Market Introduction
The market for Europe includes Germany, France, Italy, the UK, Russia, and the rest of Europe. The chemical industry contributes a major share to the GDP of the region. This industry is supporting the growth of the economy by assisting with various materials to be used in end-use that result in the creation of a diversified array of business opportunities and services. The chemical and materials industry of the EU is considered to be a major industry as it significantly contributing to the country’s GDP as well as employs millions of people in the region. Moreover, increasing demand for medical polyoxymethylene in production of medical devices and components such as dialysis machine, handles for surgical instruments, inhalers, insulin pen, medical trays, pharmaceutical closures and others are influencing the medical polyoxymethylene market in Europe. Also, amplified use of medical POM in diversified application bases is the major factor driving the growth of the Europe medical polyoxymethylene market.
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.
Market Overview and Dynamics
The medical polyoxymethylene market in Europe 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. Tissue engineering is defined as an interdisciplinary field which focuses toward repairing the tissues and organs with the help of cell-polymer interactions conducted by chemists, material scientists, and other such people working in the field. Several thermoplastic and thermosetting polymers have been considered ideal materials for use in devices that assist tissue engineering. Polyoxymethylene is an engineering resin exhibiting mechanical features, which make it ideal for use in prototyping and production of laboratory apparatus. Further, it is known to offer excellent, metal-like machining properties, along with thermal and dimensional stability, which permits the steam sterilization. Further, polyoxymethylene (POM) provides ultra-high modulus along with enhanced strength, hardness and rigidness, minimal friction coefficient and gas/vapor permeability, dielectric strength, and better retention characteristics at elevated temperature.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the medical polyoxymethylene market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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. among others.
Reasons to buy report
Europe Medical Polyoxymethylene Market Segmentation
Europe Medical Polyoxymethylene Market -By Application
Europe Medical Polyoxymethylene Market -By Country
Europe Medical Polyoxymethylene Market -Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 12,143.40 thousand |
| Market Size by 2028 | US$ 17,165.62 thousand |
| CAGR (2020 - 2028) | 4.4% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Medical Polyoxymethylene Market is valued at US$ 12,143.40 thousand in 2020, it is projected to reach US$ 17,165.62 thousand by 2028.
As per our report Europe Medical Polyoxymethylene Market, the market size is valued at US$ 12,143.40 thousand in 2020, projecting it to reach US$ 17,165.62 thousand by 2028. This translates to a CAGR of approximately 4.4% during the forecast period.
The Europe Medical Polyoxymethylene Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Medical Polyoxymethylene Market report:
The Europe Medical Polyoxymethylene Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Medical Polyoxymethylene Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Medical Polyoxymethylene Market value chain can benefit from the information contained in a comprehensive market report.
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