According to a market report, published by Sheer Analytics and Insights, the global ultra-high molecular weight polyethylene market was valued at $1.76 billion in 2021 and it is expected to reach $5.2 billion at a CAGR of 10.1% between 2022 and 2032. The population is rising every year all over the world. Travel and tourism agencies would grow, and this would draw the attention of many people. Hence, the number of air passengers would also increase. This might further help the aerospace and air travel industries to have more growth opportunities, which is expected to accelerate the ultra-high molecular weight polyethylene market. Moreover, several other major factors are driving the growth of this market. For example, the increasing rate of travel students for education and work purpose, and rising leisure expenses for various kinds of travel, among others would also accelerate the growth of the market during the forecast period from 2022 to 2032. The government of several countries is now trying to make investments in R&D activities for multiple key players, which is estimated to propel the growth of the ultra-high molecular weight polyethylene market across the globe.
Demand for ultra-high molecular weight polyethylene is also increasing in clinical and prosthetics applications, which are anticipated to boost the market growth with a significant share. Prosthetics have been driving the market growth for the past few years due to beneficial of chemicals and physical properties such as higher flexibility as compared to various kinds of metals and stronger materials. Additionally, technologies are becoming advanced in the present day. This is leading to the development of better prosthetics with a longer lifespan. Thus, it provides more comfort to patients. In recent years, the number of medical surgeries is growing across several countries, which has observed multiple growth opportunities and is projected to have significant growth throughout the forecast period.
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Moreover, UHMWP is widely used in packaging, conveyor, and food processing machinery parts including star wheels, idler sprockets, and under-chain wear strips. Hence, increasing demand for this usage is expected to witness growth opportunities over the forecast period. On the other hand, the geriatric population is rising across various countries such as the U.K, U.S, Germany, and Japan, among others. This is also expected to drive the demand over the upcoming years. In the Asia-Pacific region, several countries such as India and China are expected to gain significant growth during the upcoming years due to increasing demand for multiple products including batteries, filtration, clinical grade and prosthetics, membranes, and others. Governments are playing an essential role in supporting medical services by improving public access. These rising factors are expected to boost the ultra-high molecular weight polyethylene market in the future.
Over the last few months, the price of ultra-high molecular weight polyethylene raw materials is fluctuating. The major reason behind it is the constituent which is crude oil. Hence, the price of crude oil is fluctuating due to the ongoing war between Russia and Ukraine. Oil-based products associated with polymers and elastomers highly depend on imports and products. Currently, multiple industries are adopting some materials which are alternatives to ultra-high molecular weight polyethylene. These alternative materials are giving tough competition which would reduce the market growth of UHMWP for a while.
Some developments in the ultra-high molecular weight polyethylene market:
- In 2020, Royal DSM launched an offering product portfolio for ultra-high molecular-weight polyethylene called Trosar. This would bring unique benefits of UHMWPE withing reach of more manufacturers across the globe.
- In 2022, Repsol has announced to build new plant for UHMWPE in Spain. This would manufacture UHMWPE and have an annual capacity of 15000 tons.
Therefore, these launches are expected to drive the growth of the market during the forecast period from 2022 to 2032.
According to the study, key players dominating the global ultra-high molecular weight polyethylene market are Asahi Kasei Corporation (Japan), Celanese Corporation (U.S), Crown Plastic (India), China Petro Chemical Corporation (China), DuPont (U.S), DSM Chemicals Company (Netherlands), Honeywell (U.S), King Plastic Corporation (U.S), Lianle Chemical Corporation (Japan), Lyondell Basell (Netherlands), Mitsui Chemicals (Japan), Mitsubishi Chemical Holdings (Japan), Nitto Denko (Japan), Orthoplastics Limited (U.S), Odbinv S.A (Brazil), Quadrant (India), Rochling Group (Germany), Redwood Plastics and Rubber (Canada), Tejin Limited (Japan), Toyobo (Japan), among others.
The Global Ultra-High Molecular Weight Polyethylene Market Has Been Segmented Into:
The Global Ultra-High Molecular Weight Polyethylene Market – by Product Type:
- Fibers
- Sheets
- Rods
- Medical Grade and Prosthetics
- Others
The Global Ultra-High Molecular Weight Polyethylene Market – by Application Type:
- Filtration
- Batteries
- Fibers
- Additives
- Membranes
- Medical Grade and Prosthetics
- Others
The Global Ultra-High Molecular Weight Polyethylene Market – by Regions:
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- U.K.
- Russia
- Rest of Europe Countries
Asia-Pacific
- India
- China
- Japan
- South Korea
- North Korea
- Rest of Asian Countries
LAMEA
- Brazil
- Saudi Arabia
- Rest of LAMEA
Browse The Full Report at https://www.sheeranalyticsandinsights.com/market-report-research/ultra-high-molecular-weight-polyethylene-market-21
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