Ultra-High Molecular Weight Polyethylene Market Size Forecast to Reach $2.3 Billion by 2026
Increasing Demand From End Use Industries Driving the Growth of Ultra-high Molecular Weight Polyethylene Market.
(EMAILWIRE.COM, October 02, 2021 ) Ultra-high Molecular Weight Polyethylene Market size is forecast to reach $2.3 billion by 2026, after growing at a CAGR of 4.5% during the forecast period 2021-2026. Globally, the increasing usage of ultra-high molecular weight polyethylene in applications such as pipe extrusion and chemical containers is also expanding the growth of the market. Furthermore, rising demand for ultra-high molecular weight polyethylene from aerospace & defence and automotive applications due to its superior physical qualities, such as resistance to chemicals, moisture, corrosion, and dirt, as compared to other polymers, is expected to boost the market significantly over the forecast period. Since, ultra-high molecular weight polyethylene features low friction coefficient, excellent impact strength, enormous energy absorption capacity, and a wide service temperature range, it is increasingly used in various end use industries such as healthcare, food & beverage, and automotive.
Impact of Covid-19
The COVID-19 pandemic has lead to a significant impact on the ultra-high molecular weight polyethylene industry, as government-imposed lockdowns forced the closure of manufacturing facilities and disrupted the product's supply chain in the year 2020. The production units of businesses in the electronics and mechanical industries were impeded by a scarcity of raw materials and labor. Furthermore, due to the epidemic, lockdown in major regions such as North America, APAC, and Europe resulted in a drop in product demand from the aerospace and automotive industries. As a result of the epidemic, several medical surgeries for joint replacement were postponed. This resulted in a decrease in the use of ultra-high molecular weight polyethylene for medical applications.
Ultra-high Molecular Weight Polyethylene Market Segment Analysis- By Form
Sheet form held the largest share in the ultra-high molecular weight polyethylene market in 2020. Bacterial growth, moisture, high-impact, and odours are all immune to ultra-high molecular weight polyethylene (UHMWPE) Sheets. Ultra-high molecular weight polyethylene sheets are increasingly used in a wide range of applications such as cooking, boating, and medicine. Furthermore, ultra-high molecular weight polyethylene is a solid and durable engineering plastic that can outlast other engineering plastics. As compares to high density polyethylene (HDPE), both HDPE and ultra-high molecular weight polyethylene sheets are chemically tolerant and can withstand high-impact stress. Also, ultra-high molecular weight polyethylene has longer polymer chains and no moisture absorption than HDPE. HDPE, on the other hand, has a higher strength-to-weight ratio and has a lower water absorption rate. Thus, due to such properties the rising demand for ultra-high molecular weight polyethylene sheets is anticipated to drive the market growth.
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Ultra-high Molecular Weight Polyethylene Market Segment Analysis- By Application
Healthcare sector held the largest share with 35% in the ultra-high molecular weight polyethylene market in 2020. Owing to the biological durability, biocompatibility, high creep resistance, wear resistance, and low friction, ultra-high molecular weight polyethylene (UHMWPE) is primarily used in the medical industry for the fabrication of cardiovascular and orthopaedic implants. Rising healthcare investments, medical technology advancements, and an aging population are all factors driving product demand in the medical industry. According to India Brand Equity Foundation, In the Union Budget 2021-22, the government announced a six-year outlay of Rs. 64,180 crore (US$ 8.80 billion) for the healthcare sector to improve the current ‘National Health Mission' by improving primary, secondary, and tertiary care, healthcare systems, and institutions to identify and cure new and emerging diseases. Thus, with the rising government investment in the healthcare sector, it is anticipated that the market would rise in the upcoming years.
