Ultra High Molecular Weight Polyethylene Fiber Market Size, Share and Trend Analysis Report by Quality Type, Product Type, Application, Region and Segment Forecast, 2020
Ultra High Molecular Weight Polyethylene Fiber Market Size, Share and Trend Analysis Report by Quality Type (Medical, Industrial), Product Type, Application, Region and Forecast segment, 2020-2027
New York, September 23, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Publication of the “Ultra-High Molecular Weight Polyethylene Fiber Market Size, Share and Trend Analysis Report by Type of Grade, By Product Type, By Application, By Region & Segment Forecast, 2020 – 2027 “- https://www.reportlinker.com/p06046005/?utm_source=GNW
Ultra High Molecular Weight Polyethylene Fiber Market Growth and Trends
The global ultra-high molecular weight polyethylene fiber market size is expected to reach USD 1.41 billion by 2027, with a CAGR of 8.6% from 2020 to 2027. Growing demand for various applications, such as weaves protection, medical devices, nets, wear and tear and equipment, ropes and sports equipment are a key factor in the market. The growing geriatric population, mainly in North America and Europe, is expected to play a critical role in shaping the demand for Ultra-High Molecular Weight Polyethylene (UHMWPE) fibers in the segment of medical device applications during the forecast period.
Ultra-high molecular weight polyethylene fibers contribute to strong orthopedic implants, which find use in long term applications, such as joint replacement and repair, requiring excellent mechanical performance. UHMWPE fibers are soft and help reduce the invasive nature of implantable devices, as well as tissue irritation and inflammation.
This increases patient compliance, comfort and speeds up recovery. In trauma cases, UHMWPE fiber cable helps prevent bone damage and offers excellent strength, as well as low elongation.
One of the potential applications of ultra-high molecular weight polyethylene fibers is netting. The application segment of nets includes air cargo, aquaculture nets and trawls.
Lightness and excellent strength compared to polyester, ease of handling and longer service life are the main attributes driving the demand for ultra-high molecular weight polyethylene fibers in air cargo netting. UHMWPE fibers help reduce the total weight of air cargo, thereby reducing fuel cost and CO2 emissions.
According to the International Air Transport Association (IATA), air freight carries 52 million tonnes of cargo each year. Medical devices, sports equipment, consumer goods and automotive components are among the major products transported by air cargo around the world.
The growing demand for instant shipping and delivery and the increase in global e-commerce businesses are increasing the growth of the air freight industry, thereby creating lucrative opportunities for UHMWPE fibers in air freight applications.
Since the COVID-19 outbreak across the globe, air cargo has been a critical part of the global supply chain for the delivery of urgent materials, such as drugs and medical equipment. Thus, the increasing demand for rapid delivery of medical support, i.e. medical devices and drugs, due to the increase in positive cases of coronavirus, positively influences the growth of air freight, thus creating opportunities for air cargo nets. However, the shutdown of manufacturing operations and the decrease in discretionary consumer spending are impacting the growth of industrial air cargo, which in turn dampens the demand for air cargo nets.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period based on revenue due to the presence of many end users in the region. China dominated the Asia-Pacific market, in terms of revenue and volume, in 2019.
The Chinese market is expected to experience significant growth during the forecast period owing to the increasing demand for the product in applications including protective armor, wear and equipment, netting, ropes and medical devices. . According to the Stockholm International Peace Research Institute (SIPRI), China accounted for around 14% of global military spending in 2019 and ranked second after the United States. Thus, high spending in the military and defense sector is fueling the demand for protective armor, which in turn is expected to create significant opportunities for UHMWPE fiber manufacturers.
However, the recent COVID-19 outbreak in the country is having serious repercussions on the country’s economy. The slowdown or shutdown of manufacturing operations, restriction of supply and transportation, and declining demand for end-user products are negatively impacting the growth of China’s industrial sector.
This, in turn, is expected to hamper the growth of the UHMWPE fiber market in the country.
Highlights of Ultra-High Molecular Weight Polyethylene Fibers Market Report
• In terms of revenue, Asia Pacific dominated the overall market and is expected to experience the fastest growth during the forecast period
• By Application, Protective Armor Segment has emerged as the largest application segment in 2019 and is expected to maintain its lead throughout the forecast period.
• Industrial grade UHMWPE fibers are in high demand among various applications, such as protective armor, wear and equipment, netting, ropes, medical devices and sports equipment
• Various strategic initiatives have been registered in recent years in order to stimulate the growth of the market. For example, in March 2020, Koninklijke DSM NV announced a partnership with SABIC and UPM Biofuels to produce bio-based fibers. Through this partnership, DSM aims to source at least 60% of raw materials to produce fibers from biobased raw materials by 2030.
Read the full report: https://www.reportlinker.com/p06046005/?utm_source=GNW
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