Ultra High Molecular Weight Polyethylene [UHMWPE] Market is Growing at a CAGR of 11.3 % and the Growth is Influenced Due to Rise in Geriatric Population, Increased Demand for Joint Replacement Treatment | Reports and Data
NEW YORK, September 24, 2019 (Newswire.com) - Presence of certain traits in UHMWPE makes it favorable for application in different industries. Specific characteristics of this type of polyethylene, such as minimal reactivity to chemicals, lightweight, high durability, strength results in making it an integral part of shipping, aerospace, and defense sectors. The previous type of ballistic armor and equipment used in the military used to be heavy and made it difficult to use. However, it is the development of UHMWPE and its tolerance to extreme temperature, resistance to erosion, resistance to impacts, strength, and durability resulted in its significant use in the defense sector.
There has been a drastic increase in the geriatric population that has resulted in an associated rise in demand for joint replacements. In addition to that, rise in incidents of fall and fracture among this section of the population because of the orthopedic issue has also resulted in increased demand for joint replacement treatments that in turn positively impacts the growth rate of the industry. The underlying reason being, this type of polyethylene have features like wear resistance, self-lubrication, self-lubrication, bio-compatible, low coefficient of friction, associated with it. The mentioned traits makes it highly applicable to prosthetic implants, contributing to the growth of the sector.
The Global Ultra high molecular weight polyethylene [UHMWPE] market is forecast to reach USD 4.23 Billion by 2026, according to a new report by Reports and Data.
In context to region, North America can be seen to be dominating the market. In this region, increased investment in the healthcare sector, technological advancements in the healthcare industry, and rise in demand for prosthetic implant results in its dominance in the industry.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global Ultra high molecular weight polyethylene [UHMWPE] market according to Form, Catalyst type, Application area, End-users, and Region:
Form Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Catalyst type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Ziegler-Natta Catalyst
- Metallocene Catalyst
Application area Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Medical Prosthetics
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
Further key findings from the report suggest
- The Ultra high molecular weight polyethylene [UHMWPE] market held a market share of USD 1.68 Billion in the year 2018. It is forecasted to grow at a rate of 11.3% during the forecast period.
- In regards to the form of UHMWPE, sheets segment can be seen to have yielded the highest revenue of USD 0.98 Billion in 2018 with the highest CAGR of 11.7% during the forecast period. Extensive use of UHMWPE in this form in mechanical equipment and medical industries contributes to the generated market share by this segment.
- In context to catalyst type, Ziegler-Natta Catalyst can be seen to be highly used in the product of this type of polyethylene. In the year 2018, it generated the highest revenue of USD 1.02 Billion with the highest CAGR of 11.7% during the forecast period. As this catalyzing technique is versatile, inexpensive, and easily controllable, it results in its high use in the production of UHMWPE.
- In regards to application, medical prosthetics segment generated the highest revenue of USD 0.60 Billion in 2018 with the highest growth rate of 12.0% during the forecast period. With the rise in geriatric population, increased demand for prosthetic implants and the presence of desired traits in this type of polyethylene for using it in joint replacements contributes to its growth rate.
- In context to end users, the healthcare industry can be seen to have yielded the highest revenue of USD 0.69 Billion in 2018 with the highest growth rate of 12.0% during the forecast period. As there has been a rise in geriatric population that results in an increase in joint replacement treatment and UHMWPE has traits like high flexibility, and biocompatibility and wear resistance, results in its increased use in healthcare industry contributing to the market dominance of this segment.
- In regards to region, North America can be seen to occupy the largest market share that is forecasted to hold 38% of the market share by 2026 with a growth rate of 11.7% during the forecast period. In this region, there has been a rise in geriatric population, along with an increase in demand for joint replacement treatment and increased investment in the healthcare sector that contributes to the market share of this region.
- Key participants include Asahi Kasei, Celanese Corporation, Royal DSM, Honeywell International, LyondellBasell Industries, Eastern Petrochemical, Mitsui Chemicals, Sabic, Zhongke Xinxing, Lianle.
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