CHICAGO, Aug. 13, 2020 /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, Food & Beverages), Region - Global Forecast to 2025", published by MarketsandMarkets, the global Ultra-High Molecular Weight Polyethylene Market size is projected to reach USD 2.2 billion by 2025, at a CAGR of 9.4% from 2020 to 2025.
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The growth of this market can be attributed to the increasing demand for UHMW PE from the aerospace & defense industry and increased demand for orthopedic implants. In addition, Increasing R&D and mass production of ballistic fibers and compliance with various legal and administrative bodies is expected to create opportunities in the market which is expected to drive the market during the forecast period. Furthermore, outbreak of COVID-19 pandemic is anticipated to hamper the consumption of UHMW PE which affects the market growth.
Sheet segment is estimated to lead the UHMW PE market, during the forecast period
By form, the sheets segment is estimated to account for a major share of the UHMW PE market in 2019. This large share is mainly attributed to the extensive use of sheets in the aerospace, defense, & shipping industries for the manufacture of aircraft interiors & mechanical equipment industries for the manufacture of conveyer belts. Rods & tubes are the second most used form of UHMW PE used majorly in the mechanical equipment industry.
Healthcare & Medical is projected to grow at the highest CAGR of the UHMW PE market
Based on end-use industry, the healthcare & medical segment is expected to grow at the highest CAGR in 2019. In the healthcare & medical industry, there is a high demand for UHMW PE for the manufacture of orthopedic implants and parts for medical devices due to properties such as high strength to weight ratio, self-lubrication, and impact resistance. The growing demand for orthopedic implants from developed countries is expected to fuel the growth of the UHMW PE market globally.
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Asia Pacific is expected to witness the fastest growth in the UHMW PE market during the forecast period
The UHMW PE market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific UHMW PE market in 2019. The Asia Pacific region is an emerging and lucrative market for UHMW PE, owing to industrial development and improving economic conditions. In addition, the growth of the medical industry in Asia Pacific is one of the reasonleading to an increase in the demand for UHMW PE. UHMW PE is also being used in mechanical equipment. The presence of a number of mechanical component manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the UHMW PE market in the coming years.
Major companies such as Celanese Corporation (US), Koninklijke DSM N.V. (Netherlands), LyondellBasell Industries N.V. (Netherlands), Braskem S.A (Brazil), Asahi Kasei Corporation, (Japan) Du Pont De Nemours Inc. (US), Saudi Arabia Basic Industries Corporation (Saudi Arabia), 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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