Report : Europe Medical Polyoxymethylene Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Dialysis Machine, Handles for Surgical Instruments, Inhalers, Insulin Pen, and Others)
Inhalers Segment is expected to be the fastest growing during the forecast period for Europe Medical Polyoxymethylene Market.
According to a new market research study on “Europe Medical Polyoxymethylene Market to 2028 – COVID-19 Impact and Analysis and Forecast by: Application,” is expected to reach US$ 17,165.62 thousand by 2028 from US$ 12,143.40 thousand in 2020. The market is estimated to grow at a CAGR of 4.4% from 2020 to 2028. The report provides trends prevailing in the Europe medical polyoxymethylene market along with the drivers and restraints pertaining to the market growth. Amplified use of medical POM in diversified application bases is the major factor driving the growth of the Europe medical polyoxymethylene market. However, issues associated with the rigorous regulations on use of thermoplastics and competition from traditional materials hinder the growth of Europe medical polyoxymethylene market.
The Europe medical polyoxymethylene market is segmented into application, and country. On the basis of application, the Europe medical polyoxymethylene market is categorized into dialysis machine, handles for surgical instruments, inhalers, insulin pen, and others. Insulin pen segment dominated the market in 2019. Further, the inhalers segment is expected to be the fastest growing segment during the forecasted period.
In Europe, currently the UK and Russia, followed by France, Spain, Italy, and Germany, are the hardest-hit countries by the COVID-19 pandemic. These countries are estimated to suffer an economic hit due to a lack of revenue from various industries. Other member states have implemented drastic measures and travel restrictions, including partial closing of their borders. The ongoing COVID-19 pandemic has drastically altered the growth status of the medical polyoxymethylene industry. The outbreak has distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage. The disturbed value chain has had a negative impact on raw material supply. However, as the economies are planning to revive their operations, the demand for medical polyoxymethylene is expected to rise in the coming months. However, the focus over just-in-time production is another factor hindering the medical polyoxymethylene market growth across the Europe region.
BASF SE; Celanese Corporation; DuPont de Nemours, Inc.; Ensinger; Kolon Plastics; Korea Engineering Plastics Co., Ltd.; LG Chem; Mitsubishi Chemical Corporation; and Polyplastics Co., Ltd. are among the leading companies in the Europe medical polyoxymethylene market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Polyplastics Group expanded its DURACON (R) polyoxymethylene (POM) PM series portfolio with the development of a new high-flow grade for drug contact and delivery applications for the medical and healthcare market. The new grade, DURACON PM27S01N, offers reduced wall thickness, miniaturization, and lower weight for various medical devices that are becoming increasingly complicated and highly functional.
The Report Segments the Europe Medical Polyoxymethylene Market as Follows:
Europe Medical Polyoxymethylene Market – By Application
- Dialysis Machine
- Handles for Surgical Instruments
- Insulin Pen
Europe Medical Polyoxymethylene Market – By Country
- Rest of Europe
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