Global Platinum silicone tubing & hose Market to grow at 8.5% CAGR till 2026
In terms of value, the global platinum silicone tubing & hose market was valued at US$ 3,230.8 Mn in 2018 and it is expected to reach US$ 6,211.4 Mn by 2026 at a CAGR of 8.5%. The platinum silicone tubing & hose market is being driven by the increasing adoption of minimally invasive medical procedures and the rising demand for medical tubing devices.
A platinum-cured silicone tube has a strong oxygen bond structure, which results in properties such as high resistance to ambient temperatures, biocompatibility, good electric properties, and high chemical and mechanical strength. Biocompatibility of silicone material allows it to be compatible with tissues and other body fluids of humans, resulting in its increasing use for medical purposes.
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Platinum silicone tubing & hose plays a major role in medical tubing devices, as it is extensively used in cannula and catheters, dialysis, and drug delivery systems, among others. The increasing prevalence of chronic diseases such as cancer, diabetes, cardiovascular disorders, and others is creating high demand for medical tubing in the global market, which has resulted in a significant expansion of the global platinum silicone tubing and hose market.
The increasing geriatric population and growing awareness about advanced medical procedures are expected to increase the demand for minimally invasive surgeries. Surgical interventional techniques have undergone some developments in minimally invasive techniques. Minimally invasive surgery is experiencing significant growth in terms of patient acceptance.
The generation of people who are most often referred to as the baby boomers, now belong to the 30-50 age group and this forms a sizeable portion of the population in developed economies such as in Europe. Increasing awareness about the positive effects of adopting minimally invasive surgeries has helped in the spread of this technique. Therefore, this factor has resulted in the increasing adoption of platinum silicone tubing & hose over the years, which in turn, is boosting the overall market growth.
The key players operating in the global platinum silicone tubing & hose market are, NewAge Industries Inc. (US), Dow Corning Corporation (US), TBL Performance Plastics (US), Cole-Parmer Instrument Company, LLC (US), Tubes International (Poland), Trelleborg AB (Sweden), Parker-Hannifin Corp. (US), Saint-Gobain Performance Plastics. (France), Thermo Fisher Scientific Inc. (US), Venair (Spain), and Nordson Medical Corporation (US), amongst others.
The companies operating in the platinum silicone tubing & hose market are focusing on mergers and acquisitions, new product launches, research and development, and other strategies, in order to increase their market share. For instance, In April 2018, Saint-Gobain Performance plastics has acquired an Irish company named Micro Hydraulics. Micro Hydraulics is the manufacturer of single-use fluid handling systems. This acquisition will help Saint-Gobain, by increasing their product portfolio of high performance materials. In July 2018, Saint-Gobain launched a fluid transfer solution named Tygon® E-65-F. This tubing is used for peristaltic pump in pharmaceuticals applications.