The global ultra-high molecular weight polyethylene (UHMWPE) market size is estimated to showcase eminent growth owing to the increasing demand from the aerospace and defense industry, observes Fortune Business Insights™ in its report, titled, “Ultra-High Molecular Weight Polyethylene Market Size, Share & Covid-19 Impact Analysis, By Form (Sheets & Films, Rods & Tubes, Fibers, Tapes, and Others), By End-Use (Automotive, Aerospace & Defense, Medical, Chemical, Electronics, and Others) and Regional Forecast, 2020-2027.” The market size was USD 1,691.2 million in 2019 and is anticipated to reach USD 3,319.0 million by 2027, exhibiting a CAGR of 10.1% during the forecast period.

Reduced Demand Due to Lockdowns amid COVID-19 to Affect Growth

UHMWPE is extensively utilized in industries including aerospace and defense, automotive, medical, and electronics. With the decreasing sales from these segments amid the COVID-19 pandemic, the demand for UHMWPE has also been affected. The already stumbling automotive industry has been hit hard by nationwide lockdowns. This is reflecting in the reduced demand for the material from the industry. At Fortune Business Insights, we are thoroughly analyzing these challenges and working on finding effective solutions.

Get Sample PDF Brochure with Impact of COVID19:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/ultra-high-molecular-weight-polyethylene-uhmwpe-market-102953

Highlights of the Report:

In order to prepare this report, we have captured data on the revenue of several key players through secondary sources such as company websites, corporate filings, annual reports, and investor presentations. We have conducted extensive interviews with key industry experts, such as CEOs, VPs, directors, and executives in order to track and analyze competitive developments such as partnerships, mergers & acquisitions, new product launches, and research & development activities. Our next step included the bottom-up procedure to arrive at the overall size of the market.

Drivers & Restraints-

Increasing Demand for Protective Gear from Aerospace and Defense Industry to Drive Growth

The increasing demand for protective gear and equipment from the aerospace and defense industry, coupled with the high demand for a durable material to make fuel-efficient vehicles in the automotive industry is anticipated to drive the ultra-high molecular weight polyethylene market growth. In addition, the increasing military spending among nations is predicted to further strengthen the demand for UHMWPE. For instance, as per an article published on the World Economic Forum, in 2017, the military expenditure worldwide was estimated to reach USD 1739 billion. However, the high cost associated with the product is projected to hinder the growth of UHMWPE.

Segment-

Sheets & Films Segment to Dominate Due to Increasing Utilization

Based on the form, the sheets & films segment is estimated to dominate the global ultra-high molecular weight polyethylene market. The segment held the largest share in 2019, which is attributed to the extensive utilization of UHMWPE as sheets & films in various materials including bunkers, dump trucks, lining silos, and rail wagons. Based on the end-use, the chemical segment has grown significantly with a global market share of 9.7%. On the other hand, the segment secured a total share of 9.2% in the U.S. Market.

Regional Insights-

Increasing Demand for Electric Vehicles in U.S. to Help North America Dominate

North America is projected to dominate the global ultra-high molecular weight polyethylene market share with a value of USD 646.6 million in 2019. The increasing demand for electric vehicles in the U.S. is projected to drive the growth of ultra-high molecular weight polyethylene in the region. For instance, according to the U.S. International Trade Commission, there has been a 67% increase in EV sales between 2017 and 2019.

The market in Europe is estimated to showcase robust growth during the forecast period. The increasing demand for impact-resistant sheets & films and fibers from industries including aerospace & defense, medical, and automotive is predicted to strengthen the demand for UHMWPE in the region.

Competitive Landscape-

Increasing Production Capacity to Aid Key Players Expand Customer Bases

Prominent players operating in the global ultra-high molecular weight polyethylene market are focusing on expanding their production capacities. This will help them fill the demand-supply gap and expand their customer base. For instance, in November 2019, Honeywell increased the production capacity of Spectra fiber made from UHMWPE that is used in the high-performing and lightweight armor. This helped the company serve the demands from militaries and law enforcement applications.

Industry Developments-

  • In October 2020, Celanese Corporation announced the introduction of its new production line, which will be used to produce GUR ultra-high molecular weight polyethylene at a Texas manufacturing facility. This expansion will increase the company’s GUR engineered materials portfolio.
  • In August 2018, Mitsui Chemicals, Inc. announced the expansion of its production facilities in Japan to manufacture HI-ZEX MILLION, a new product offered by the company. This expansion has increased the company’s annual production capacity from 7,500 tons to 8,500 tons.

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/ultra-high-molecular-weight-polyethylene-uhmwpe-market-102953

A List of Key Market Players:

  • Celanese Corporation (US)
  • LyondellBasell Industries N.V. (Netherlands)
  • Saudi Arabia Basic Industries Corporation (Saudi Arabia)
  • Asahi Kasei Corporation (Japan)
  • DSM (Netherlands)
  • Braskem (Brazil)
  • DuPont (US)
  • Mitsui Chemicals, Inc. (Japan)
  • Honeywell International, Inc. (US)
  • Teijin Limited (Japan)
  • Other Players

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune - 411045, Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: [email protected]

Connect us via Social Media Channels:

LinkedIn: https://www.linkedin.com/company/fortune-business-insights

Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd

Twitter: https://twitter.com/FBInsightPvtLtd