LONDON--The latest market research report by Technavio on the global fluoropolymer market in the healthcare industry predicts a CAGR of more than 7% during the period 2017-2021.
The report segments the global fluoropolymer market in the healthcare industry by product (polytetrafluoroethylene and others), by application (pharmaceutical packaging, medical devices, and drug delivery), and by geography (APAC, North America, Europe, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global fluoropolymer market in the healthcare industry, according to Technavio chemicals and materials researchers:
- Fluoropolymers increasingly replacing other plastics: a major market driver
- In 2016, PTFE dominated the global fluoropolymer market in healthcare industry, accounting for a market share of close to 55%
- APAC dominated the global fluoropolymer market in healthcare industry with a share of close to 35% in 2016
- 3M (Dyneon), Asahi Glass, Daikin Industries, Honeywell International, and The Chemours Company are the leading players in the market
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Fluoropolymers increasingly replacing other plastics: a major market driver
One of the major factors driving the global fluoropolymer market in the healthcare industry is the increasing replacement of other plastics by fluoropolymers. The consumers in the healthcare industry are choosing fluoropolymers over other plastics in packaging applications due to their superior characteristics such as natural inertness and barrier properties. In recent years, the development of cheap bulk injection molding processes to produce complex fluoropolymers products has further increased the use of fluoropolymer. Materials used in the healthcare industry must meet the unique performance criteria. Some of the primary factors that determine the performance criteria include sterilization, lubricity, inertness to chemical activity, stability over a wide range of temperatures, dielectric strength, compatibility with living tissue, USP Class VI certification, and purity of the highest order. Fluoropolymers perfectly meet these criteria, and therefore, they are an ideal choice for healthcare applications.
According to Hitesh Bhatia, a lead analyst at Technavio for research on plastics, polymers, and elastomers, “Fluoropolymers possess properties such as high chemical inertness, high heat and chemical resistance, and low coefficient of a fraction. Hence, they are used in different healthcare applications such as substitutes for the nose, ear, skull, hip, and knee bones. They are also used in developing biomedical materials for artificial corneas and heart valves. The most common plastics used in medical devices are polyethylene, polypropylene, polystyrene, polyester, polycarbonate, polyvinyl chloride, thermoplastic elastomer, and polysulfone. Fluoropolymers are replacing many of these plastic products in medical devices.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
APAC: largest fluoropolymer market in the healthcare industry
According to Technavio researchers, APAC dominated the global fluoropolymer market in the healthcare industry in 2016 and occupied a share of close to 35%. APAC has been the largest producer and consumer of fluoropolymer products in the global fluoropolymer market in healthcare industry. APAC is also the largest market for polytetrafluoroethylene (PTFE). The availability of raw materials such as fluorspar, ethylene, and fluorocarbon at low prices and the availability of skilled labor, land, and industrial equipment has made APAC a profitable region for the manufacture of fluoropolymers. APAC is also known for its growing healthcare industry. China, India, Japan, and South Korea are the leading manufacturers and consumers of fluoropolymers in this region. The demand for fluoropolymers in developing countries such as Indonesia, Thailand, and Vietnam has increased due to the growth of the healthcare industry in these countries.
Competitive vendor landscape
Most of the vendors are involved in manufacturing a specific type of fluoropolymer in the healthcare industry. The market entry barrier for new entrants is high, and the key players have taken a prominent position in the fluoropolymer market in the healthcare industry. APAC is the largest market for fluoropolymer consumption in the healthcare industry. China, India, and Japan are the leading producers and consumers of fluoropolymer in the healthcare industry. The US is also a key country in this industry and is a base for several key vendors. The Western European countries such as Germany, France, and the UK are the leading countries with developed healthcare industry.
Get a sample copy of the global fluoropolymer market in the healthcare industry report free of cost
Access Technavio’s continuously growing plastics, polymers, and elastomers research library and find expert analysis on hundreds of markets.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.