', 'Arkema S.A.', 'Evonik Industries AG', 'Solvay S.A.', 'Sabic', 'Celanese Corporation', 'Tekni-Plex', 'Exxon Mobil Corporation', 'Lubrizol Corporation', 'DSM N.V.', 'RTP Company', 'Ensinger GmbH', 'Porex Corporation', 'The Chemours Company', 'Raumedic AG', 'Trinseo LLC', 'Plastikon Healthcare'

One of the primary aspects driving the market's favorable outlook is significant growth in the medical businesses around the globe. As the COVID-19 continues to spread around the world, the demand for single-use medical plastics and consumables in healthcare facilities has increased significantly. 

Market Stability vs Price Volatility: Oil price fluctuations have been a major factor in the price volatility of Polyvinyl Chloride (PVC), Polyethylene (PE), Polypropylene (PP), and Polystyrene (PS) (PS). The market's price volatility has also been influenced by capacity expansion and decrease. Furthermore, rising Chinese market overproduction is projected to have an impact on raw material prices. 

The Medical Plastics Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022,  North America is projected to hold the most substantial share of more than 35% in the market. The demand for medical equipment is predicted to rise dramatically in the future years as per capita health expenditures in the United States rise. This will very certainly increase product demand in the region. In addition, the presence of significant manufacturers in the area, such as Dow Inc., DuPont, Celanese Corp., and Eastman Chemical Co., is likely to boost overall market growth over the projection period.

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Global Medical Plastics Market

Product ID: SQMIG15E2132