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Dublin, Dec. 14, 2020 (GLOBE NEWSWIRE) -- The "Ultra-High Molecular Weight Polyethylene - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering. 2. FOCUS ON SELECT PLAYERS 3. MARKET TRENDS & DRIVERS 4. GLOBAL MARKET PERSPECTIVE For more information about this report visit https://www.researchandmarkets.com/r/kkbuzp Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Manufacturing Slump Impacts demand for High Strength Engineering Plastics. UHMWPE Revenues Dip by -6.3%
The global market for Ultra-High Molecular Weight Polyethylene (UHMWPE) is expected to decline by -6.3% in response to the slumping manufacturing activity and thereafter recover and reach US$1.9 billion by the year 2027, trailing a post COVID-19 CAGR of 7.3% over the analysis period 2020 through 2027.
Due to the COVID-19 pandemic, governments across the globe have ordered stay-at-home orders for people and shut-down businesses engaged in the production of non-essential goods. Social distancing is considered to be a potent measure for keeping a check on spread of this pandemic. The economic impact of such restrictions on business activities is expected to be huge. Due to the outbreak, the sentiment across the industrial manufacturing sector has declined drastically during the past few months and indicates strong decline for the entire year. Although restrictions have been eased significantly in some countries, concerns over future financial insecurity is limiting the consumer purchases only to the essential items such as groceries and other basic necessities.
Buying non-essential products such as electronics and automobiles is not a priority for most of the consumers now. Delays and disruptions in production, exports and imports also wield a considerable impact on the demand and hence manufacturing activity. The decline in transportation sector and parallel drop in production of automotive vehicles, aircraft, and marine vessels is curtailing the momentum in the UHMWPE market.
Similarly, ban on air travel, the primary mode of global transmission of COVID-19 disease, in several parts of the world has substantially diminished the aircraft demand with several aviation companies reducing the order size or cancelling the orders altogether. Likewise, construction & mining sectors also witnessed drastic decline, while eroding demand for equipment utilized in these sectors. Against this backdrop, it is expected that UHMWPE market will register a negative growth in 2020, before making a recovery in 2021 on the premise that sentiment in end-user verticals will revive in post COVID-19 period.
In the post COVID-19 period, strong growth in expected to come from healthcare applications. In contrast to nylon fibers, steel, and polyester materials, ultra-high molecular weight polyethylene (UHMWPE) fiber offer relatively more robust, safe, and chemical resistant solutions for end users. Given its superior features, the novel material significantly minimizes risks pertaining to infection and pain among patients.
As a result, UHMWPE is widely employed nowadays in suture applications for repairing broken bones. The advanced fiber is utilized as an actuator in surgical robots for safely carrying out minimally invasive surgical procedures. Due to its compact, flexible, and lightweight features, UHMWPE allow manufacturers to design various implantable cardiovascular equipment such as covered stents and stent grafts. Innovation holds critical importance in today's highly competitive global business scenario and medical devices industry is no exception to this.
Ongoing technological advancements are enabling companies to design abrasion resistant, smooth, and easy to use minimally invasive surgical devices. UHMWPE fibers comply with international standards for mutagencity, pyrogenicity, hem compatibility, sensitization/irritation, cytotoxicity, and genotoxicity. Driven by increasing popularity of minimally invasive surgeries and implants, demand for UHMWPE fibers will witness significant increase.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
III. MARKET ANALYSIS
IV. COMPETITION
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