Biopharma Plastics Market to Reach $14.9 Billion, Globally, by 2032 at 11.6% CAGR: Allied Market Research

Jul 07, 2023

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29 Aug, 2023, 10:01 ET

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The global biopharma plastics market is experiencing growth due to several factors such as growing demand for sustainable packaging and increasing demand from the biopharmaceutical industry as unique properties of biopharma plastics, including biocompatibility, chemical resistance, and the ability to maintain the stability of sensitive biologic drugs, make them ideal materials for use in the biopharmaceutical industry.

PORTLAND, Ore., Aug. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Biopharma Plastics Market by Polymer (Polyethylene, Polypropylene, Acrylonitrile Butadiene Styrene, Polyethylene Terephthalate, Polyvinyl Chloride, Polytetrafluoroethylene, and Others) by Application (Protective Wear, Containers, Bioreactor Bags, Syringes, Depth Filters, Disposable Medical Connectors, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global biopharma plastics industry was valued at $5.0 billion in 2022 and is projected to reach $14.9 billion by 2032, growing at a CAGR of 11.6% from 2023 to 2032.

Biopharma plastic is used to give a durable, smooth finish that's resistant to UV rays and chemicals. It's also great for oxidation resistance, water repellence, and vapor permeability. Also, it has great mechanical properties.

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Prime Determinants of Growth:

The global biopharma plastics market is experiencing growth due to several factors such as growing demand for sustainable packaging and increasing demand from the biopharmaceutical industry as unique properties of biopharma plastics, including biocompatibility, chemical resistance, and the ability to maintain the stability of sensitive biologic drugs, make them ideal materials for use in the biopharmaceutical industry. However, the high cost of biopharma plastics hinders market growth to some extent. Moreover, advancements in biopharma plastic technologies offer remunerative opportunities for the expansion of the Biopharma plastics market.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$5.0 Billion

Market Size in 2032

$14.9 Billion

CAGR

11.6 %

No. of Pages in Report

349

Segments Covered

Polymer, Application, and Region

Drivers

Growing demand for sustainable packaging

Rising adoption of biologics and personalized medicines

Opportunity

High cost of biopharma plastics

Restraint

Advancements in biopharma plastic technologies

Impact of the Russia-Ukraine War on the Biopharma Plastics Market:

The polytetrafluoroethylene segment to maintain its lead position during the forecast timeframe

Based on polymer, the polytetrafluoroethylene segment held the highest market share in 2022, accounting for more than two-fifths of the global biopharma plastics market revenue and is expected to maintain its lead position during the forecast timeframe. The growth is attributed to the fact that PTFE is widely used as a biocompatible plastic due to its inert nature, preventing potential interactions with sensitive biological substances. It finds applications in various biopharmaceutical processes such as tubing and containers for storage and transportation of drugs and biologics, filters, and components in chromatography systems. However, the polyethylene terephthalate segment is projected to manifest the highest CAGR of 12.5% from 2023 to 2032. This is due to the fact that PET is utilized to manufacture various biopharma plastic components, such as bottles, vials, syringes, and containers, ensuring the preservation and safe storage of pharmaceutical products. Its high barrier properties protect drugs from moisture and oxygen, extending their shelf life. Moreover, PET's recyclability aligns with sustainability efforts, making it a preferred choice for eco-friendly packaging solutions in the biopharmaceutical sector.

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The syringes segment is expected to rule the roost by 2032

Based on application, the syringes segment held the highest market share in 2022, accounting for more than one-fourth of the global biopharma plastics market revenue and is projected to rule the roost by 2032. This can be attributed to the fact biopharma plastics find essential applications in syringes due to their biocompatibility, chemical resistance, and sterility. These plastics, often made from materials like polypropylene or polycarbonate, ensure safe and reliable drug delivery by minimizing the risk of leaching or contamination. In addition, they enable the production of pre-filled syringes, auto-injectors, and safety syringes, improving patient compliance and reducing the risk of needlestick injuries for healthcare professionals. On the other hand, disposable medical connectors segment would display the fastest CAGR of 12.5% during the forecast period.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global biopharma plastics market and is expected to maintain its dominance by 2023. The same segment would portray the fastest CAGR of 11.9% during the forecast period. The rapidly expanding pharmaceutical and biotechnology industries in this region, coupled with the rising demand for advanced drug delivery systems, fuel the market growth of biopharma plastics. Furthermore, the growing focus on healthcare infrastructure development and the rising investment in R&D activities further boost the demand for biopharma plastics in Asia-Pacific.

Leading Market Players: -

The report provides a detailed analysis of these key players in the global biopharma plastics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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