Specialty Elastomer for Pharmaceuticals Market: Overview
- Specialty elastomers are polymers with high elasticity as well as viscosity. They offer low permeability to moisture and gas; as well as high temperature resistance.
- Specialty elastomers help meet the changing requirements for drug compatibility and cleanliness in the healthcare industry. They offer several beneficial properties. For instance, they possess low extractability and leachability. Specialty elastomers are super-clean solutions for sensitive drugs and various other pharmaceutical applications such as pharmaceutical stoppers and container closures.
- Products manufactured from specialty polymer materials need to be non-toxic and suitable for selected medical devices. They need to be tested and certified to according to the United States Pharmacopeia (USP) Class VI.
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Rise in Demand for Pharmaceuticals to Drive Market
- Rise in complexity of new pharmacological interventions has prompted companies to manufacture compatible container closures with the use of versatile materials. This is driving the demand for specialty elastomers for pharmaceuticals.
- The pharmaceutical industry has been expanding in developing economies such as China, India, and Brazil due to rise in disposable income of the people, increase in population, and growth in focus on health care. This is estimated to drive the market in the near future.
- Demographic trends such as increasing population, including old age population, are likely to drive the demand for pharmaceutical products, thereby boosting the demand for pharmaceutical products during the forecast period
- High cost involved in processing of pharmaceutical specialty elastomers is a major factor hampering the market. Volatility in prices of raw materials due to lack of availability of proper resources is also adversely affecting the market.
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- The specialty elastomer for pharmaceuticals market has been facing supply-demand shortages due to the industrial shutdown triggered by the COVID 19 outbreak. Supply shortage has also resulted in an increase in prices of raw materials. Affected downstream supply chain might take longer to recover. The industrial shutdown has adversely impacted product and inventory transportation, as logistic services have been hampered due to the COVID-19 outbreak. These factors are expected to adversely affect the specialty elastomer for pharmaceuticals market in the near future.
Thermoset Elastomers Product Type Segment to Offer Lucrative Opportunities
- Based on product type, the global specialty elastomer for pharmaceuticals market can be segmented into thermoset elastomers and thermoplastic elastomers
- The thermoset elastomers segment is anticipated to dominate the specialty elastomer for pharmaceuticals market, led by rise in demand of rubber-based elastomers in the pharmaceuticals industry
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Stoppers Application Segment to Hold Major Share of Market
- Based on application, the specialty elastomer for pharmaceuticals market can be divided into stoppers, cartridges, syringes, needle shields, and others
- Specialty elastomers are used in a wide range of pharmaceutical applications. The stoppers segment is projected to dominate the specialty elastomer for pharmaceuticals market during forecast period.
Asia Pacific to Offer Lucrative Opportunities
- In terms of region, the global specialty elastomer for pharmaceuticals market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2019, due to the presence of key manufacturers across the region. India, China, Thailand, Singapore, and Malaysia offer lucrative opportunities for the market owing to increase in population, improvement in standard of living, growth in economic development, and increase in expenditure on health care. Expansion of the pharmaceuticals industry in Asia Pacific is likely to boost the specialty elastomer for pharmaceuticals market in the region in the near future.
- North America is also likely to hold key share of the global specialty elastomer for pharmaceuticals market during the forecast period. Europe holds important position in the market. Germany in Europe is anticipated to register maximum CAGR during the forecast period.
Key Players in Market
The global specialty elastomer for pharmaceuticals market was fragmented, with several regional and global manufacturers operating in the market during 2019. Prominent players in the global specialty elastomer for pharmaceuticals market strive to enter into partnerships for the development of innovative products.
Key players operating in the global specialty elastomer for pharmaceuticals market include:
- Exxon Mobil Corporation
- James Walker
- Eastman Chemical Company
- West Pharmaceutical Services, Inc.
- Trelleborg Healthcare & Medical
- Precision Polymer Engineering/IDEX
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