Innovations will Boost Ultra-High Molecular Weight Polyethylene Market Growth in the Foreseeable Future| Honeywell International, Inc., Teijin Limited, Braskem S.A, Asahi Kasei Corporation, and others
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% during the forecast period. The major drivers for the market include increased demand for orthopedic implants, growth in the mechanical equipment industry, and sports & lifestyle industry.
On the basis of form, the UHMW PE market has been segmented into sheets, rods & tubes, fibers, films, tapes and others. The sheets segment is the fastest-growing by form and its growth is attributed to the increasing demand from the healthcare & medical end-use industry.
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The healthcare & medical segment is the largest end-use industry segment in the UHMW PE market. The growth is mainly attributed to the increasing use of UHMW PE for the manufacture of prosthetic implants. The increase in joint replacement surgeries due to changing lifestyles and geriatric population is expected to drive the UHMW PE market.
The North America UHMW PE market is expected to be the largest segment in the market. The increasing demand for UHMW PE in healthcare, military & defense, electronics, and other end-use industries drives the market in North America. The US is the largest market of North America and its growth is attributed to increasing R&D expenditure. COVID-19 had an adverse effect on the US aerospace sector in 2020. The rise in COVID-19 cases resulted in the implementation of emergency protocols and, in many cases, the city-wide and state-wide shutdown of all nonessential work.
There are various opportunities in the UHMW PE market such as increased demand from electric vehicle industry. Companies like Celanese Corporation and Asahi Kasie Corporation have already started manufacturing UHMW PE for electric vehicles and other companies can also capture the opportunities by adopting various growth strategies such as mergers & acquisitions, new product launch, etc.
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The UHMW PE market is dominated by few globally established players such as Celanese Corporation (US), Royal DSM N.V. (Netherlands), LyondellBasell Industries N.V. (Netherlands), Braskem S.A (Brazil), Asahi Kasei Corporation (Japan), Korea Petrochemical Ind. Co., Ltd. (China), Mitsui Chemicals, Inc. (Japan), Honeywell International, Inc. (US), and others are key players in the UHMW PE market. These players have adopted various growth strategies, such as investments & expansions, partnerships, agreements & collaborations, and new product developments to increase their presence in global market.
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