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.
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.
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.
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)