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).
Full Research Report On Polyaryletherketone (PAEK) Market
Analysis: www.grandviewresearch.com/industry-analysis/polyaryletherketone-paek-market
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.
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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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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
