In 2020, the ultra-high molecular weight polyethylene (UHMW PE) market is estimated at USD 1832 million in 2020 and is projected to reach USD 3486.1 million by 2027, at a CAGR of 9.6 % from 2020 to 2027. UHMWPE is widely used for joint replacement surgeries, making medical one of the key end-use sectors for the plastic sector. The growing geriatric population in Europe, Japan, and the U.S. has prompted the need for orthopaedics in these regions.
Favourable properties of the product increase its scope of end-use industry in numerous industries such as automotive, healthcare, and shipbuilding. These properties include high abrasion resistance, superior impact strength, low reactivity to chemicals and additives, higher flexibility, and w friction coefficient. These properties are anticipated to drive the demand for UHMWPE in near future.
UHMWPE is increasingly being used in the defence industry for personal protective equipment and anti-ballistic end-use industries. Several government initiatives are encouraging the usage of this product over other polymers for such end-use industry. Ongoing military R&D investments by the U.S. to improve the performance of helmets and body Armor is expected to steer product demand over the next few years.
Favourable regulations along with growing innovations have resulted in an enhancement in mechanical properties and high-energy absorption value of UHMWPE. As a result, it is commonly used in bulletproof vests, impact plate, and helmet production. This rise in the scope of end-use industry is anticipated to have a positive impact on the market during the forecast period.
Joint replacement surgeries for knees and hips have witnessed rapid uptrend over the last five years. A shift in trend wherein people aged 45 to 60 years are increasingly opting for joint replacement surgeries have been observed in the recent past. Technological advancements have resulted in better prosthetics, longer lifespan, and more comfort for patients. Increasing geriatric population in several countries such as U.S., Canada, and Japan, is expected to drive the demand for medical UHMWPE over the long term.
Owing to its significant resilience against wear and tear coupled with its ability to be blended with additives to offer hydrophilic and flame resilient characteristics has steered UHMWPE demand in end-use industry such as wear strips, chain guides, bin liners, and pulleys. Its inherent hydrophobic characteristic has enabled its demand in sectors requiring ease of flow while handling wet products.
Ultra-high molecular weight polyethylene is characterized by improved fibre structure and finds end-use industry in heavy-duty industries for producing pulleys and truck liners. Moreover, growing innovations have resulted in an enhancement in its mechanical properties and high-energy absorption value for UHMWPE. As a result, it is commonly used in bulletproof vests, impact plate, and helmet production.
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. These players have been focusing on developmental strategies, such as expansions, acquisitions, partnerships, joint venture, and new product developments, which have helped them expand their businesses in untapped and potential markets.
Asia Pacific is estimated to hold a major share of the market in the near future. Demand for UHMWPE is rising in India, China, Japan, and South Korea due to rapid urbanization, increasing incomes, and government initiatives for better medical treatments. The market is likely to expand at a rapid pace due to the rise in the geriatric population particularly in Japan and Germany. Changing lifestyle, lack of fitness, and increase in consumption of junk food are the contributing factors for increase in number of arthritis patients.
Existing medical infrastructure, high standard of living, and increasing quality medical treatment are the key factors contributing to expansion of the market in North America, especially in the U.S. Top manufacturing companies held major shares of the market, as very few producers operate in the market. Manufacturers are focusing on R&D activities to manufacture improved versions of the polymer in order to reduce wear issues and offer safer implants.
Report : Ultra-High Molecular Weight Polyethylene (Uhmw Pe) Market - By Form (Sheets, Films, Rods & Tubes, And Others), By End-Use Industry (Healthcare, Military & Defence, Automotive, Electronics, Chemicals, Food & Beverage, Sports & Leisure, And Others), And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027