Growth opportunities in the ultra-high molecular weight polyethylene market look promising over the next six years. This is mainly due to the expanding demand for medical implants from the healthcare sector and the increasing aging population.
Ultra-High Molecular Weight Polyethylene Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The crucial drivers contributing to the propelling demand of ultra-high molecular weight polyethylene include the flexible properties of the material, such as durability, less friction, chemical resistance for various industrial uses. Also, the augmenting demand for medical implants in the healthcare industry has strengthened the ultra-high molecular weight polyethylene market size. Moreover, accelerating geriatric population primarily in countries including Germany, U.S., and Japan adds to the market growth. In accordance with the World Population Prospects 2019 (United Nations, 2019), one out of every six people in the world will be above the age of 65 by 2050, up from one in 11 in 2019. There were 703 million older persons throughout the world of 65 years or above in 2019, and the life expectancy is also estimated to be 72.63 years by 2020, which is likely to bring the number of people aged 65 years and more to over 1.5 billion, by 2050.
According to the National Bureau of Statistics of China, in December 2020, retail sales of household appliances and consumer electronics in China totaled approximately US$ 15.4 billion. Also, the escalating food and beverage, chemical, and paper industries in Asia-Pacific are driving the demand for UHMWPE in many applications. However, the high price associated with the material is anticipated to obstruct the market growth.
Application Segment Drivers
Based on the application, filtration is projected to witness a higher CAGR in the market over the forecast period. This is mainly because of the favorable regulations and dependence, which are likely to benefit the product demand in the filtration industry. Moreover, the latest innovations in the material for filtration by the leading market players have raised the growth. For example, B.V. lately introduced an innovative membrane platform based on Ultra High Molecular Weight Polyethylene for better filtration performance.
Regional Drivers
Based on the regional coverage, North America is predicted to expand at a faster CAGR in the market over the forecast period. As per the “American Medical Association,” health expenditure by the U.S. has raised by 4.6% in the year 2018 from 4.2% in 2017 and has reached US$ 3.6 trillion, which has remarkably impelled the market growth. In addition, the robust prevalence of key players in the Celanese Corporation, DSM, and Koninklijke Dsm N.V. has bolstered the market share.
Ultra-High Molecular Weight Polyethylene Market’s leading Manufacturers:
- Mitsui Chemicals, Inc.
- Asahi Kasei Corporation
- China Petrochemical Corporation
- Koninklijke Dsm N.V
- Celanese Corporation
- Dotmar Engineering Plastics
- DSM
- Lianle Chemical Corporation
- Mitsubishi Chemical Advanced Materials Group
- Lyondellbasell Industries Holdings B.V.
Ultra-High Molecular Weight Polyethylene Market Segmentation:
Segmentation by Product
- Medical-Grade & Prosthetics
- Fibers
- Sheets
- Rods
- Others
Segmentation by Application
- Filtration
- Batteries
- Fibers
- Additives
- Membranes
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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