Ultra High Molecular Weight Polyethylene Market - Forecast(2024 - 2030)
Ultra High Molecular Weight Polyethylene Market Overview
Ultra
High Molecular Weight Polyethylene Market size is estimated to reach US$3.1
billion by 2027, after growing at a CAGR of 10.1% during the forecast period
2022-2027. Ultra High Molecular Weight Polyethylene(UHMWP) also known as high-modulus polyethylene belongs to the thermoplastic polyethylene
family. The increasing
use of UHWMPE in
the manufacture of lithium-ion battery separators is expected to provide a
lucrative opportunity for market participants. Rising product demand from
defence applications, as well as its superior physical properties compared to
other polymers, are expected to drive market growth during the forecast period.
For instance, According to the Military of Defence, UK, in 2020/21, the
government spend £42.4 billion on defense, a £2.5 billion increase over the
previous year. The covid-19 pandemic
majorly impacted the Ultra High Molecular Weight Polyethylene Market
due to restricted production, supply chain disruption, logistics restrictions
and a fall in demand. However, with robust growth and flourishing applications
across major industries such as the military and others, Ultra High
Molecular Weight Polyethylene is anticipated to grow rapidly during the
forecast period.
Ultra High Molecular Weight Polyethylene Market Report Coverage
The “Ultra High Molecular Weight Polyethylene Market
Report
– Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis
of the following segments in the Ultra High Molecular Weight Polyethylene
industry.
By Form: Sheet, Rods,
Tubes, Fibers, Films, Tapes and Others.
By Application: Filtration,
Batteries, Additives, Medical Grade & Prosthetics, Food Processing
Machinery Parts, Automotive Winching, Membranes and Others.
By End-use Industry: Transportation (Automotive, Aerospace, Locomotive and Marine), Medical &
Healthcare, Food & Beverages, Oil & Gas, Water Treatment, Textile
Industry, Chemical & Pharmaceutical, Electrical & Electronics and
Others.
By Geography: North America (the USA, Canada and
Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and
New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the
World (the Middle East and Africa).
Key takeaways
- Asia-Pacific dominates the Ultra High Molecular Weight Polyethylene Market size. The increase in demand for applications such as filtration and others is the main factor driving the region's growth.
- One of the primary factors contributing to the Ultra High Molecular Weight Polyethylene Market's favourable outlook is significant growth in the automotive industry around the world.
- Growing demand from the medical sector and increasing applications for high-performance polymers are driving the market growth.
- However, fluctuation in raw materials is limiting the Ultra High Molecular Weight Polyethylene industry growth.
Ultra High Molecular Weight Polyethylene Market Segment Analysis – by Application
The Medical Grade & Prosthetics
held a significant share in the Ultra High Molecular Weight Polyethylene Market
share in 2021 and is projected to grow at a CAGR of 9.2% during the forecast
period 2022-2027. UHMWPE
belongs to thermoplastic
polyethylene and has been regarded as one of the most preferred
materials for the manufacture of medical implants. It has been relied on
because of its high resistance to wear and abrasion, as well as its excellent
durability. These properties have increased product demand in medical
applications in recent years. With the rise in the demand for Ultra High
Molecular Weight Polyethylene across the globe, the demand for Ultra
High Molecular Weight Polyethylene is anticipated to rise for various
applications, which is projected to boost the market growth during the forecast
period.
Ultra High Molecular Weight Polyethylene Market Segment Analysis – by End-use Industry
Transportation held a
significant share in the Ultra High Molecular Weight Polyethylene Market share
in 2021 and is projected to grow at a CAGR of 9.6% during the forecast period
2022-2027. Ultra High Molecular Weight Polyethylene or high-modulus polyethylene is used in the
plastic injection molding automotive parts as the friction part of the axle
sleeve, sliding sleeve and lining material equipment. According
to the Energy Information Administration (EIA), by 2035, there will be 1.7
million automobiles worldwide. According to the International Organization of
Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the
first nine months of 2021, to 57.26 million vehicles, up from 52.15 million
units in the same period last year. With the rise in automotive production across
the globe, the demand for Ultra High Molecular Weight Polyethylene is
anticipated to rise for various applications, which is projected to boost the Ultra
High Molecular Weight Polyethylene industry's growth in the automotive industry
during the forecast period.
