Key Companies Covered are 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
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 and Covid-19 Impact Analysis, By Form (Sheets and Films, Rods and Tubes, Fibers, Tapes, and Others), By End-Use (Automotive, Aerospace and 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.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Ultra-High Molecular Weight Polyethylene Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Ultra-High Molecular Weight Polyethylene Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
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 and acquisitions, new product launches, and research and development activities. Our next step included the bottom-up procedure to arrive at the overall size of the market.
Drivers and 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.
Segment-
Sheets and Films Segment to Dominate Due to Increasing Utilization
Based on the form, the sheets and 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 and 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.
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Regional Insights-
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 and films and fibers from industries including aerospace and defense, medical, and automotive is predicted to strengthen the demand for UHMWPE in the region.
Competitive Landscape-
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 the high-performing and lightweight armor. This helped the company serve the demands from militaries and law enforcement applications.
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.
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)
- Mitsui Chemicals, Inc. (Japan)
- Honeywell International, Inc. (US)
- Teijin Limited (Japan)
- Other Players
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Ultra-High Molecular Weight Polyethylene Market Size Is Expected To Reach USD 87.6 Million By 2027 | Is Ultra-High Molecular Weight Polyethylene Industry Hit Worst due to Russia-Ukraine War Impact?
