Inclination towards the cross-linked polyethylene market applications in the medical surgeries over traditional polyethylene wear is expected to enhance the total knee arthroplasty survival rates.
Sellbyville, DE -- (SBWIRE) -- 11/15/2018 -- According to a new research report by Global Market Insights, Inc. Cross-Linked Polyethylene Market size is estimated to surpass USD 8 billion by 2024.
Global cross-linked polyethylene market is highly fragmented owing to presence of many regional and global players. The key industry players include Silon S.R.O., Akzonoble N.V., Exxonmobil, Arkema Group, Lyondellbasell Industries N.V., Vinacom Co., Ltd., Chemical Company Inc., and Borealis AG. Other prominent industry players are Falcone Specialities AG, Zimmer Inc., Polylink Polymers (India) Ltd., Polyone Corporation, Hanwha Chemical, Vanderbilt Chemicals LLC, and Dow Chemical Company. The companies are expected to invest in capacity expansion to gain competitive edge over the projected timeframe.
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Global Cross-Linked Polyethylene Market size was worth over 3 million tons in 2017 and will witness gains at over 6% from 2018 to 2024.
Cross-linked HDPE accounted for a dominating share of over 40% in the global cross-linked polyethylene market. Higher density of the material along with improved strength and chemical resistance will boost the product sales. Augmenting demand for pipes and tubing will enhance the product penetration in the global market. Expanding usage in chemical storage tanks owing to varied advantages over substitutes such as linear polyethylene, fiberglass reinforced plastic, and stainless steel will support the market development.
Global cross-linked polyethylene demand for plumbing application is projected to generate volume sales of more than 2,000 kilotons by 2024. Fueling demand from real estate and infrastructure projects will drive the product application scope. Increasing infrastructural development to accommodate rising population will augment the product sales through this application.
Chemical process accounts for a significant share in manufacturing of cross-linked polyethylene. Advantage of uniform cross linking is driving the process demand. Greater degree of crosslinking is primarily driving the process adoption. Generating product with excellent mechanical strength will propel the method use.
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Peroxide technology is expected to witness fastest CAGR during the forecast period 2018 to 2024. Advantage of higher cross-linking as compared to radiation and silane-based crosslinking will proliferate the peroxide technology adoption rate. Imparting greater temperature resistance to the product is among the key factors driving the technology scope globally.
Asia Pacific holds over 40% of the global cross-linked polyethylene market in 2017. The region majorly consists of developing economies witnessing significant investments in residential and commercial construction. Mounting restructuring and remodeling activities owing to rising disposable incomes will support the industry expansion. Growing automotive industry in the region is expected to develop new growth opportunities. Enhancing chemical companies in the region will positively influence the product demand.
Citing another instance to demonstrate the growth potential of the cross-linked polyethylene industry, in 2017 the Indian government had launched a nation-wide initiative to build efficient water networks and other infrastructural facilities in urban areas. As of now, more than 2.4 million new residential water connections have been provided across India since the initiative started, providing water for drinking and sanitary uses to millions of people.
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An upcoming growth avenue for the cross-linked polyethylene market, medical surgeries for joint replacements have garnered momentum to offer a healthier and pain free living for osteoarthritis patients. Knee and hip replacement arthroplasty involves replacing a dysfunctional joint with a prosthesis, which can now be made from cross-linked polyethylene. Recently, a broad study conducted on over 240,000 hip osteoarthritis patients revealed that hip implants containing cross-linked polyethylene lower the need for a revision surgery significantly.