The Global Ultra high molecular weight polyethylene [UHMWPE] market is forecast to reach US$4.23 bln by 2026, from US$1.68 bln in 2018, at a CAGR of 11.3%, according to a report by Reports and Data. Technological advancements in the healthcare industry, rise in geriatric population, increased demand for joint replacement treatment have resulted in boosting UHMWPE market.
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 defence 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 defence 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. 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.
Further key findings from the report suggest:
*UHMWPE sheets segment can be seen to have yielded the highest revenue of USD 0.98 bln 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.
*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 US$1.02 bln 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.
* The medical prosthetics segment generated the highest revenue of US$0.60 bln in 2018 with the highest growth rate of 12% 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 US$0.69 bln in 2018 with the highest growth rate of 12% 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.
* 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.