Ultra-high Molecular Weight Polyethylene Market Segment Analysis- Geography
Asia-Pacific region held the largest share of more than 42% in the ultra-high molecular weight polyethylene market in 2020. Rising growth of automotive, medical, and electronics industries in the region has uplifted the growth of the market. According to the OICA, the overall motor vehicle production in Malaysia increased from 564 971 units in 2018 to 571 632 units in 2019. Hence, the rising production of automotive in this region is expected to drive the market during the forecast period. Additionally, the increasing usage of UHMWPE owing to its alluring properties in orthopaedic applications in Asia Pacific countries has driven the ultra-high molecular weight polyethylene market growth. One of the reasons for the recent increase in demand for ultra-high molecular weight polyethylene (UHMWPE) is the expanding medical sector in Asia-Pacific. Thus, the rising demand for ultra-high molecular weight polyethylene in various applications is therefore anticipated to drive the market in the Asia-Pacific region over the forecast period.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=500311
Ultra-high Molecular Weight Polyethylene Market Drivers
Increasing demand from end use industries
Increased investments and initiatives from governments of various countries around the world to provide superior protective gear to their military sectors have uplifted the market growth. Ballistic defence items, such as shields and plate inserts, bulletproof vests, battle helmets, and protective armour, made up of ultra-high molecular weight polyethylene (UHMWPE) are essential in aerospace & defence end use industries. Government initiatives such as the Soldier Protection System have also raised the aerospace and defence industry's product demand, which has raised the demand for ultra-high molecular weight polyethylene (UHMWPE). UHMWPE is also a stronger and safer alternative to steel in wire ropes used in the aerospace and defence industries. Because of its selflubricating and vibration-reducing properties, ultra-high molecular weight polyethylene is used in supportive belts, car seat components, and truck shock spacers in the automotive industry. Also, the increasing sales of electric vehicles (EVs) have led to the demand for lithium-ion batteries, which depend on ultra-high molecular weight polyethylene for their functioning. Thus, increasing demand for electric vehicles is anticipated to raise the growth of the market. For instance, according to the U.S. International Trade Commission, electric vehicle sales increased by 67%, between 2017 and 2019. With the growing demand for ultra-high molecular weight polyethylene in various end use industries, the market is anticipated to rise over the forecast period.
Ultra-high Molecular Weight Polyethylene Market Challenges
Rising Cost of Ultra-high Molecular Weight Polyethylene
Ultra-high molecular weight polyethylene (UHMWPE) is a high-performance polymer that outperforms traditional metals and polymers like steel, polypropylene, and polyethylene. Higher impact strength, low friction coefficient, remarkable energy absorption ability, and wear and abrasion resistance are among these properties. These beneficial properties, however, raise the cost of ultra-high molecular weight polyethylene (UHMWPE) and are expected to stifle its development in the coming years. Furthermore, the occurrence of COVID-19 has unfavorably decreased demand for the commodity from a number of industries due to supply and transportation constraints, as well as a pause in industrial productivity. Thus, the rising cost of ultra-high molecular weight polyethylene is estimated to create hurdles towards the growth of the market.
Ultra-high Molecular Weight Polyethylene Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the ultra-high molecular weight polyethylene market. Major players in the ultra-high molecular weight polyethylene market are Celanese Corporation, Koninklijke DSM N.V., LyondellBasell Industries Holdings B.V., the Mitsubishi Chemical Advanced Materials group of companies, Crown Plastics, Inc., China Petrochemical Corporation (Sinopec Group), Asahi Kasei Corporation, LianLe Chemical Corporation, Braskem, Mitsui Chemicals, Dotmar Engineering Plastics, TSE Industries, Inc., and others.
Acquisitions/Technology Launches
In October 2020, Celanese Corporation's Texas manufacturing facility has begun producing GUR ultra-high molecular weight polyethylene. The company's GUR engineered materials portfolio will grow as a result of this expansion.
In July 2019, Dyneema Purity Black fibre, the first black medical-grade UHMW PE fibre, was launched by Koninklijke DSM N.V. The fibre structures are 15 times stronger than steel, with a low profile, biocompatibility and high pliability.
Key Takeaways
Asia-Pacific region dominates the ultra-high molecular weight polyethylene market owing to the rising production of automotives in emerging economies such as China, India, Japan, and Malaysia.
Growing popularity of ultra-high molecular weight polyethylene due to its wear-resistance, high biocompatibility, and ductility in the healthcare industry is driving the market growth.
