Market Leader - COVID-19 Impact on Medical Tubing Market

The US medical tubing market size is projected to reach USD 2.9 billion by 2021, at a CAGR of 13.2%.The increase in demand for medical tubes in ventilators is the key factor driving the use of medical tubing. The rising demand for medical devices that incorporate medical tubing and the growing demand for ventilators in this pandemic are propelling the growth of the medical tubing market globally. However, factors such as restricting counterfeit products and fighting time for supply chain and logistics could affect the market growth.

Zeus Industrial Products (US), Saint Gobain Performance Plastics (France), Teleflex (US), Optinova (US), and Lubrizol Corporation (Vesta) (US), among others, are the leading medical tubing manufacturers, globally. These companies have established their brands, and medical tubings produced by these companies are consumed domestically. They are also supplied to various countries such as China, Japan, UK, Italy, France, and others within the Asia Pacific region.

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In February 2020, Teleflex Medical OEM acquired HPC Medical Products to strengthen its medical tubing & wire components and catheters portfolio. With this acquisition, the company is able to meet the growing demand in this pandemic situation. Now, the company is able to supply more products to the impacted countries with immediate effect to meet the growing demand.

Lubrizol announced the continuous supply of flexible and biocompatible materials for vascular catheters, IV tube sets, and medical components used in ventilators, valves, and infusion pumps. In order to attain this, it has altered its production process to deliver more products which can serve the purpose during this COVID-19 pandemic. The company also ramped up the supply of ESTANE thermoplastic polyurethane (TPU) for a multitude of applications in this crucial time.

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Building & construction segment accounted for the largest share of the foam plastics market

Foam plastics are resins used in manufacturing polymer foams, which are used in various end-use industries such as building & construction, furniture & bedding, packaging, and automotive among others. The Foam plastics market size for is projected to grow from USD 51.6 billion in 2020 to USD 65.4 billion by 2025, at a CAGR of 4.8%. Foam plastics are largely used in building & construction, packaging, and furniture & bedding. The polyurethane segment is estimated to account for the largest share of the overall market due to its properties such as low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties.

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Foam plastics are used to make foams used in the building & construction industry for forging, doors, roof board, and slabs. PU is the dominant resin used in the building & construction industry for insulation. It has low heat conduction coefficient, low density, low water absorption, and relatively good mechanical strength and insulating properties, which are helpful in the building & construction sector. The COVID-19 pandemic has affected various end-use industries, and almost all divisions of the supply chain continue to be affected, which also includes the construction industry. According to the National Association of Home Builders (NAHB), US, the GDP growth rate during the first two quarters is expected to be negative. This decline can be compared to the aftermath of the global performance of the 2008 Great Recession. However, the fourth quarter of 2020 is expected to be a rebound period.

Recent Developments

In February 2020, Huntsman Corporation announced that it completed the acquisition of Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. Huntsman acquired the business from an affiliate of FFL Partners, LLC, for USD 350 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.

APAC is the largest foam plastics market, globally.

APAC is the leading market for foam plastics. The growth in the region is fueled by the booming economies of China, India, Indonesia, and Vietnam. PU resin based foams are preferred choice in the building & construction industry in APAC. It is in high demand, as it is a low-cost material that provides low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties. APAC is a rapidly developing region with growth opportunities for companies willing to invest in high-growth markets.

The key players profiled in the foam plastics market report are BASF SE (Germany), Covestro (Germany), Huntsman International LLC (US), The Dow Chemical Company (US), and Wanhua Chemical Group Co., Ltd. (China).

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Market Leaders – Ultra-High Molecular Weight Polyethylene Market

 

The ultra-high molecular weight polyethylene (UHMW PE) market is estimated at USD 1.4 billion in 2020 and is projected to reach USD 2.2 billion by 2025, at a CAGR of 9.4% from 2020 to 2025. Ultra-High Molecular Weight Polyethylene (UHMW PE) is a simple linear background polyethylene possessing unique properties. Due to its ultra-high molecular density, it provides high abrasion resistance and impact strength in comparison to other engineering polymers. Apart from this, the material can also be optimized for more application specific requirements such as noise resistance, low coefficient of friction, excellent chemical resistance, self-lubrication, bio-compatibility, wear resistance, and electric insulation resistance.

