Global Biopharma Plastics Market is valued at approximately USD 4.34 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 11.2% over the forecast period 2022-2029. Biopharma plastics are specially designed plastics that plays important role in maintaining the characteristics of the drugs and product quality owing to their properties of high resistivity, low chemical reactivity, and thermal stability. Biopharma plastics are gaining high traction in the production of various healthcare products including containers, disposable connectors, syringes, protective wear, and bioreactor bags. The rising expenditure on healthcare products and services, increasing demand for biopharma plastics polymers, coupled with the growing awareness regarding maintaining a hygienic and clean environment at healthcare facilities are key factors that are bolstering market growth globally.
The rising prevalence of a wide range of medical illnesses among the geriatric population is exhibiting a positive influence on the market demand across the globe. The United Nation reported that it was estimated that there were 703 million persons aged 65 years or over in the world in 2019, which is projected to double to 1.5 billion by 2050. The rapidly growing ageing people are more prone to be affected by a variety of diseases and disorders, which is propelling the need for better healthcare facilities and treatments. Thereby, the escalating geriatric population and consequential medical treatments are reinforcing the demand for biopharma plastics, which is fueling the growth of the market. Moreover, the rising adoption of advanced healthcare technologies, as well as high potential in developing economies are presenting various lucrative opportunities over the forecasting years. However, the fluctuation in the prices of raw materials and the imposition of stringent norms are challenging the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Biopharma Plastics Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The Asia Pacific dominated the market in terms of revenue, owing to the surging demand for high-quality biopharma plastic devices and components, the development of emerging economies, along the increasing healthcare expenditure. Whereas, North America is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising focus on the advancement of healthcare services and the presence of the leading industry players in the market space.
Major market players included in this report are:
- BASF SE
- LyondellBasell Industries Holdings B.V.
- LG Chem Ltd.
- Toray Industries, Inc.
- Dow, Inc.
- DuPont de Nemours, Inc.
- Chevron Phillips Chemical Co., LLC
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- Covestro AG
Recent Developments in the Market:
- In October 2021, DuPont unveiled the introduction of its new DuPont Liveo pharma bottle closures that are made from biomedical-grade silicone elastomer. The product is specially designed to seal plastic bottles and threaded glass containers that are adopted for media, critical fluid transfer, buffer pooling and storage, and sample collection in biopharmaceutical and biotechnology processes.
- In June 2021, Celanese Corporation declared that the company acquire a contractual deal with the aim of attaining Exxon Mobil Corporation’s Santoprene TPV elastomers division. Santoprene TPV materials are adopted in biopharma, healthcare, and medical devices such as peristaltic tubes, syringe tips, seals, dental, tourniquets, prosthetic cushions, medical hoods, and masks.
Global Biopharma Plastics Market Report Scope:
- Historical Data 2019-2020-2021
- Base Year for Estimation 2021
- Forecast period 2022-2029
- Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered Polymer Type, Application, , Region
- Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
- Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
By Polymer Type:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
- Polyethylene (PE)
- Polypropylene (PP)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polytetrafluoroethylene (PTFE)
- By Application:
- Protective Wear
- Disposable Medical Connectors
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of the World