The global Ultra High Molecular Weight Polyethylene market size is expected to be worth around US$ 5.43 billion by 2030, according to a new report by Vision Research Reports.
The global Ultra High Molecular Weight Polyethylene market size was valued at US$ 1.83 billion in 2020 and is anticipated to grow at a CAGR of 12.10% during forecast period 2021 to 2030.
Get Sample Copy of This Report@ https://www.visionresearchreports.com/report/sample/37594
Growth Factors
Increasing product demand from the medical & prosthetics application is expected to significantly drive the market during the forecast period. The product has been witnessing increasing acceptance as prosthetics in the medical industry for the past few years.
This rising acceptance can be attributed to its favorable physical and chemical properties, such as higher flexibility as compared to metals, and superior strength. Technological advancements have resulted in prosthetics having a longer operational life and being more comfortable for users. Over the recent years, the market participants have taken active steps to process ultra high molecular weight polyethylene (UHMWPE) and improve its properties. The product is majorly used for hip, knee, and spine implants.
The Asia Pacific region is anticipated to progress at the fastest CAGR of 13.1% over the forecast period. China led the regional market in 2020 and is anticipated to witness significant growth during the forecast period owing to the rising product demand in applications including medical grade & prosthetics, filtration, batteries, fibers, additives, and membranes. The increasing efforts by the government to improve public access to healthcare services and the rising incidences of chronic diseases are the major factors driving the product demand in medical-grade & prosthetics applications in the country.
In addition, increasing government expenditure to improve infrastructure and accessibility in rural and urban areas is expected to fuel the demand for medical devices. The aforementioned factors are projected to augment the demand for UHMWPE in the country over the forecast period. However, the recent outbreak of Covid-19 in countries, such as India, China, and Japan, are affecting the product demand in fibers, batteries, additives, and other applications owing to the slowdown in manufacturing activities, restrictions in supply & transport, and declining demand from end-use consumers, which is expected to hamper the overall market growth.
The fiber application segment is anticipated to progress at a robust growth rate over the forecast period. The product is used in the form of fibers for various applications, which include cut resistance gloves, ropes & fishing nets, protective armor, sports & leisure goods, and sling & braids. A surge in demand for high tenacity multifilament polyethylene yarns is expected to benefit the overall demand over the forecast period. In addition, increasing adoption of medical-grade UHMWPE fiber in cardiovascular, orthopedic, and trauma applications, such as implantable cardiac defibrillators, (CRT) devices, vascular closure devices, central venous catheters, cranial plates, and scaffolds, is anticipated to drive the market growth in the coming years.
Report Highlights
The medical-grade & prosthetics product segment led the market and accounted for more than 30% of the global revenue in 2020. UHMWPE has been one of the most preferred materials to use in the production of medical implants. It has been relied upon because of its high resistance to wear and abrasion coupled with its excellent durable properties. It is a material with long chains with extremely pliable and good impact strength. Moreover, these materials have less weight as compared to metal materials. These properties have increased the product demand in medical applications in the past few years and the trend is projected to continue over the forecast period.
Moreover, UHMWPE’s use in joint replacement surgeries on account of its versatility and effectiveness is further projected to fuel the product demand over the forecast period. The rising aging population, lack of fitness, and changing lifestyle are majorly contributing to the increasing number of joint replacement surgeries across the globe, which, in turn, is projected to create demand for UHMWPE over the forecast period.
UHMWPE sheets are extensively used to solve wear, friction, and material flow challenges in various application industries. This material sheet is distinguished owing to its outstanding sliding properties, high impact strength, extreme wear resistance, and high chemical resistance. UHMWPE sheets are widely used in various application industries, such as packaging, food & beverage, general conveyor technology, and chemicals.
The medical-grade & prosthetics application segment led the market and accounted for more than 30% of the global revenue in 2020. The growing geriatric population, especially in North America and Europe, is presumed to play a critical role in shaping the medical-grade & prosthetics market over the forecast period. Technological advancements related to UHMWPE usage as prosthetics are crucial factors that are expected to impact the global market positively.
UHMWPE is a durable polymer that is ideally used as a stable porous medium for general and fluid-based environments. Higher product prices make it affordable, mostly in developed regions, such as North America and Europe. Reliability and favorable regulations are expected to benefit the product demand in the filtration industry. The product has gained popularity in lead-acid battery separators in the past few years.
Its higher molecular weight compared to the conventional HDPE, PVC, glass fiber, and cellulose separators are expected to drive its global demand over the forecast period. UHMWPE is used as additives in the engineering plastics and rubber industry. They are used to enhance lubricity and are also used in certain coatings. Also, properties, such as good impact strength, wear & abrasion resistance, and low friction compared to conventional polymers, are further projected to propel the product demand in additives application.
North America dominated the market and accounted for over 40% share of global revenue in 2020. The U.S. led the market in North America in 2020 and is projected to maintain its dominance over the forecast period. UHMWPE in protective armor application is witnessing significant growth in the region. Increasing military & defense budget in the U.S. The rising threat of terrorist activities is expected to drive the product demand in North America.
The government military programs, such as the Soldier Protection System, which comprise a series of lighter weight ballistic plates, more lightweight combat helmets, bulletproof vests, and other protective armor to aid soldier mobility, are expected to create a massive opportunity for UHMWPE over the forecast period. In addition, growth in reported cases of joint surgeries, such as that of hips and knees, will support the market in the U.S.
Furthermore, increasing production and preference for seafood are positively influencing the growth of the country’s fishing industry, which, in turn, is creating demand for aquaculture nets, thereby propelling the product demand in fibers application. However, growing cases of Covid-19 in the U.S. are anticipated to affect the market growth to some extent.
Key Players
Market Segmentation
The study objectives of this report are:
Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/37594 or call: +1 9197 992 333
Vision Research Report, Recently Announced New Report on "Smart Lock market - Global Industry Analysis,…
Vision Research Report, Recently Announced New Report on "2D barcode reader market - Global Industry…
Vision Research Report, Recently Announced New Report on "commercial refrigeration equipment market - Global Industry…
Vision Research Report, Recently Announced New Report on "Restaurant Point-of-Sale Terminal market - Global Industry…
Vision Research Report, Recently Announced New Report on "vacuum cleaner market- Global Industry Analysis, Market…
Vision Research Report, Recently Announced New Report on "household refrigerators and freezers market - Global…