June 23, 2022 09:14 ET | Source: ReportLinker ReportLinker

New York, June 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ultra-High Molecular Weight Polyethylene Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06288312/?utm_source=GNW Ultra-high Molecular Weight Polyethylene Market Growth & Trends The global ultra-high molecular weight polyethylene market is anticipated to reach USD 5.59 billion by 2030, growing at a CAGR of 12.6% from 2022 to 2030. Increasing demand from medical & prosthetics application is expected to significantly drive the market growth during the forecast period. Ultra-high Molecular Weight Polyethylene (UHMWPE) has been witnessing increasing acceptance as prosthetics in the medical industry for the past few years. This rising acceptance can be attributed to its favorable physical and chemical properties such as higher flexibility as compared to metals and superior strength. Technological advancements have resulted in prosthetics having a longer operational life and being more comfortable for the users. Over the recent years, market participants have taken active steps to process UHMWPE and improve its properties. The product is majorly used for hip, knee, and spine implants. Asia Pacific region is anticipated to progress at a CAGR of 13.4 % over the forecast period. China led the regional market in 2021. The market in China is anticipated to witness significant growth over the forecast period owing to the rising demand for the product in applications including medical grade & prosthetics, filtration, batteries, fibers, additives, membranes, and others. Increasing efforts by the government to improve public access to healthcare services and the rising incidences of chronic diseases are majorly driving the product demand in medical grade & prosthetics application in the country. In addition, increasing government expenditure to improve infrastructure and accessibility in rural and urban areas is expected to fuel the demand for medical devices. The aforementioned factors are projected to augment the demand for UHMWPE in the country over the forecast period. The fibers application segment is anticipated to progress at a robust growth rate during the forecast period.UHMWPE is used in the form of fibers for various applications which include cut resistance gloves, ropes & fishing nets, protective armor, sports & leisure goods, and sling & braids. The surge in demand for high tenacity multifilament polyethylene yarns is expected to benefit the overall demand over the forecast period. In addition, increasing adoption of medical grade UHMWPE fiber in cardiovascular, orthopedic, and trauma applications such as implantable cardiac defibrillators, cardiac resynchronization therapy (CRT) devices, vascular closure devices, central venous catheters, cranial plates, scaffolds, and others is anticipated to drive the ultra-high molecular weight polyethylene market growth in the coming years. Ultra-high Molecular Weight Polyethylene Market Report Highlights • In terms of revenue, the medical grade & prosthetic segment accounted for a prominent share of more than 33.0% in the market in 2021 and is further expected to witness a prominent growth over the forecast period. • Fibers application segment accounted for over 25.0% of the overall revenue in 2021. Rising demand from ropes & fishing nets, protective armor, and sports & leisure goods owing to their superior properties such as excellent strength to weight ratio, UV stability, low specific gravity, high abrasion resistance, and others are propelling the segment growth. • As of 2021, North America accounted for more than 40.0% share in the overall market. Increasing healthcare spending and the growing geriatric population in the region are anticipated to fuel the product demand over the forecast period. Read the full report: https://www.reportlinker.com/p06288312/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________