LOS ANGELES, April 14, 2021 (GLOBE NEWSWIRE) -- The Global Ultra-High Molecular Weight Polyethylene Market is expected to grow at a CAGR of around 9.5% from 2020 to 2027 and reach the market value of over US$ 2,656.5 Mn by 2027.
Asia Pacific is anticipated to be the fastest growing market, due to continuous investments for the advancements in the medical sector. UHMWPE is majorly driven by its utility in orthopedic implants due to its beneficial properties. One of the major factors determining up demand for UHMWPE is the expansion of the medical industry in Asia Pacific. Mechanical equipment also makes use of UHMWPE. COVID-19 has spread to countries including China, Japan, and India. Because China is the epicenter of the deadly disease outbreak, companies are experiencing short-term operational issues as a result of supply chain constraints and a lack of site access.
Saudi Arabia and the United Arab Emirates, on the other hand, are prominent countries in the Middle East and Africa region. Rising demand for UHMWPE in the medical industry is expected to drive the global ultra-high molecular weight polyethylene market during the forecast period.
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Segmental Outlook
The global ultra-high molecular weight polyethylene market is segmented based on product and end-user industry. Based on product, the market is segmented as medical-grade & prosthetics, fibers, sheets, rods, and others. By end-user industry, the market is segmented as aerospace, defense & shipping, healthcare & medical, mechanical equipment, food & beverages, and others (chemicals, sports & lifestyle, and electronics).
Medical-grade and prosthetics will account for the largest market share in the global ultra-high molecular weight polyethylene market. UHMWPE has gained significant attention in the global market as one of the most preferred materials used in the production of medical implants.
Furthermore, it is a material with long chains that is extremely pliable and has high impact strength. Furthermore, when compared to other metal materials, these materials are lighter. These are the factors that have contributed to rising product demand in medical applications over the last few years, and it is expected that this trend will continue through the forecast period.
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The healthcare & medical segment is expected to grow at the fastest CAGR in the global ultra-high molecular weight polyethylene market. The growing use of UHMWPE in the healthcare and medical industries is propelling the segment's growth. Furthermore, a decrease in the age group of people undergoing knee and hip surgeries has increased demand for UHMWPE in the healthcare and medical industry. UHMWPE meets the fundamental requirements for any medical implant material, including biological stability, biocompatibility, toughness, high creep resistance, low friction, and low wear. These factors, in turn, contribute to the expansion of the global ultra-high molecular weight polyethylene market.
Competitive Landscape
Some of the leading competitors are Celanese Corporation, LyondellBasell Industries Holdings B.V., Koninklijke DSM N.V., China Petrochemical Corporation (Sinopec Group), the Mitsubishi Chemical Advanced Materials group of companies, LianLe Chemical Corporation, Crown Plastics, Inc., Braskem, Asahi Kasei Corporation, Dotmar Engineering Plastics, Mitsui Chemicals, TSE Industries, Inc., and others.
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Some of the key observations regarding the ultra-high molecular weight polyethylene industry include:
- In July 2019, DSM announced the acquisition of ICD a pioneer in UHMW PE fiber manufacturer in China. The acquisition of the majority shares in ICD will bring complementary manufacturing and technology assets to DSM that will strengthen the company's presence in the UHMWPE market.
- In July 2019, DSM announced the launching of Dyneema Purity Black fiber, the first black medical-grade UHMW PE fiber. The fiber builds are expected to be 15 times stronger than steel and possess a small profile, high pliability, and biocompatibility.
- In August 2018, the Mitsubishi Chemical Advanced Materials group of companies announced an expansion of production facilities to manufacture "HI-ZEX ultra-high molecular weight polyethylene". The newly launched product is a strong response to the growing demand for automotive and industrial batteries. This expansion has helped the company's production capacity for HI-ZEX by 15% to 8,500 tons annually.
- In April 2018, Celanese Corporation announced the addition of a new UHMWPE production line at its Nanjing, China manufacturing facility to support the growth in its engineered materials business, specifically the electric vehicle market.
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