The UHMW PE market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific UHMW PE market in 2019. The Asia Pacific region is an emerging and lucrative market for UHMW PE, owing to industrial development and improving economic conditions. In addition, the growth of the medical industry in Asia Pacific is one of the reason leading to an increase in the demand for UHMW PE. UHMW PE is also being used in mechanical equipment. The presence of a number of mechanical component manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the UHMW PE market in the coming years.

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Major companies such as Celanese Corporation (US), Koninklijke DSM N.V. (Netherlands), LyondellBasell Industries N.V. (Netherlands), Braskem S.A (Brazil), Asahi Kasei Corporation, (Japan) Du Pont De Nemours Inc. (US), Saudi Arabia Basic Industries Corporation (Saudi Arabia), Mitsui Chemicals, Inc. (Japan), Honeywell International, Inc. (US), and Teijin Limited (Japan) and others are key players in the UHMW PE market. These players have been focusing on developmental strategies, such as expansions, acquisitions, partnerships, joint veture, and new product developments, which have helped them expand their businesses in untapped and potential markets.

Celanese Corporation is engaged in the provision of technology and specialty materials business. It operates through the following segments: Engineered Materials, Acetate Tow, and Acetyl Chain. The Engineered Materials segment includes the engineered materials business, food ingredients business, and certain strategic affiliates. The company adopts growth strategies to increase its market share. For instance, in April 2018, Celanese Corporation announced the addition of a new GUR ultra-high molecular weight polyethylene (UHMW PE) production line at its Nanjing, China manufacturing facility to support the growth in its engineered materials business, specifically the electric vehicle market

Koninklijke DSM N.V. has a major business of nutritional and pharmaceutical ingredients and industrial chemicals. The business segments offered by the company include nutrition, materials, innovation center, and corporate activities. The company has a presence in all the major regions, including North America, Europe, Asia Pacific, the Middle East, Africa, and South America. The performance materials segment produces synthetic fibers, engineering plastics, and resins used in coatings, and include engineering plastics, DSM Dyneema, and DSM Resins. DSM acquired majority shares of ICD, a UHMW PE fiber manufacturer in China.

The acquisition of the majority share in ICD will bring complementary manufacturing and technology assets to DSM and will strengthen the company’s presence in this UHMW PE market. DSM introduced Dyneema Purity Black fiber, the first black medical-grade UHMW PE fiber. Further the company also fouses on the new product development. For instance, in July 2019, the fiber builds are expected to be 15 times stronger than steel, has a small profile, high pliability, and biocompatibility.

Braskem S.A is considered as a major player in the petrochemicals market, owing to its comprehensive product portfolio, and serviceability. It has 29 production plants in Brazil, four in Mexico, five plants in the US, and two plants in Germany. The company adopts several growth strategies to expand its presence in the international market. For instance, the company partnered with Pegasus Polymers for the distribution of UTEC in 2017. With this partnership, the company was not only been able to expand its geographical reach but also penetrate deeper into the Chinese market by increasing the sales network.

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The growing usage of asphalt additives in roofing application

 

The asphalt additive market is projected to grow from USD 3.4 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 6.8% from 2021 to 2026. Increase in road construction projects along with the growing usage of asphalt additives in roofing application are some of the major key factors driving the growth of the asphalt additive market across the globe.

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Asphalt is primarily used in roofing applications for waterproofing. It is also used as a saturate in asphalt saturated felts, roll roofing, and shingles. Asphalt shingles are one of the least expensive roofing applications and are witnessing increased demand from the North American and European regions. The sub-prime crisis of 2007-2008 in the US caused a recession in the construction industry. However, the construction industry in the North American region has recovered and is growing at a moderate pace. As the market for building materials is increasing in the North American and European regions, the use of asphalt in these materials is expected to grow. Consequently, the demand for asphalt additives is also expected to increase as these improve the service life and durability of asphalt in roofing applications.

