Global polyaryletherketone (PAEK) market is anticipated to surpass USD 1.5 billion by 2025, depicting a CAGR of 6 percent over the forecast period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
According to the report, Polyaryletherketone market will be propelled by high demand from the medical sector as it is extensively utilized in medical implants as a biomaterial. In addition, polyaryletherketones are used for producing surgical and medical equipments. The growing geriatric population, increasing count of chronic diseases, advancements in technology, and increasing government spending in the medical sector will positively impact the medical industry in the ensuing years. These trends will stimulate the demand for polyaryletherketone in the future.
PAEK is extensively used in the oil and gas vertical for compressor plates and rings, electrical connectors, labyrinth seals, compressor poppets, motor end plats, bearings, bushings, back-up seal rings, etc. because of its stiffness and high strength, chemical resistance and exceptional wear, intrinsic flame resistance, decent resistance to quick gas decompression, and high retention of mechanical characteristics in sour environment. Fast paced technological progressions, increasing oil & gas drilling activities worldwide, and humongous investments will add impetus to the growth speed of the oil & gas industry, which in turn, will spur polyaryletherketone market growth over 2019-2025.
The findings of the report suggest that favorable trends linked with automotive and aerospace industry will positively drive the polyaryletherketone market growth. These materials are known to provide noteworthy weight reduction and enhanced fuel efficiency to automobiles and aircrafts. Therefore, surging aircraft and automobile demand will augment the market outlook in the approaching years. On the other hand, the high cost of polyaryletherketone (PAEK) materials as well as the presence of substitutes in the market will daunt market expansion to some extent.
Polyaryletherketone market is fragmented based on end-use landscape and product type. Speaking of the product type, the market is categorized into PEEK, PEKK, PEK, and others. PEEKK and PEKEKK are the other fragments. PEEK segment holds more than 50% market share on account of widespread applications in aerospace, medical, automotive, oil & gas, etc.
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In terms of end-use, the market is bifurcated into electrical & electronics, aerospace & automotive, oil & gas, marine, medical, and others. The others segment encloses protective coatings, 3D printing, textile, etc. Based on the findings of the report the electrical & electronics end-use segment is projected to cross over US $220 million, growing at a CAGR of over 5.4% by the year 2025. The product finds applications in printed circuit boards, coaxial connector jacks, insulators, etc.
From a regional perspective, North America would accrue more than 25 percent volume share in 2025 and is slated to show substantial growth in the future due to high demand of the product from the medical and aerospace industry. Increasing air travel demand and innovations in technology will amplify the aerospace industry size, thereby bolstering the polyaryletherketone (PAEK) market growth during the forecast period. Furthermore, the increasing expenditure of the U.S. government in the medical industry will promote regional market development.
The competitive outlook of polyaryletherketone market includes market giants like SABIC, Mitsubishi Chemical Advanced Materials, Victrex, plc, Evonik Industries, Akro Plastic GmbH, etc.