February 04, 2020
As per the report titled ‘Polyaryletherketone (PAEK) Market Size By Product Type (PEK, PEEK, PEKK), By End-Use Sector (Oil & Gas, Medical, Aerospace & Automotive, Marine, Electrical & Electronics) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, Sweden, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global polyaryletherketone (PAEK) market is expected grow at 6.0% CAGR to amass USD 1.5 billion by the year 2025.
Polyaryletherketone is widely used in manufacturing surgical instruments and medical equipment. It is also utilized as a biomaterial in medical implants. Increasing geriatric population and rise in the cases of chronic diseases are fueling the demand for polyaryletherketone from medical industry. This factor coupled with technological advancements and government investments in medical industry will augment the polyaryletherketone (PAEK) market outlook.
Owing to its chemical and physical properties, polyaryletherketone (PAEK) is widely used in oil & gas industry for compressor rings and plates, labyrinth seals, motor end plats, compressor poppets, bearings, back-up seal rings, bushings, and electrical connectors. Technological advancements and increasing oil & gas exploration activities will foster the growth of polyaryletherketone (PAEK) market.
Polyaryletherketone (PAEK) offers significant weight reduction, hence improving fuel efficiency of vehicles and aircrafts. These benefits coupled with the rising demand for automobiles and aircrafts will fuel the market growth during the predicted timeframe.
On the other hand, high cost of polyaryletherketone (PAEK) paired with the easy availability of alternatives will hamper the business outlook during the forecast period.
Based on the product type, polyaryletherketone (PAEK) market is segmented into PEK, PEEK, PEKK, and others. PEEK product segment currently dominates the market with 50% share and is expected to follow a similar trend during the forecast period, owing to its extensive use in automotive, medical, oil & gas, and aerospace sectors.
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Speaking of the end-use spectrum, polyaryletherketone (PAEK) market from the electrical & electronics segment is expected to grow with a CAGR of 5.4% to surpass a market valuation of USD 220 million by the year 2025. The segmental growth can be attributed to its use in wide array of applications like insulators, coaxial connector jacks, and printed circuit boards.
Considering the geographical outlook, North America market is expected to hold 25% share by the year 2025, on account of increasing demand from aerospace and medical industry. In addition, U.S. government is investing heavily in healthcare infrastructure, hence boosting the regional market outlook.
The major players of polyaryletherketone (PAEK) market are Victrex, plc, Akro Plastic GmbH, Mitsubishi Chemical Advanced Materials, SABIC, and Evonik Industries among others.
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