Ultra High Molecular Weight Polyethylene Market Segment Analysis – by Geography
The Asia-Pacific held a significant share in the Ultra High Molecular Weight Polyethylene Market share in 2021 and is projected to grow at a CAGR of 10.9% during the forecast period 2022-2027. The flourishing growth of Ultra High Molecular Weight Polyethylene is influenced by its major applications across major industries, along with growing development in automotive production and developing the base for Ultra High Molecular Weight Polyethylene in APAC. According to India Brand Equity Foundation, in 2021, the Indian passenger car market was valued at US$ 32.70 billion and it is expected to grow to US$ 54.84 billion by 2027. According to India Brand Equity Foundation, by 2030, the Indian aerospace and defense (A&D) market is expected to reach US$ 70 billion. According to International Trade Administration, China remains the world's largest vehicle market in terms of both annual sales and manufacturing output, with domestic output expected to reach 35 million vehicles by 2025. Thus, the growth of Ultra High Molecular Weight Polyethylene in the region is being aided by the increasing automotive sector in APAC, thereby dominating the market in the Asia-Pacific region.
Ultra High Molecular Weight Polyethylene Market Drivers
Bolstering Growth of the Electric Vehicles:
Ultra High Molecular Weight Polyethylene or high-modulus polyethylene
extends the range of electric vehicles
by improving vehicle efficiency. Higher demand for lightweight electric
vehicles is likely to contribute to the products' rising popularity. According
to the International Energy Agency (IEA), Worldwide electric vehicle production reached 10 million in 2020,
representing a 43 percent increase over 2019.
According to Niti Aayog, In
September 2021, the Production-Linked Incentive (PLI) scheme worth
INR 26,058 crore (US$3.5 billion) was approved for automotive manufacturing
focusing on electric vehicles and hydrogen fuel cell vehicles. With the rise in the demand for electric
vehicles and increasing government investment across the globe, the demand for
Ultra High Molecular Weight Polyethylene is anticipated to rise for various applications, which is projected
to boost the market growth in the electric vehicles industry during the
forecast period.
Rising Demand for Oil & Gas
UHMWPE fibers belong to thermoplastic polyethylene and are used in rope and cordage products in oil and gas exploration. The market growth is expanding due to its extensive properties like remarkable strength-to-weight ratio, superior performance and cost-effectiveness. According to India Brand Equity Foundation, by 2030, India's oil consumption is projected to expand by 50%, compared to a 7% increase in global demand. According to the Government of Canada, Oil production in Canada increased by 18% in August 2022 compared to August 2020. Thus, significant growth in the oil & gas industry is fuelling the growth of the Ultra High Molecular Weight Polyethylene Market size, thereby driving the market growth.
Ultra High Molecular Weight Polyethylene Market Challenge
Fluctuation in Raw Material:
The fluctuation
in raw material of Ultra High Molecular Weight Polyethylene is anticipated to
restrain the market's expansion on a global scale. One of the primary raw
materials used in the production of polycarbonate is crude oil. According to
the BP Statistical Review of World Energy 2021 report, crude oil prices have
fluctuated in recent years. For instance, the Brent crude oil price decreased
from US$52.39/bbl in 2015 to US$43.73/bbl in 2016, then increased from
US$54.19/bbl in 2017 to US$71.31/bbl in 2018 and then decreased to US$41.84/bbl
in 2020. This results in a considerable increase in prices, which drives up
manufacturing costs and reduces manufacturers' profit margins, thereby limiting
the Ultra High Molecular Weight Polyethylene Market growth.
Ultra High Molecular Weight Polyethylene Industry Outlook
Technology launches, acquisitions
and R&D activities are key strategies adopted by players in the Ultra High
Molecular Weight Polyethylene Market. The Ultra High Molecular Weight
Polyethylene Market’s top 10 companies are:
- LyondellBasell Industries Holdings B.V
- Koninklijke DSM N.V
- China Petrochemical Corporation
- Crown Plastics, Inc
- Braskem
- Asahi Kasei Corporation
- Celanese Corporation
- Dotmar Engineering Plastics
- Honeywall International, Inc
- Mitsui Chemicals, Inc
Recent Developments
- In June 2022, Repsol announced to construct a new UHMWPE plant in Spain. The new plantpolyethene produces ultra-high molecular weight polyethylene (UHMWPE), which will open by 2024 and have a capacity of 15,000 tonnes per year.
