PUNE, India, Aug. 27, 2020
PUNE, India, Aug. 27, 2020 /PRNewswire/ -- ReportsnReports added a new 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 Research Report to its Online database.
The ultra-high molecular weight polyethylene (UHMW PE) market is projected to grow at a CAGR of 9.4% between 2020 and 2025
The UHMW PE market is estimated at USD 1.4 billion in 2020 and is projected to reach USD 2.2 billion by 2025, at a CAGR of 9.4% from 2020 to 2025.Growth in the healthcare & medical industry due to increasing use of UHMW PE for the manufacture of prosthetic implants, is leading toa demand for UHMW PE. However, volatile prices of raw materials are expected to restrain the UHMW PE market.
Impact of COVID-19 outbreak on the UHMW PE Market
The outbreak of COVID-19 has affected the market for UHMW PE, as most of the global companies operating in this market are based in the US and the European countries. These companies having their manufacturing units in China and other Asian countries are also severely affected. Therefore, disruptions in the supply chain have resulted in hampering production units due to a lack of raw materials and workforce. The market is estimated to witness negative growth until the second quarter of 2020. The lockdown in major countries due to this pandemic has also led to the shutdown of the production of plastic products.
Europe and North America aircraft manufacturers and lockdowns imposed by governments have led to significant losses to manufacturers in the region. This decrease in the production of aircraft has led to a decline in the demand for UHMW PE, which affects the growth of the market. The outbreak of COVID-19 has also affected the number of joint replacement surgeries. The large number of cases canceled because of COVID-19, which led to major financial losses for healthcare institutions and have impacted patients.
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Sheets segment to grow at the highest CAGR in the UHMW PE market between 2020 and 2025
Sheets segment is projected to be the fastest growing form segment in the UHMW PE market during the forecast period. The increasing application of UHMW PE sheets has led to propel the market. UHMW PE has wide industrial applications in the aerospace, shipment, manufacturing, and bottling industries, owing to its resistance to wear and impact. UHMW PE sheets are used in conveyor belts in the food processing industry due to properties such as ease of machining, self-lubrication, and chemical stability. These properties are expected to drive the sheets segment.
Mechanical Equipment segment to lead the UHMW PE market between 2020 and 2025
UHMW PE is widely used in machine equipment across industries such as textiles, paper & pulp, foods & beverages, packaging, power, cement, chemical, minerals & metals, agriculture, and logistics & transportation. UHMW PE also helps to enhance surface lubricity, which leads to the free movement of machine components, thereby reducing jamming from dirt, grit, or static build-up.
The North American region is expected to lead the global UHMW PE market during the forecast period
By region, North America is estimated to account for the largest share of the global UHMW PE market in 2019, and the U.S. is estimated to account for the largest market share in 2019. The growth of the UHWMPE market is primarily driven by the significant demand for orthopedic implants and aircraft components in North America. An increase in the number of joint replacement surgeries for knees and hips coupled with an increase in the geriatric population is projected to fuel the demand for UHMW PE in the making of prosthetics. The high demand of UHMW PE in healthcare, military & defense, electronics, and other end-use industries drives the market in North America.
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Breakdown of primary interviews for the report on the UHMW PE market
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 PEmarket. and among others.
The report covers the UHMW PE market by form (sheets, rods & tubes, fibers, films, tapes and others),end-use industry (aerospace, defense & shipping, healthcare & medical, mechanical equipment, food & beverages and others) and by region.The study aims at estimating the size and future growth potential of the market across various segments. It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report focuses on various levels of analyses, such as industry analysis (industry trends) and company profiles. With these insights, the study discusses the basic views on the competitive landscape, emerging &high-growth segments, high-growth regions, drivers, restraints, opportunities, and challenges in the UHMW PE market.
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The report provides insights on the following:
Table of Contents:
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