Packaging will remain the leading market due to plastic’s low cost and protective capabilities in pharmaceutical and product packaging uses.
Drivers for growth include an increased use of disposable plastic medical devices and supplies, as well as plastic packaging products, the report stated.
Additionally, as the population ages, there will be rising incidents of acute and chronic conditions.
Commodity plastics will stay dominant, with polyvinyl chloride, polypropylene, polyethylene and polystyrene emerging as market leaders, according to the data. Thermoplastic polyester and polypropylene are expected to grow due to opportunities in pharmaceutical and medical product packaging.
Demand for higher performing materials in surgical, diagnostic testing, drug delivery, geriatric care, self treatment and preventative medicine will drive an increased need for engineering plastics over the next few years, the report stated.
The greatest growth is expected in the surgical and medical instrument segment.
Polycarbonate will remain the dominant engineering resin and is expected to show the best growth prospects based on the resin’s clarity and impact resistance, the report concluded. Thermoplastic elastomers also will present above average growth due to their moldability and good tactile properties.
Further expansion in the market will be threatened by decelerating growth in surgical procedures and advances in minimally invasive surgical techniques, the data showed. For more information about the report, go to www.freedoniagroup.com.