Market Research Report
Ultra-high Molecular Weight Polyethylene Fibers Market Size, Share & Trends Analysis Report By Grade Type (Medical, Industrial), By Product Type, By Application, By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||948077|
|Published||Content info||150 Pages
Delivery time: 2-3 business days
|Ultra-high Molecular Weight Polyethylene Fibers Market Size, Share & Trends Analysis Report By Grade Type (Medical, Industrial), By Product Type, By Application, By Region, And Segment Forecasts, 2020 - 2027|
|Published: June 23, 2020||Content info: 150 Pages||
The global ultra-high molecular weight polyethylene fibers market size is expected to reach USD 1.41 billion by 2027, expanding at a CAGR of 8.6% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising demand from various applications, such as protective armor, medical devices, nets, wear and gear, ropes, and sports equipment is a key factor driving the market. Growing geriatric population, majorly in North America and Europe, is presumed to play a critical role in shaping the demand for ultra-high molecular weight polyethylene (UHMWPE) fibers in the medical devices application segment over 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 they help to reduce the invasive nature of implantable devices, along with tissue irritation and inflammation. This increases patient compliance, comfort, and accelerates recovery. In trauma cases, UHMWPE fiber cable helps prevent bone damage and provides excellent strength, along with low elongation.
Net is one of the potential applications of ultra-high molecular weight polyethylene fibers. The nets application segment includes air cargo, aquaculture nets, and trawl nets. Lightweight and excellent strength as compared to polyester, ease of handling, and longer service life are the major attributes driving the demand for ultra-high molecular weight polyethylene fibers in air cargo nets. UHMWPE fibers help reduce the total weight of air cargo, thereby lowering fuel cost and CO2 emissions.
According to the International Air Transportation Association (IATA), air cargoes transport 52 million tons of goods every year. Medical devices, sports equipment, consumer goods, and automotive components are some of the major goods transported through air cargo globally. Growing demand for instant shipment and delivery and rise in global e-commerce businesses are augmenting the growth of the air cargo sector, thereby creating lucrative opportunities for UHMWPE fibers in air cargo applications.
Since the outbreak of COVID-19 across the globe, air cargo has been a vital component in the global supply chain in delivering time-sensitive materials, such as medicines and medical equipment. Thus, rising demand for quick delivery of medical support, i.e. medical devices and medicines, due to increasing positive coronavirus cases is positively influencing the growth of air cargo, thereby creating opportunities for air cargo nets. However, stalled manufacturing operations and decreasing discretionary spending by consumers are impacting the growth of industrial air cargo, which, in turn, is hampering the demand for air cargo nets.
Asia Pacific is expected to expand at the fastest CAGR over the forecast period, based on revenue, owing to presence of numerous end users in the region. China dominated the Asia Pacific market, in terms of both revenue and volume, in 2019. The market in China is anticipated to witness significant growth over the forecast period owing to rising demand for the product in applications, including protective armor, wear and gear, nets, ropes, and medical devices. According to the Stockholm International Peace Research Institute (SIPRI), China accounted for approximately 14% share in the global military spending in 2019 and ranked second after U.S. Thus, high spending on the military and defense sector is fueling the demand for protective armor, which, in turn, is anticipated to create significant opportunities for the manufacturers of UHMWPE fibers.
However, the recent outbreak of COVID-19 in the country is severely impacting the country's economy. Slowdown or halt in manufacturing operations, restriction in supply and transport, and declining product demand from end users are negatively impacting the growth of the Chinese industrial sector. This, in turn, is anticipated to hamper the growth of UHMWPE fibers market in the country.