The Medical Polyoxymethylene Market Is Estimated To Witness High Growth
SWOT Analysis
Strength: The Medical Polyoxymethylene Market has high durability and is autoclave sterilizable, making it suitable for medical equipment and devices. It has excellent mechanical properties and chemical resistance. It can withstand high temperatures and harsh chemical environments.
Weakness: Polyoxymethylene polymers have low impact strength and are brittle in nature. They are susceptible to stress cracking in the presence of certain chemicals.
Opportunity: Growing demand for minimally invasive surgeries offers an opportunity for growth of medical-grade polyoxmethylene. Increasing healthcare expenditure in emerging economies also presents lucrative growth prospects.
Threats: Stringent regulatory norms associated with medical-grade polymers pose significant manufacturing challenges. Threat of substitution from other high-performance polymers also exists.
Key Takeaways:
The Global Medical Polyoxymethylene Market Demand is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing prevalence of lifestyle diseases and growing geriatric population. Rising demand for advanced medical technology is further driving the market.
Regional analysis: North America dominates the global market and is expected to grow at a CAGR of 2.5% during the forecast period. This is attributed to presence of major players and advanced healthcare infrastructure in the region. Asia Pacific exhibits highest growth and is estimated to expand at 4.1% CAGR owing to increasing healthcare spending, westernization and rising medical tourism.
Key players: Key players operating in the Medical Polyoxymethylene market are BASF SE, Celanese Corporation, Daicel Corporation (Polyplastics Co. Ltd), DuPont de Nemours Inc., Ensinger, Korea Engineering Plastics Co. Ltd, Mitsubishi Chemical Corporation, Westlake Plastics Company, and Yuntianhua Group Co. Ltd. These players are investing in R&D to develop new grades of polymers as per evolving industry requirements.
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