According to a report by Grand View Research, Inc., global polyaryletherketone (PAEK) Market is anticipated to value USD 1.50 billion by 2025. Growing requirement for raw materials offering multiple effective properties useful in industrial applications is anticipated to propel demand for polyaryletherketone. PAEK is likely to exhibit superior properties such as low permeability, high electrical strength, good energy radiation resistance, and outstanding chemical resistance.
Increasing use of PAEK in numerous medical devices such as body implants and dental tools can influence growth of market. High demand for light weight and fuel efficient automobiles is anticipated to fuel product demand in automotive sector. Effective properties of PAEK such as excellent insulating properties and superior hydrolysis resistance can stimulate market growth. Growing adoption of polyether ether ketone (PEEK) in aerospace sector attributed to high glass transition temperature can augment market growth during the forecast period (2014 to 2025).
Growing demand for PAEK substitutes such as polyphenylene sulfide (PPS) and polyetherimide (PEI) in the automotive and construction sectors can restrain market growth over the forecast period.
The polyaryletherketone (PAEK) market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into polyetherketone (PEK), polyether ether ketone (PEEK), polyetherketoneketone (PEKK), and others. In 2016, PEEK segment dominated the market and accounted for 83.2% market share. Effective properties such as good tensile strength, inherent purity, thermal stability, and precise machinability are expected to fuel product demand.
Browse Research Report on Polyaryletherketone Market:
Similarly, PEKK segment is also expected to grow well during the forecast period attributed to increasing use in oil & gas sector. High compressive strength and electrical resistance of PEKK can fuel its demand during the forecast period. In addition, growing adoption of PEKK in medical, automotive, and coatings sector for multiple applications can stimulate product demand in the forthcoming years.
Based on application, the market can be classified into aerospace, general engineering, electrical & electronics, medical, and automotive. In 2016, automotive segment dominated the market and accounted for market share equivalent to USD 312.4 million. It is likely to display steady growth during the forecast period attributed to rising demand for metal replacements in automotive sector. High demand for fuel efficient vehicles can augment demand for better raw materials. Increasing use of PEEK polymers in automotive applications attributed to its superior insulating properties and hydrolysis resistance can influence market growth. In addition, growing adoption of PEEK in petroleum and chemical processing sector owing to its high fatigue resistance, high wear resistance, and excellent thermal stability can stimulate growth of market during the forecast period. Moreover, medical application segment is expected to account for 9.6% in 2016 and is likely to grow well during the forecast period.
Regional segmentation includes North America, Asia Pacific, Europe, Central & South America, and Middle East & Africa. In North America, the market is anticipated to witness substantial growth at CAGR of 8.6% from 2017 to 2025. High prevalence of major manufacturing companies can influence market growth in the region. In addition, rapid growth of automotive sector in United States (U.S.) attributed to high demand for vehicle production is expected to fuel demand for PAEK. This, in turn, can augment growth of market during the forecast period. Moreover, Mexico being fourth largest exporter of automotive segment after Japan, South Korea, and Germany is likely to surge product demand, which can further augment market growth in the region.
On the contrary, Asia Pacific accounted for 22.2% market share in 2016 and is likely to witness significant growth during the forecast period. China’s strong customer base in electronics, automotive, and medical devices is expected to demand for new constructions. This, in turn, can stimulate market growth in the region.
Some of the leading companies offering polyaryletherketone are Arkema Group, JK Overseas, Victrex Plc, Solvay S.A., and Quadrant AG. The market is expected to be competitive in nature attributed to stringent registration process and high capital investment. Most companies are likely to adopt effective business strategies to ensure growth. In addition, companies can form strategic alliances with regional distributors.
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Grand View Research has segmented the polyaryletherketone (PAEK) market based on product, application, and region:
Polyaryletherketone Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Polyether ether ketone (PEEK)
- Polyetherketone (PEK)
- Polyetherketoneketone (PEKK)
- Others
Polyaryletherketone Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Automotive
- General Engineering
- Aerospace
- Electricals & Electronics
- Medical
Polyaryletherketone Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
For more information: www.grandviewresearch.com
