Published: July 2022 | Report Code: 12403 | Available Format: PDF
The global ultra-high molecular weight polyethylene market size in 2021 was $1,896.4 million, and it is expected to advance at a CAGR of 10.1% during the forecast period, to reach $4,493.7 million by 2030. The advent of novel uses of the material in the healthcare industry, the rise in demand for a superior grade polymer in the manufacturing of bulletproof jackets for the military, and the development in the automotive industry are all projected to boost the overall market growth.
The most often used entrance strategy in the UHMWPE sector is capacity expansion. Companies are using this strategy for a variety of reasons, including first mover advantage, increasing geographic coverage, and catering to the rising demand due to new applications.
For instance, Celanese Corporation announced its plan to increase its production capacity of GUR UHMWPE in Europe, in March 2021. The expansion helps the company's high-value GUR engineered product portfolio to rise significantly. Through this, the company caters to the need for lithium-ion battery separators in the electric vehicle sector. The new facility also has the ability to manufacture medical-grade GUR.
Furthermore, product launches are a possible entry strategy in the global market. The product launches provide numerous benefits, including exposure to new technologies and expertise, access to new markets and distribution networks, and increased production capacities.
For instance, Carolina Ballistic designed and manufactured new ballistic panels, in November 2021, for civilian armor vehicles in LATAM using Honeywell's Spectra fiber. This development aims to meet the increased regional demand for lightweight armored civilian vehicles that offer high security.
Market Size in 2021
Revenue Forecast in 2030
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Product; By Application; By Region
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As the geriatric population is expanding in developed and emerging countries, the usage of UHMWPE in the healthcare sector has increased dramatically in recent years. This material is widely used for the manufacture of medical implants or prosthetics, due to its strong resistance to wear and abrasion, as well as its excellent durability. This material also has lengthy chains that are exceedingly flexible and has high-impact strength. Furthermore, it is lighter than metal materials. Thus, these characteristics have raised the demand for this polymer in medical applications in recent years. This pattern is also expected to continue throughout the predicted period.
Furthermore, the expanding aging population, lack of fitness, and changing lifestyles are all contributing to an increase in the number of joint replacement procedures worldwide. Therefore, the adoption of this material in joint replacement procedures is high, due to its versatility and effectiveness, which is also expected to drive the product demand over the projection period.
The fibers category holds a significant share of more than 20% in the market. The fibers are routinely created using the gel spinning technique and are made up of long polymer chains that allow for load transmission by strengthening intermolecular interactions.
It also has a high strength-to-weight ratio, low-specific gravity, chemical inertness, UV stability, high abrasion resistance, and resistance to fatigue and internal friction. As a result, it is employed in electric batteries and electrical components. During the projected period, the market would benefit from an increased preference for rods manufactured of polyethylene with ultra-high molecular weight in cars and heavy industrial applications. Furthermore, the material's ability to facilitate the movement of conveying systems will increase the demand for tape form.
Furthermore, the fiber is frequently employed in a variety of industries where the product requires something practically invisible. The industries include personal protection, bulletproof armor, aerospace engineering, marine fisheries, outdoor sports, biological materials, and construction.
North America led the ultra-high molecular weight polyethylene market in 2021, with a market share of more than 30%. The rising number of hip and knee replacement procedures, due to the growing elderly population, is predicted to increase the market demand for UHMWPE in the region. Moreover, the increasing number of car production plants in the U.S. and Canada is boosting the demand for battery separators and is projected to have a favorable impact on the market growth.
Europe is the second-largest market, globally, accounting for a share of more than 20% in 2021. The market is likely to gain from the surging demand for UHMWPE in the defense sector. It has gained popularity in military applications in recent years, due to various advantageous features such as resistance to moisture, dirt, chemicals, and corrosion. Moreover, the UHMWPE-based fibers are widely employed in the production of bulletproof garments. Governments all around the world have taken many measures to offer better protective equipment for their military and law enforcement forces, and in turn, have pushed the use of such products. Also, the presence of big German automotive manufacturing businesses is projected to assist the regional ultra-high molecular weight polyethylene market growth.
Furthermore, the APAC market is expected to grow at a significant CAGR, of more than 10%, during the forecast period, owing to the expansion in key end-use industries in India, Malaysia, Indonesia, Vietnam, and China. The regional market is also likely to be driven by automotive manufacturing hubs in China, Japan, and South Korea. Japan's growing senior population has been another primary driver for the regional business. Moreover, the surging product demand and the rising purchasing power in countries such as India and China are likely to give possibilities for market players to expand during the forecast period. Also, the reported increase in healthcare spending, due to the rising disposable income, in major emerging markets is predicted to drive market expansion in the region.
In addition, the LATAM and MEA markets will have considerable growth in the coming years, as a result of a large number of product applications in the construction, electrical & electronics, automotive, medical devices, and consumer goods industries, which are expected to provide growth prospects for both large and small market players.
The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.
Based on Product
Based on Application
The ultra-high molecular weight polyethylene market size stood at $1,896.4 million in 2021.
During 2021–2030, the growth rate of the ultra-high molecular weight polyethylene market will be around 10.1%.
Medical grade & prosthetics is the largest application area in the ultra-high molecular weight polyethylene market.
The major drivers of the ultra-high molecular weight polyethylene market include several government initiatives to improve personal protective equipment and anti-ballistic gear for military and law enforcement personnel, and the advent of novel uses of the material in the healthcare industry.
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