Global Ultra High Molecular Weight Polyethylene Ma
Global Ultra High Molecular Weight Polyethylene Market to Grow at a CAGR of 9.2% during Forecast Period
Published | 28 October 2022
The global ultra high molecular weight polyethylene (UHMWPE) market is expanding rapidly as a result of rising demand from numerous applications, including batteries, medical grade & prosthetics, additives, fibers, filtration, and membranes. Additionally, rising product demand from military applications and its superior physical features in comparison to other polymers coupled with a growing geriatric population are factors projected to considerably fuel market expansion over the course of the projection year.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global ultra high molecular weight polyethylene (UHMWPE) market was worth USD 1.7 billion in the year 2021. The market is projected to grow at a CAGR of 9.2%, earning revenues of around USD 3.2 billion by the end of 2028. The global ultra high molecular weight polyethylene market is booming due to the rising demand from numerous applications, including batteries, medical grade & prosthetics, additives, fibers, filtration, and membranes. Additionally, rising product demand from military applications and its superior physical features compared to other polymers and the growing geriatric population are projected to considerably fuel market expansion over the projection year.
The rising Geriatric Population, Coupled With Increasing Demands From Defense And Aerospace Industry, Is Driving The Market
The growing elderly population is a factor increasing the need for ultra high molecular weight polyethylene. The reason for this is the aging population's increasing need for implants and healthcare. The elderly population is growing in nations like China and Japan. The high strength-to-weight ratio, chemical resistance, self-lubrication, impact resistance of UHMWPE, and superior dielectric & electrical insulation further contribute to its strong demand from producers of orthopedic implants and parts for medical equipment.
According to Airbus, the worldwide urban population is predicted to exceed 5 billion by 2030. Within the next 10 to 15 years, the urban population may increase from 51% to over 60%. The global demand for air travel and, consequently, the aerospace sector is likely to be driven by a rise in passenger air traffic. The demand for air travel will rise as a result of factors like rising student travel for work and school and rising leisure travel costs. The development of the aerospace and defense industry is also supported by government projects like the Chinese government's Belt and Road Initiative and India's "Ude Desh Ka Har Nagrik."
Medical Sector Will See The Fastest Growth Over The Forecast Period
On the basis of the end-use industry, the market is segmented into aerospace & defense, automotive, medical, electronics, chemical, and others. In 2021, the medical sector held the highest share, and it is anticipated that it will increase at the fastest rate during the projected period. Due to its characteristics, including biological stability, biocompatibility, high creep resistance, wear resistance, and low friction, UHMWPE is widely employed in the medical industry for the manufacture of orthopedic and cardiovascular implants. Growing healthcare spending, improvements in medical technology, and an aging population are the factors influencing the demand for products in the medical sector.
Ultra high molecular weight polyethylene is mostly utilized in the automobile industry to create batteries, seals, valves, and linings. The automobile industry's growing need for lightweight, noise-canceling, and impact-absorbing materials will drive up product sales during the projection period. It is projected that the aerospace and defense industry will see increased demand for ballistic protection explosion-resistant blankets, frag knits, items, and defense supplies. The consumption of products in the chemical industry will be influenced by how well conveying systems, infiltration activities, lining hoppers, chemical tanks, and chutes to protect metal surfaces are used.
North America Held The Lion Share Of The Market In 2021
In 2021, North America led the market and generated the majority of global revenue. The U.S. led the North American market in 2021, and it is anticipated that it would continue to do so during the projection period. In the region, UHMWPE is being used increasingly for protective armor. Demand for UHMWPE in North America is anticipated to be driven by rising military and defense spending in the U.S. and an increase in the number of reported cases of joint operations, such as those of the hip and knee. Protective armor is more in demand in the United States because of worldwide terrorism and the rising priority of modernization to compete with China and Russia. During the forecast period, it is anticipated that government military programs, such as the Soldier Protection System, which consists of a number of combat helmets, lighter-weight ballistic plates, bulletproof vests and other protective armor to aid soldier mobility, will generate a significant amount of opportunity for UHMWPE.
Impact of COVID-19 on Global Ultra High Molecular Weight Polyethylene Market
COVID-19 had a significant influence on the ultra high molecular weight polyethylene industry as the majority of the key players are headquartered in the U.S. and Europe and have manufacturing facilities in China and other Asian nations, which saw a widespread lockdown and the closure of their factories. A scarcity of labor and raw materials caused supply chain interruptions that hindered production units. COVID-19's effects on supply, transportation, and industrial productivity, demand for the commodity has unfavorably decreased across a number of industries. One of the key factors hampering the growth of UHMWPE market was decreased consumer demand for products from the aviation industry due to travel restrictions and from automotive industries as the sales of cars went to almost zero during COVID-19. However, the ultra high molecular weight polyethylene market has recovered rapidly and again has been expanding its horizons in the post COVID era.
The key players operating in global ultra high molecular weight polyethylene market are Celanese Corporation, DSM, LyondellBasell Industries, Braskem, Saudi Arabia Basic Industries Corporation, Asahi Kasei Corporation, LianLe Chemical Corporation, DuPont, Korea Petrochemicals Ind. Co. Ltd., Mitsui Chemicals, Inc., Honeywell International, Inc., Mitsubishi Chemical Advanced Materials Group, Dotmar Engineering Plastics, Teijin Limited, TSE Industries Inc., Crown Plastics Inc., Garland Manufacturing Company, China Petrochemical Corporation, and other prominent players. These players have been concentrating on various development tactics, including investments and acquisitions, partnerships, agreements and collaborations, and the development of new products, which have enabled them to expand their operations in unexplored and promising markets.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global ultra high molecular weight polyethylene market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global ultra high molecular weight polyethylene market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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