November 30, 2020
As per the research report titled ‘Global Ultra-High Molecular Weight Polyethylene Market Size study, by Form (Sheets, Rods & Tubes, Fibers, Films, Tapes and Others), by End-Use Industry (Aerospace, Defense & Shipping, Healthcare & Medical, Mechanical Equipment, Food & Beverages and Others) and Regional Forecasts 2020-2027’ available with Market Study Report LLC, global ultra-high molecular weight polyethylene market accounted for USD 1.3 billion in the year 2019 and is projected to register a robust CAGR of 9.4% during 2020-2027.
Industry experts claim that escalating product demand from the aerospace & defense industry coupled with increasing adoption in the medical sector for orthopedic implants as well as knee and hip replacement procedures are augmenting the growth of global ultra-high molecular weight polyethylene market size.
For the record, ultra-high molecular weight polyethylene or UHMWPE is a subset of thermoplastic polyethylene which has the highest molecular density. Increasing number of hip and knee joint replacement surgeries, growing geriatric population, introduction of innovative products in the business sphere, and strategic alliances by companies are further fueling the market growth.
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Unique mechanical attributes of the product such as low coefficient of friction, chemical resistance, sound dampening as well as self-lubricating properties, light weight, and high impact strength as well as abrasion resistance are impelling the product adoption, which in turn is stimulating the global ultra-high molecular weight polyethylene market outlook. However, volatile prices of raw materials is expected to hamper the industry expansion throughout the analysis timeframe.
Based on form, global ultra-high molecular weight polyethylene industry is divided into tapes, films, fibers, rods & tubes, sheets, and others. The end-user terrain of the market comprises food & beverages, mechanical equipment, healthcare & medical, aerospace, defense & shipping, and others.
According to the regional analysis of the report, the overall market is fragmented into Latin America, Asia-Pacific, Europe, North America, and rest of the world.
Asia-Pacific ultra-high molecular weight polyethylene market is estimated to exhibit the highest CAGR over 2020-2027, on account of rising investments towards the development of medical sector along with rapid adoption of advanced technologies.
Leading organizations that outline worldwide ultra-high molecular weight polyethylene industry trends are Toyobo Co. Ltd., Honeywell International Inc., DuPont de Nemours Inc., Saudi Basic Industries Corporation (SABIC), Mitsui Chemicals Inc., Asahi Kasei Corporation, Koninklijke DSM N.V., LyondellBasell Industries N.V., Celanese Corporation, and Braskem S.A. among others.