Pune, India, March 03, 2021 (GLOBE NEWSWIRE) -- The global ultra-high molecular weight polyethylene 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.
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.
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Key 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.
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.
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.
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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 high-performing and lightweight armor. This helped the company serve the demands from militaries and law enforcement applications.
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
Browse Detailed Summary of Research Report with TOC:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights Impact of COVID 19 on Global Ultra-High Molecular Weight Polyethylene Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Ultra-High Molecular Weight Polyethylene Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Form
- Sheets & Films
- Rods & Tubes
- End-use Industry
- Aerospace & Defense
- By Region (Value & Volume)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Form
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Key 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.
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