The Asia Pacific region was the largest market for asphalt additives in 2020

The Asia-Pacific region was the largest market for asphalt additives in 2020, owing to the increasing demand for asphalt additives products in developing economies, such as India and China. China is the leading consumer of asphalt additives products in the Asia-Pacific region. The considerable growth and innovation, along with industry consolidations, is expected to drive the growth of the Asia-Pacific asphalt additives market.

Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Ingevity Corporation(US), and BASF SE (Germany) are some of the leading players operating in the asphalt additive market.

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Industrial water pollution treatment is the largest application of activated carbon filters market

The global activated carbon filters market size is estimated at USD 267 Million in 2020 and is projected to reach USD 330 Million by 2025, at a CAGR of 4.4%, between 2020 and 2025. Activated carbon filters are used to remove organic compounds, and free chlorine from water to make it suitable for drinking and reuse in manufacturing processes or to discharge in water bodies. They are used to remove organic elements, such as humic acid and fulvic acid from potable water to prevent the formation of trihalomethanes, a class of carcinogens. They are also used for air/gas filtration in various industries. The filter media, which is used in the filtration process is activated carbon, also known as activated charcoal. Activated carbon is a form of carbon that removes organic compounds from liquids and gases by a process known as “adsorption”. It is extremely porous and thus has a very large surface area available for adsorption.

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The industrial water pollution treatment application is expected to be the largest, and drinking water purification application is expected to be the fastest-growing segment in the overall market. The global activated carbon filters market is mainly driven by the implementation of stringent regulations by regional governments and environmental agencies to control water pollution. Also, activated carbon filters are used to treat industrial discharge to re-use it in the manufacturing rocess again. Re-use of industrial discharge water and water pollution control are the two major making industrial water pollution treatment the largest application in the market.

APAC is the largest as well as the fastest-growing market for activated carbon filters market.

APAC is estimated to be the largest market for activated carbon filters in 2019. The market for this region is segmented into China, India, Japan, Malaysia, Indonesia, and the Rest of APAC. According to the World Bank, APAC is the fastest-growing region in terms of both population and economy. The region has witnessed significant growth in the past decade, accounting for over one-third of the world’s GDP. High economic growth, coupled with the increasing population, is expected to drive the region’s industrial sector. This is expected to increase the demand for activated carbon filters in water pollution treatment and water purification applications.

Recent Developments

• In January 2020, Kuraray expanded its Mississippi (US) activated carbon plant, which will increase the capacity of the plant by 50 million pounds of granular activated carbon (GAC) annually. GAC is used as filter media in activated carbon filters. This expansion will help the company to cater to the growing needs of activated carbon filters in the North American region.
• In April 2020, Cabot Corporation acquired Shenzhen Sanshun Nano New Materials Co., Ltd (SUSN) (China). This acquisition will help the company to strengthen its market position in the APAC region.

The key companies profiled in this report on the activated caron filters market include TIGG LLC (US), Puragen Activated Carbons (US), Cabot Corporation (US), Westech Engineering (US), Kuraray Co. Ltd. (Japan), Lenntech B.V. (The Netherlands), Donau Carbon Corporation (Germany), General Carbon Corporation (US), Sereco S.R.L. (Italy), Carbtrol Corp (US).

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Replacement of metals with plastics in automotive applications is driving the Black Masterbatches Market

The black masterbatches market size is estimated to be USD 2.4 billion in 2021 and is projected reach USD 3.0 billion by 2026, at a CAGR of 4.4 % between 2021 and 2026. . This growth is mainly supported by the increasing need for innovative and attractive plastic products from the packaging industry. Most of the polymer manufacturers have switched the processing method of plastics from compounding to masterbatch. This process is cost-effective and saves processing time as compared to compounded materials. American and European black masterbatch manufacturers are focusing on expanding their manufacturing facilities in emerging economies owing to cost-effective labor, low setup cost, tax benefits, and high demand for black masterbatch.