The increasing adoption of lightweight, noise-reducing, and impact-absorbing materials produced by the ultra-high molecular weight polyethylene in the automotive industry is further accelerating the growth of the market.
Related Reports:
A. High-Density Polyethylene Market
https://www.industryarc.com/Report/15877/high-density-polyethylene-market.html
B. Medical Grade Ultra High Molecular Weight Polyethylene Market
https://www.industryarc.com/Research/Medical-Grade-Ultra-High-Molecular-Weight-Polyethylene-Market-Research-503546
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Impact of Covid-19
The COVID-19 pandemic has lead to a significant impact on the ultra-high molecular weight polyethylene industry, as government-imposed lockdowns forced the closure of manufacturing facilities and disrupted the product's supply chain in the year 2020. The production units of businesses in the electronics and mechanical industries were impeded by a scarcity of raw materials and labor. Furthermore, due to the epidemic, lockdown in major regions such as North America, APAC, and Europe resulted in a drop in product demand from the aerospace and automotive industries. As a result of the epidemic, several medical surgeries for joint replacement were postponed. This resulted in a decrease in the use of ultra-high molecular weight polyethylene for medical applications.
Ultra-high Molecular Weight Polyethylene Market Segment Analysis- By Form
Sheet form held the largest share in the ultra-high molecular weight polyethylene market in 2020. Bacterial growth, moisture, high-impact, and odours are all immune to ultra-high molecular weight polyethylene (UHMWPE) Sheets. Ultra-high molecular weight polyethylene sheets are increasingly used in a wide range of applications such as cooking, boating, and medicine. Furthermore, ultra-high molecular weight polyethylene is a solid and durable engineering plastic that can outlast other engineering plastics. As compares to high density polyethylene (HDPE), both HDPE and ultra-high molecular weight polyethylene sheets are chemically tolerant and can withstand high-impact stress. Also, ultra-high molecular weight polyethylene has longer polymer chains and no moisture absorption than HDPE. HDPE, on the other hand, has a higher strength-to-weight ratio and has a lower water absorption rate. Thus, due to such properties the rising demand for ultra-high molecular weight polyethylene sheets is anticipated to drive the market growth.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=500311
Report Price: $ 4500 (Single User License)
Ultra-high Molecular Weight Polyethylene Market Segment Analysis- By Application
Healthcare sector held the largest share with 35% in the ultra-high molecular weight polyethylene market in 2020. Owing to the biological durability, biocompatibility, high creep resistance, wear resistance, and low friction, ultra-high molecular weight polyethylene (UHMWPE) is primarily used in the medical industry for the fabrication of cardiovascular and orthopaedic implants. Rising healthcare investments, medical technology advancements, and an aging population are all factors driving product demand in the medical industry. According to India Brand Equity Foundation, In the Union Budget 2021-22, the government announced a six-year outlay of Rs. 64,180 crore (US$ 8.80 billion) for the healthcare sector to improve the current ‘National Health Mission' by improving primary, secondary, and tertiary care, healthcare systems, and institutions to identify and cure new and emerging diseases. Thus, with the rising government investment in the healthcare sector, it is anticipated that the market would rise in the upcoming years.
