Ultra-High Molecular Weight Polyethylene Market Size, Share & Trends Analysis Report By Product (Medical Grade & Prosthetics, Fibers), By Application (Additives, Filtration), And Segment Forecasts, 2020 - 2027
New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ultra-High Molecular Weight Polyethylene Market Size, Share & Trends Analysis Report By Product, By Application And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05763780/?utm_source=GNW
UHMWPE Market Growth & Trends
The global ultra-high molecular weight polyethylene market size is anticipated to reach USD 3.91 billion by 2027., growing at a CAGR of 11.4% over the forecast period. Increasing demand from medical & prosthetics applications is expected to significantly drive the market growth during the forecast period. UHMWPE has been witnessing increasing acceptance as prosthetics in the medical industry.
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 the users.
Over the recent years, market participants have taken active steps to process UHMWPE and improve its properties. The product is majorly used for hip, knee, and spine implants.
Asia Pacific region is anticipated to progress at the fastest CAGR of 12.2% over the forecast period. China led the APAC regional market in 2019 owing to high product demand in applications including medical grade & prosthetics, filtration, batteries, fibers, additives, membranes, and others. Increasing efforts by the government to improve public access to healthcare services and rising incidences of chronic diseases will further drive 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 has impacted the product demand in fibers, batteries, additives, and several other applications owing to the halt in manufacturing activities, restriction in supply & transport, and declining demand from end-use consumers.
The fiber application segment is anticipated to progress at a substantial 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, scaffolds, and others, is anticipated to drive the market growth in the coming years.
UHMWPE Market Report Highlights
• The global UHMWPE market was value at USD 1.76 billion in 2019 and is estimated to grow at a CAGR of 11.4% from 2020 to 2027
• In terms of revenue, medical-grade & prosthetic product type accounted for the highest market share in 2019 and is expected to witness steady growth over the forecast period
• Fibers application segment accounted for over 25% of the overall revenue in 2019. Rising demand from ropes & fishing nets, protective armor, sports & leisure goods applications owing to its superior properties, such as excellent strength to weight ratio, UV stability, low specific gravity, and high abrasion resistance, is propelling the segment growth
• In 2019, North America accounted for the maximum revenue share of more than 41%. Increasing healthcare spending and growing geriatric population in the region are anticipated to drive the market further
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