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Plastics provide superior mechanical, physical, thermal, and electrical properties than metals. Engineering plastics are widely used in various automotive components such as steering wheels, airbags, seatbelts, bumpers, and dashboards. Continuous innovation and demand for lightweight materials in the automotive industry are encouraging the replacement of metals with plastics. It is estimated that for every 10% reduction in the weight of vehicles, fuel efficiency can be increased by 7–8%. In addition, plastics offer better design, safety, and environmental sustainability than metals. Automotive and airplane manufacturers utilize lightweight plastics such as PP and PC for windows, hoods, and interior applications.

Plastics used in the manufacture of automotive components are PBT, PET, PVC, ABS, PA, PS, PC, and PE. Implementation of stringent regulations on vehicular emissions in developed nations has led to automobile manufacturers working on weight reduction of vehicles. As plastic is used for weight reduction in vehicles, the demand for plastics in the automotive industry is increasing rapidly. Black masterbatch is used in exterior applications such as vehicle bodies, bumper, headlamp lenses, body side protection strips, window sealing profiles, and tires in the automotive industry.

The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The black masterbatches market is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest black masterbatches market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.

Key players in this market are LyondellBasell (US), Avient Corporation (US), Ampacet Corporation (US), Cabot Corporation (US), Plastika Kritis S.A. (Greece), Plastiblends India Ltd. (India), Hubron International (UK), Tosaf Group (Israel), and Penn Color, Inc. (US). The global and regional players have sizable shares in the black masterbatch market. The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally.

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Rising demand for bio-based polymer emulsion driving the Polymer Emulsion Market

The global polymer emulsion market size is projected to grow from an estimated value of USD 25.2 billion in 2020 to USD 38.1 billion by 2025, at a CAGR of 8.6% during the forecast period. The growth of the market is driven mainly by the increasing demand from growing end-use industries in emerging markets and stringent regulations regarding VOC emission.

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Rising environmental concerns and increasing competition amongst market players have encouraged manufacturers to continuously make technological advancement and increase the use of bio-based or green products. This is increasing the demand for lower VOC products, which uses renewable materials as their feedstock.

The acrylics segment accounts for the largest share of the overall polymer emulsion market. Acrylic polymer emulsion is used widely in various applications due to its properties, such as low VOC emission and excellent durability. It is also preferred in multiple end-use applications due to its versatility. Acrylics are used to prepare polymers with rigid, flexible, ionic, nonionic, hydrophobic, or hydrophilic properties. They are transparent, have resistance to breakage, provide excellent finish gloss, improved adhesion to non-porous surfaces, and flow and stability. They are also commonly known as polyacrylates.

Paints & coatings is the largest application

The growth of the market is attributed to the high demand in industries, such as construction and automotive. Polymer emulsion is used widely in paints & coatings as its manufacturing process has a lower carbon footprint. The high VOC content of solvent-based products and the implementation of government regulations regarding air pollution control has stimulated the development of low VOC paints & coatings. This increased the demand for water-based paints & coatings, which in turn, drive the growth of polymer emulsions in the paints & coatings segment.

APAC is the largest and fastest-growing market for polymer emulsion. The region is witnessing growth in the polymer emulsion market because of the rapid expansion of building & construction, consumer durables, and transportation sectors. The manufacturers are attracted to the region as skilled labor required for the operation of manufacturing units is available at lower wages. The presence of major polymer emulsion manufacturers and stringent government regulation related to VOC emission are major factors supporting the growth of polymer emulsion in the region.

DIC Corporation (Japan), Dow Chemical Company (US), BASF SE (Germany), Arkema Group (France), Celanese Corporation (US), Trinseo (US), The Lubrizol Corporation (US), Wacker Chemie AG (Germany), Synthomer Plc (UK), and Asahi Kasei Corporation (Japan) are the major players in the polymer emulsion market.

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