ID: MRFR/CnM/3925-HCR | February 2021 | Region: Global | 139 pages
Asia Pacific holds a major share of the market and is expected to be the fastest growing region with an 3.80% CAGR.
Polyaryletherketone, also known as PAEK is a semi crystalline thermoplastic material that possesses high mechanical strength and enhanced temperature stability. Polyaryletherketone are mainly produced by two processes– nucleophilic and electrophilic. PAEK can be processed through all types of thermoplastic processes such as extrusion, injection molding, transfer molding, and compression molding. Polyaryletherketone are extensively used in various applications owing to their excellent properties such as chemical and corrosion resistance, high temperature resistance, low toxic emissions and high mechanical strength among others. It is used in seals, valve parts, gears, compressor rings, bearings, wire coatings and other drilling components. The low heat output also enables the use of polyaryletherketone in the aviation applications. Moreover, it is widely used in medical devices owing to its excellent resistance to hydrolysis.
The growing demand for polyaryletherketone in various end use industries is the major factor driving the market growth during the forecast years. Moreover, the growing automotive and oil & gas industries in the developing regions are expected to substantially contribute to the growth of the polyaryletherketone market. In addition to this, the growing defense budget throughout the globe has augmented the use of polyaryletherketone in military weapons which is also adding to the market growth.
Among the various application segments in polyaryletherketone market, automobile is leading and is anticipated to continue its dominance over the forecast period. Properties such as thermal & mechanical stability and high tensile strength makes them suitable for their use in automobiles. Polyaryletherketone are extensively used in rotor arms, alternator covers, shock absorbers, seals & thrust washers among others. The replacement of metals with polyaryletherketone helps in reduction of weight which in turn enhances the fuel efficiency of automobiles.
The Global Polyaryletherketone Market Share, by Product Type
Source: MRFR analysis
The polyaryletherketone market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Growing population and the increasing per capita disposable income in the developing nations are primarily driving the growth of the polyaryletherketone market. Moreover, the increasing demand for polyaryletherketone in the automobile and electronic industry mainly in countries such as India, China, and Japan is propelling the market growth. Furthermore, factors such as competitive manufacturing cost and encouraging government regulations are a few other factors contributing to the growth of the market in this region. In addition to this, the growing defense budget coupled with increasing application of polyaryletherketone in military weapons is also surging the market growth.
North America is a dominant region in the global market, exhibiting an expanding CAGR. The presence of three big automobile companies namely General Motors, Ford, and Fiat Chrysler have further augmented the overall demand for polyaryletherketone from the automobile industry. Furthermore, developed end user industries such as electrical & electronics and pharmaceutical, coupled with the increasing adoption rate are other factors are adding to the growth of the market. The overall growth of this market is attributed to the presence of countries like the U.S. and Canada.
The European region is a lucrative market and is mainly driven by a well-developed automobile and electrical & electronic industry. Additionally, the growing application of polyaryletherketone in the phramaceuticals and medical devices such as implant borne and prosthetic frame has further augmented the growth of the market. Moreover, the increasing defence investment in the European region is futher expected to add to the market growth.
The global Polyaryletherketone market is segmented into product type, and application. On the basis of the product type, the market is segregated into polyether ether ketone (PEEK), polyetherketone (PEK), polyetherketoneketone (PEKK) and others. The market by application is segmented into automotive, general engineering, aerospace, electrical & electronics, medical, military weapons and others.
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
|Market Size||2030: Significant value|
|CAGR||2020–2030: 3.80% CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Victrex Plc (U.K), Solvay (Belgium), Arkema Group (France), JK Overseas (India), Quadrant AG (Switzerland), Gharda Chemicals Ltd (India), Evonik Industries AG (Germany), Caledonian Industries Ltd (U.K), Zyex Ltd (U.K), Panjin Zhongrun High Performance Polymers Co Ltd (China)|
|Key Market Opportunities||The growing automotive and oil & gas industries in the developing regions are expected to substantially contribute to the growth|
|Key Market Drivers||The growing demand for polyaryletherketone in various end use industries is the major factor driving the market growth|
Frequently Asked Questions (FAQ) :
Major product types in the polyaryletherketone market include PEEK, PEK, PEKK, and others.
Major applications of PAEK include electrical and electronics, automotive, general engineering, aerospace, military weapons, and medical.
Growing demand from the automotive industry is the major driver for the PAEK market.
Asia Pacific is the dominant regional market for PAEK, followed by North America.
Leading players in the market include Victrex, Solvay, and Arkema, among others.