Ultra High Molecular Weight Polyethylene Market Will Leverage Demand from Transportation Industry

Ultra High Molecular Weight Polyethylene Market size is projected to reach US$3.1 billion by 2027, after growing at a CAGR of 10.1% during the forecast period 2022-2027. The use of Ultra High Molecular Weight Polyethylene in transportation has increased significantly. Ultra High Molecular Weight Polyethylene (UHMWPE), also known as high-modulus polyethylene, is a thermoplastic polyethylene. Rising product demand from transportation applications, as well as its superior physical properties compared to other polymers, will drive market growth during the forecast period. According to the UK Ministry of Defence, the government will spend £42.4 billion on defense in 2020/21, a £2.5 billion increase over the previous year. 

Ultra High Molecular Weight Polyethylene Market: Leading Segment in Transportation Market

On the basis of the end-use industry, the Ultra High Molecular Weight Polyethylene market can be segmented into transportation, electrical & electronics, oil & gas, water treatment, chemical & pharmaceutical and others. During the forecast period 2022-2027, the transportation segment is expected to grow with a CAGR of 9.6%. Ultra High Molecular Weight Polyethylene is used as the friction part of the axle sleeve, sliding sleeve, and lining material equipment in plastic injection molding automotive parts. The market for Ultra High Molecular Weight Polyethylene is being driven by rising transportation demand. According to the Energy Information Administration (EIA), there will be 1.7 million automobiles in the world by 2035. Automobile output increased by 10% in the first nine months of 2021, to 57.26 million vehicles, up from 52.15 million units in the same period last year, according to the International Organization of Motor Vehicle Manufacturers (OICA).

Ultra High Molecular Weight Polyethylene Market: Leading Region in Asia-Pacific

On the basis of geography, the Ultra High Molecular Weight Polyethylene market can be segmented into North America, South America, Europe, APAC, and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 10.9% share of the total revenue earned by the market globally. Asia-Pacific countries including the India and China are ahead comparatively in terms of consuming automotive products. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and production rise. According to India Brand Equity Foundation, in 2021, the Indian passenger car market was valued at US$ 32.70 billion and it is expected to grow to US$ 54.84 billion by 2027.

The Ultra High Molecular Weight Polyethylene market will also gain demand from the North American region. The U.S and Canada are emerging as competitive countries in the Ultra High Molecular Weight Polyethylene market.

Ultra High Molecular Weight Polyethylene Market: Competitive Landscape

Key companies holding major shares in the Ultra High Molecular Weight Polyethylene market are LyondellBasell Industries Holdings B.V, Koninklijke DSM N.V, China Petrochemical Corporation, Crown Plastics, Inc, Braskem, Asahi Kasei Corporation, Celanese Corporation, Dotmar Engineering Plastics, Honeywall International, Inc, Mitsui Chemicals, Inc

R&D Investments

In June 2022, Repsol will construct a new UHMWPE plant in Spain. The new plantpolyethene produces ultra-high molecular weight polyethylene (UHMWPE), will open in 2024 and have a capacity of 15,000 tonnes per year. 

In March 2021, Celanese Corporation announced plans to increase its GUR UHMWPE production capacity in Europe. The expansion will help the company's high-value GUR engineered materials portfolio grow significantly.