Ultra-high Molecular Weight Polyethylene Market Segment Analysis- Geography
Asia-Pacific region held the largest share of more than 42% in the ultra-high molecular weight polyethylene market in 2020. Rising growth of automotive, medical, and electronics industries in the region has uplifted the growth of the market. According to the OICA, the overall motor vehicle production in Malaysia increased from 564 971 units in 2018 to 571 632 units in 2019. Hence, the rising production of automotive in this region is expected to drive the market during the forecast period. Additionally, the increasing usage of UHMWPE owing to its alluring properties in orthopaedic applications in Asia Pacific countries has driven the ultra-high molecular weight polyethylene market growth. One of the reasons for the recent increase in demand for ultra-high molecular weight polyethylene (UHMWPE) is the expanding medical sector in Asia-Pacific. Thus, the rising demand for ultra-high molecular weight polyethylene in various applications is therefore anticipated to drive the market in the Asia-Pacific region over the forecast period.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=500311
Ultra-high Molecular Weight Polyethylene Market Drivers
Increasing demand from end use industries
Increased investments and initiatives from governments of various countries around the world to provide superior protective gear to their military sectors have uplifted the market growth. Ballistic defence items, such as shields and plate inserts, bulletproof vests, battle helmets, and protective armour, made up of ultra-high molecular weight polyethylene (UHMWPE) are essential in aerospace & defence end use industries. Government initiatives such as the Soldier Protection System have also raised the aerospace and defence industry's product demand, which has raised the demand for ultra-high molecular weight polyethylene (UHMWPE). UHMWPE is also a stronger and safer alternative to steel in wire ropes used in the aerospace and defence industries. Because of its selflubricating and vibration-reducing properties, ultra-high molecular weight polyethylene is used in supportive belts, car seat components, and truck shock spacers in the automotive industry. Also, the increasing sales of electric vehicles (EVs) have led to the demand for lithium-ion batteries, which depend on ultra-high molecular weight polyethylene for their functioning. Thus, increasing demand for electric vehicles is anticipated to raise the growth of the market. For instance, according to the U.S. International Trade Commission, electric vehicle sales increased by 67%, between 2017 and 2019. With the growing demand for ultra-high molecular weight polyethylene in various end use industries, the market is anticipated to rise over the forecast period.
Ultra-high Molecular Weight Polyethylene Market Challenges
Rising Cost of Ultra-high Molecular Weight Polyethylene
Ultra-high molecular weight polyethylene (UHMWPE) is a high-performance polymer that outperforms traditional metals and polymers like steel, polypropylene, and polyethylene. Higher impact strength, low friction coefficient, remarkable energy absorption ability, and wear and abrasion resistance are among these properties. These beneficial properties, however, raise the cost of ultra-high molecular weight polyethylene (UHMWPE) and are expected to stifle its development in the coming years. Furthermore, the occurrence of COVID-19 has unfavorably decreased demand for the commodity from a number of industries due to supply and transportation constraints, as well as a pause in industrial productivity. Thus, the rising cost of ultra-high molecular weight polyethylene is estimated to create hurdles towards the growth of the market.
Ultra-high Molecular Weight Polyethylene Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the ultra-high molecular weight polyethylene market. Major players in the ultra-high molecular weight polyethylene market are Celanese Corporation, Koninklijke DSM N.V., LyondellBasell Industries Holdings B.V., the Mitsubishi Chemical Advanced Materials group of companies, Crown Plastics, Inc., China Petrochemical Corporation (Sinopec Group), Asahi Kasei Corporation, LianLe Chemical Corporation, Braskem, Mitsui Chemicals, Dotmar Engineering Plastics, TSE Industries, Inc., and others.
Acquisitions/Technology Launches
In October 2020, Celanese Corporation's Texas manufacturing facility has begun producing GUR ultra-high molecular weight polyethylene. The company's GUR engineered materials portfolio will grow as a result of this expansion.
In July 2019, Dyneema Purity Black fibre, the first black medical-grade UHMW PE fibre, was launched by Koninklijke DSM N.V. The fibre structures are 15 times stronger than steel, with a low profile, biocompatibility and high pliability.
Key Takeaways
Asia-Pacific region dominates the ultra-high molecular weight polyethylene market owing to the rising production of automotives in emerging economies such as China, India, Japan, and Malaysia.
Growing popularity of ultra-high molecular weight polyethylene due to its wear-resistance, high biocompatibility, and ductility in the healthcare industry is driving the market growth.
The increasing adoption of lightweight, noise-reducing, and impact-absorbing materials produced by the ultra-high molecular weight polyethylene in the automotive industry is further accelerating the growth of the market.
Related Reports:
A. High-Density Polyethylene Market
https://www.industryarc.com/Report/15877/high-density-polyethylene-market.html
B. Medical Grade Ultra High Molecular Weight Polyethylene Market
https://www.industryarc.com/Research/Medical-Grade-Ultra-High-Molecular-Weight-Polyethylene-Market-Research-503546
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
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IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
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IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results