Ultra-High Molecular Weight Polyethylene Market worth $2.8 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 8, 2022 /PRNewswire/ -- According to the new market research report "Ultra-High Molecular Weight Polyethylene Market by Form (Sheets, Rods & Tubes, Fibers, Films, Tapes), End-Use Industry (Aerospace, Defense & Shipping, Healthcare & Medical, Mechanical Equipment, Consumer Goods), Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Ultra-High Molecular Weight Polyethylene (UHMW PE) 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% from 2022 to 2027. The increasing demand from aerospace & defense industry, orthopedic implants and government initiatives in various countries such as India and China, play a key role in driving the growth for UHMW PE market. In addition, increasing R&D, mass production of ballistic fibers, and compliance with various legal and administrative bodies is expected to create opportunities in the market.
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Sheet segment is estimated to lead the UHMW PE market in 2022
Sheets segment is estimated to account for a largest share of the UHMW PE market in 2022 by form. The increasing use of sheets in aerospace, defense, & shipping industries for the manufacture of aircraft interiors and in mechanical equipment industries for the manufacture of conveyor belts are the factors that lead to the largest share of sheets in UHMW PE market.
Healthcare & Medical is the fastest growing end-use industry of the UHMW PE market in 2022
The healthcare & medical segment is expected to grow at the highest CAGR in 2022. High demand of UHMW PE for the manufacturing of orthopedic implants and parts for medical devices such as cardiovascular devices, due to excellent properties such as high strength to weight ratio, self-lubrication, and impact resistance. These factors are expected to drive the demand for UHMW PE in healthcare & medical industry.
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Asia Pacific is expected to be the fastest-growing region in the UHMW PE market during the forecast period
Asia Pacific is projected to be the fastest-growing segment between 2022 and 2027. China and Japan together accounted for the major share of the Asia Pacific UHMW PE market in 2022. The Asia Pacific region is emerging as a lucrative market for UHMW PE, owing to fast industrial development and improving economic conditions. In addition, the growth of the medical industry, mechanical equipment industry, presence of a various mechanical component manufacturing plants in China, and rapid industrialization in Asia Pacific are expected to drive the UHMW PE market.
Celanese Corporation (US), Royal DSM N.V. (Netherlands), LyondellBasell Industries N.V. (Netherlands), Braskem S.A (Brazil), Asahi Kasei Corporation, (Japan), Korea Petrochemicals Ind. Co., Ltd. (China), DuPont De Nemours Inc. (US), Mitsui Chemicals, Inc. (Japan), Honeywell International, Inc. (US), and Teijin Limited (Japan) and others are key players in the UHMW PE market.
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