Ultra High Molecular Weight Polyethylene Market Size is Predicted to Witness 12.3% CAGR till 2028

The global ultra high molecular weight polyethylene market size was valued at USD 1.83 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.3% from 2021 to 2028.

The global Ultra High Molecular Weight Polyethylene Market size is anticipated to reach USD 4.43 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 12.3% over the forecast period. Celanese Corp., LyondellBasell Industries Holdings B.V., Koninklijke DSM N.V. are some of the key players in this industry. Increasing product demand from the medical & prosthetics application is expected to significantly drive the market during the forecast period. The product has been witnessing increasing acceptance as prosthetics in the medical industry for the past few years.

This rising acceptance can be attributed to its favorable physical and chemical properties, such as higher flexibility as compared to metals, and superior strength. Technological advancements have resulted in prosthetics having a longer operational life and being more comfortable for users. Over the recent years, the market participants have taken active steps to process ultra high molecular weight polyethylene (UHMWPE) and improve its properties. The product is majorly used for hip, knee, and spine implants.

The Asia Pacific region is anticipated to progress at the fastest CAGR of 13.1% over the forecast period. China led the regional market in 2020 and is anticipated to witness significant growth during the forecast period owing to the rising product demand in applications including medical grade & prosthetics, filtration, batteries, fibers, additives, and membranes. The increasing efforts by the government to improve public access to healthcare services and the rising incidences of chronic diseases are the major factors driving the product demand in medical-grade & prosthetics applications in the country.

In addition, increasing government expenditure to improve infrastructure and accessibility in rural and urban areas is expected to fuel the demand for medical devices. The aforementioned factors are projected to augment the demand for UHMWPE in the country over the forecast period. However, the recent outbreak of Covid-19 in countries, such as India, China, and Japan, are affecting the product demand in fibers, batteries, additives, and other applications owing to the slowdown in manufacturing activities, restrictions in supply & transport, and declining demand from end-use consumers, which is expected to hamper the overall market growth.

The fiber application segment is anticipated to progress at a robust growth rate over the forecast period. The product is used in the form of fibers for various applications, which include cut resistance gloves, ropes & fishing nets, protective armor, sports & leisure goods, and sling & braids. A surge in demand for high tenacity multifilament polyethylene yarns is expected to benefit the overall demand over the forecast period. In addition, increasing adoption of medical-grade UHMWPE fiber in cardiovascular, orthopedic, and trauma applications, such as implantable cardiac defibrillators, Cardiac Resynchronization Therapy (CRT) devices, vascular closure devices, central venous catheters, cranial plates, and scaffolds, is anticipated to drive the market growth in the coming years.

Related Press Release @ Ultra High Molecular Weight Polyethylene Market Report

Ultra High Molecular Weight Polyethylene Market Report Highlights

• The global market was valued at USD 1.83 billion in 2020 and is estimated to grow at a CAGR of 12.3% from 2021 to 2028
• In terms of revenue, the medical grade & prosthetic application segment accounted for the largest share of more than 33% in 2020 and is further expected to witness prominent growth over the forecast period
• The fibers application segment accounted for the second-highest revenue share in 2020. The rising product demand from applications, such as ropes & fishing nets, protective armor, sports & leisure goods, owing to its superior properties, such as excellent strength to weight ratio, UV stability, low specific gravity, and high abrasion resistance, are propelling the segment growth
• North America accounted for more than 41% share in the overall market and will expand at a steady CAGR from 2021 to 2028
• The growth can be attributed to the increasing healthcare spending and growing geriatric population in the region