Asia Pacific Region Set to Dominate Ultra-High Molecular Weight Polyethylene Market During 2022-2027, Reveals a MarketsandMarkets™ Research Report
UHMWPE stands for Ultra High Molecular Weight Polyethylene. Ultra-high molecular weight polyethylene (UHMWPE) is a type of polyethylene with a molecular weight that is much higher than that of regular polyethylene, typically between 3 and 6 million. This type of polyethylene is extremely strong and durable, making it valuable for a variety of industrial and commercial applications. UHMW PE is often used in applications that require a high degree of abrasion resistance, such as conveyor systems and wear parts. It is also used for parts that require a low coefficient of friction, such as cutting boards and slides, and for parts that must be very lightweight and resistant to breakage, such as medical implants.
The global ultra-high molecular weight polyethylene 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. The major drivers for the market include increased demand for orthopedic implants, growth in the mechanical equipment industry, and sports & lifestyle industry.
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On the basis of form, the UHMWPE market has been segmented into sheets, rods & tubes, fibers, films, tapes, and others. The sheets segment is the fastest-growing by form and its growth is attributed to the increasing demand from the healthcare & medical end-use industry.
The healthcare & medical segment is the largest end-use industry segment in the UHMW PE market. The growth is mainly attributed to the increasing use of UHMWPE for the manufacture of prosthetic implants. The increase in joint replacement surgeries due to changing lifestyles and the geriatric population is expected to drive the UHMWPE market.
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The North American ultra-high molecular weight polyethylene market is expected to be the largest segment in the market. The increasing demand for UHMWPE in healthcare, military & defense, electronics, and other end-use industries drives the market in North America. The US is the largest market of North America and its growth is attributed to increasing R&D expenditure. COVID-19 had an adverse effect on the US aerospace sector in 2020. The rise in COVID-19 cases resulted in the implementation of emergency protocols and, in many cases, the city-wide and state-wide shutdown of all nonessential work.
The Asia Pacific Ultra-High Molecular Weight Polyethylene Market is expected to witness the fastest growth rate during the forecast period, owing to the rising demand from industries such as food & beverage, automotive, and packaging, among others. Growing consumer demand, the booming automobile industry, and rapid urbanization are some of the major factors driving the market in the region. Also, the presence of countries such as China and India, with a large consumer bases, is expected to boost the demand for UHMW PE in the region. Additionally, the increasing investment in infrastructure and process industries is further expected to propel the market during the forecast period.
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There are various opportunities in the ultra-high molecular weight polyethylene 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.
The UHMWPE market is dominated by few globally established players such as Celanese Corporation (US), Royal DSM N.V. (Netherlands), LyondellBasell Industries N.V. (Netherlands), Braskem S.A (Brazil), Asahi Kasei Corporation (Japan), Korea Petrochemical Ind. Co., Ltd. (China), Mitsui Chemicals, Inc. (Japan), Honeywell International, Inc. (US), and others are key players in the UHMW PE market.
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