Ultra-High Molecular Weight Polyethylene Market Estimated to Reach $2.8 Billion by 2027 Globally, at a CAGR of 9.1%, says MarketsandMarkets™
Chicago, June 09, 2023 (GLOBE NEWSWIRE) -- The global ultra-high molecular weight polyethylene (UHMW PE) market size is estimated to be USD 1.8 billion in 2022 and is projected to reach USD 2.8 billion by 2027 at a CAGR of 9.1% during the forecast period, as per the recent study by MarketsandMarkets™. The major drivers for the market include increased demand for UHMW PE from the aerospace & defense industry and increased demand for orthopedic implants. However, the availability of substitute act as a challenge for the manufacturers and can hamper market growth. Growth in the mechanical equipment industry and the sports & lifestyle industry throughout the world is providing momentum to the global UHMW PE market. The defense industry demands flexible and ultra-lightweight fibers for armor and ballistic protection which can offer high resistance to flex fatigue, vibration damping, and abrasion resistance compared to traditional threads. This highlights the requirement for materials such as UHMW PE, which, in turn, is expected to drive the UHMW PE market.
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223- Market Data Tables
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List of Key Players in Ultra-High Molecular Weight Polyethylene Market:
- Celanese Corporation (US)
- Royal DSM N.V. (Netherlands)
- LyondellBasell Industries N.V. (Netherlands)
- Braskem S.A (Brazil)
- Asahi Kasei Corporation, (Japan)
- Korea Petrochemicals Ind. Co., Ltd. (China)
- DuPont De Nemours Inc. (US)
- Mitsui Chemicals, Inc. (Japan)
- Honeywell International, Inc. (US)
- Teijin Limited (Japan)
- Others
Drivers, Restraints, Opportunities and Challenges in Ultra-High Molecular Weight Polyethylene Market:
- Drivers: Increasing demand from aerospace and defense industry
- Restraints: Fluctuations in availability and price of raw material
- Opportunity: Rise in demand of electric vehicles
- Challenges: Availability of substitutes
Key Findings of the Study:
- Sheet segment is estimated to lead the UHMW PE market in 2022
- Healthcare & Medical is the fastest growing end-use industry of the UHMW PE market in 2022
- Asia Pacific is expected to be the fastest-growing region in the UHMW PE market during the forecast period
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Based on form, the UHMW PE market has been segmented into sheets, rods & tubes, fibers, films, tapes and others. The sheets segment is the fastest-growing by form in this market. This growth is mainly attributed to the increasing demand from the healthcare & medical end-use industry, due to significant increase in demand for orthopedic implants from developed countries such as the U.S. Moreover the requirement of non-sticky and smooth sliding surface is expeted to growth the market for sheets in food & beverage industry.
By end-use industry, the UHMW PE market has been segmented into aerospace, defense, & shipping, healthcare & medical, mechanical equipment, and others, which include sports & lifestyle and electronics industries. The healthcare & medical segment is the fastest-growing end-use industry segment of this market. This growth is mainly attributed to increasing use of UHMW PE for the manufacture of prosthetic implants. Moreover the icrease in the gieratic population is also expected to drive the market for joint replacement surgies which contributes to the market growth.
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By region, the Asia-Pacific UHMW PE market is projected to grow at the highest CAGR from 2022 to 2027. The Asia-Pacific region includes China, Japan, South Korea, India, and the rest of Asia-Pacific. UHMW PE is used to manufacture shipping containers, bullet proof jackets, for the aerospace, defense, & shipping industry, and orthopedic implants and other components of medical devices for the healthcare & medical industry. With increasing demand from these end-use industries, the UHMW PE market is projected to grow at a high rate during the forecast period. Moreover, the presence of the major manufacturing in the region also contribute to market growth. There are various opportunities in the UHMW PE market such as increased demand from electric vehicle industry. Companies like Celanese Corporation and Asahi Kasie Corporation have already started manufacturing UHMW PE for electric vehicles and other companies can also capture the opportunities by adopting various growth strategies such as mergers & acquisitions, new product launch, etc.
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