- In March 2021, Celanese Corporation announced plans to increase its GUR UHMWPE production capacity in Europe. The expansion will help the company's high-value GUR engineered materials portfolio grow significantly.
- In June 2020, DSM launched a value-added product portfolio for ultra-high-molecular-weight polyethylene (UHMWPE), bringing the unique benefits of UHMWPE within reach of more manufacturers.
Relevant Reports
Report Code: CMR 51380
Report Code: CMR 1161
Report Code: HCR 0318
For more Chemicals and Materials Market reports, please click here
LIST OF TABLES
1.Global UHMW PE Market By Form Market 2023-2030 ($M)2.Global Ultra-High Molecular Weight Polyethylene Market By End-Use Industry Market 2023-2030 ($M)
2.1 Healthcare & Medical Market 2023-2030 ($M) - Global Industry Research
2.2 Mechanical Equipment Market 2023-2030 ($M) - Global Industry Research
3.Global UHMW PE Market By Form Market 2023-2030 (Volume/Units)
4.Global Ultra-High Molecular Weight Polyethylene Market By End-Use Industry Market 2023-2030 (Volume/Units)
4.1 Healthcare & Medical Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Mechanical Equipment Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America UHMW PE Market By Form Market 2023-2030 ($M)
6.North America Ultra-High Molecular Weight Polyethylene Market By End-Use Industry Market 2023-2030 ($M)
6.1 Healthcare & Medical Market 2023-2030 ($M) - Regional Industry Research
6.2 Mechanical Equipment Market 2023-2030 ($M) - Regional Industry Research
7.South America UHMW PE Market By Form Market 2023-2030 ($M)
8.South America Ultra-High Molecular Weight Polyethylene Market By End-Use Industry Market 2023-2030 ($M)
8.1 Healthcare & Medical Market 2023-2030 ($M) - Regional Industry Research
8.2 Mechanical Equipment Market 2023-2030 ($M) - Regional Industry Research
9.Europe UHMW PE Market By Form Market 2023-2030 ($M)
10.Europe Ultra-High Molecular Weight Polyethylene Market By End-Use Industry Market 2023-2030 ($M)
10.1 Healthcare & Medical Market 2023-2030 ($M) - Regional Industry Research
10.2 Mechanical Equipment Market 2023-2030 ($M) - Regional Industry Research
11.APAC UHMW PE Market By Form Market 2023-2030 ($M)
12.APAC Ultra-High Molecular Weight Polyethylene Market By End-Use Industry Market 2023-2030 ($M)
12.1 Healthcare & Medical Market 2023-2030 ($M) - Regional Industry Research
12.2 Mechanical Equipment Market 2023-2030 ($M) - Regional Industry Research
13.MENA UHMW PE Market By Form Market 2023-2030 ($M)
14.MENA Ultra-High Molecular Weight Polyethylene Market By End-Use Industry Market 2023-2030 ($M)
14.1 Healthcare & Medical Market 2023-2030 ($M) - Regional Industry Research
14.2 Mechanical Equipment Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)2.Canada Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
3.Mexico Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
4.Brazil Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
5.Argentina Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
6.Peru Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
7.Colombia Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
8.Chile Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
9.Rest of South America Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
10.UK Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
11.Germany Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
12.France Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
13.Italy Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
14.Spain Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
15.Rest of Europe Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
16.China Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
17.India Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
18.Japan Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
19.South Korea Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
20.South Africa Ultra-high Molecular Weight Polyethylene Market Revenue, 2023-2030 ($M)
21.North America Ultra-high Molecular Weight Polyethylene By Application
22.South America Ultra-high Molecular Weight Polyethylene By Application
23.Europe Ultra-high Molecular Weight Polyethylene By Application
24.APAC Ultra-high Molecular Weight Polyethylene By Application
25.MENA Ultra-high Molecular Weight Polyethylene By Application
26.Braskem S.A., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Celanese Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Lyondellbasell Industries N.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Koninklijke DSM N.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Asahi Kasei Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Saudi Basic Industries Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.E. I. Du Pont De Nemours & Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Honeywell International Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Teijin Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Rochling Engineering Plastics Pvt. Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Quadrant Engineering Plastic Products, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Redwood Plastics, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.King Plastic Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Garland Manufacturing Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.Orthoplastics, Sales /Revenue, 2015-2018 ($Mn/$Bn)
41.Shanghai Lianle Chemical Industry Science & Technology Co. Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
42.Nitto Denko Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)