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COVID 19 Impact on Ultra High Molecular Weight Polyethylene Market - Growth, Trends, by 2024

07-08-2020 03:00 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Research Future

Ultra High Molecular Weight Polyethylene (UHMWPE) Market

Ultra High Molecular Weight Polyethylene (UHMWPE) Market

Global Ultra High Molecular Weight Polyethylene (UHMWPE) Market: Information by Form (Sheets, Rods & Tubes, and Others), End-Use Industry (Healthcare, Military & Defense, Automotive, Electronics, Chemicals, Food & Beverage, Sports & Leisure, and Others), and Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa)—Forecast till 2024

Global Ultra High Molecular Weight Polyethylene (UHMWPE) Market was valued at USD 1.8 billion in 2018 and is projected to register a CAGR of over 9.5% to reach USD 3.4 billion by 2024.

Ultra-High Molecular Weight Polyethylene (UHMWPE) has the highest molecular density with a molecular weight between 5 to 9 million. It is a subset of the thermoplastic polyethylene. It has excellent mechanical properties such as high abrasion resistance, high impact strength, and low coefficient of friction. Apart from this, it also is lightweight, self-lubricating, chemical resistance, and sound dampening properties.

The growth of the global COVID 19 Impact on Ultra High Molecular Weight Polyethylene Market is primarily driven by the significant demand for orthopedics implants in Europe and North America. Increase in the number of joint replacement surgeries for knees and hips coupled with an increase in geriatric population is projected to fuel the demand for UHMW-PE in making of prosthetics. It is used for non-absorbable sutures as it is strong and durable. Moreover, the sutures made using UHMW-PE are flatter than the conventionally used polyester and poly-blend sutures. The demand for UHMW-PE in the military & defense industry is increasing due to its use in personal protective equipment and anti-ballistic applications. It is commonly used in bulletproof vests, impact plate, and helmet production. The need for homeland security and counter-terrorism activities across the globe is expected to have a positive impact on the market during the forecast period. It is also being used in automotive applications such as to assist straps, seat belt parts, shock spacers for trucks, glass run channel, among others due to its self-lubricating properties. Additionally, it is an ideal choice of material for use in electronic and electrical applications and components subjected to high wear and stress, requiring high friction, and abrasion resistance.

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The increasing use of UHWM-PE in making lithium-ion Ultra-High Molecular Weight Polyethylene is expected to offer a lucrative opportunity to the players in this market. The inclination towards the use of electric and hybrid vehicles, which use lithium-ion batteries, is projected to propel the demand for UHMW-PE in a battery application.

However, the presence of substitutes such as polyoxymethylene, urethane, fluoropolymers, and polycarbonate, along with the volatility in raw material prices is likely to hamper the market growth during the review period.

The players in this market are focusing on strategic growth initiatives such as capacity expansion and product launch to meet the rising demand for UHMW-PE in a wide range of applications. For instance, in August 2018, Mitsui Chemicals Inc., expanded its production capacity for HI-ZEX MILLION™ UHMW-PE, by about 15% to 8,500 tons per year, in Japan.

Key Players:

Some of the prominent players operating in the global UHMWPE Market are Braskem (Brazil), Celanese Corporation (US), LyondellBasell Industries Holdings BV (Netherlands), DSM (Netherlands), Asahi Kasei Advance Corporation (Japan), Mitsui Chemicals, Inc. (Japan), DuPont de Nemours, Inc. (US), Honeywell International Inc. (US), Mitsuboshi Belting Ltd (Japan), Teijin Aramid BV (Netherlands), Nanoshell LLC (Germany), and TOYOBO CO., LTD (Japan).

Segmentation:

The global UHMW-PE market has been segmented by form, end-use industry, and region.

By form, the global market has been segmented into sheets, rods & tubes, and others.

Based on application, the global UHMW-PE market has been segregated into healthcare, military & defense, automotive, electronics, chemicals, food & beverage, sports & leisure, and others.

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Regional Analysis:

The global UHMW-PE market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

North America accounted for the largest market share in 2018 on the backdrop of high consumption of UHMW-PE in healthcare, military & defense, automotive, electronics, and other end-use industries. Rising adoption of electric and hybrid vehicles in this region is expected to fuel the product demand in the automotive industry.

The large industrial base in the European region with the high demand for UHMW-PE in healthcare, electronics, and automotive industries is expected to drive the regional market growth during the review period.

Asia-Pacific is the fastest growing region due to the rapid industrialization in emerging countries such as India, Malaysia, Thailand, and South Korea. Apart from this, the rising geriatric population in Japan, coupled with affordability, is expected to fuel the product demand in the healthcare industry.

Industrialization in emerging economies such as Brazil and Chile are expected to drive the product demand in Latin America during the forecast period.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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