Market Research Report
Polyaryletherketone (PAEK) - Global Market Outlook (2021 - 2028)
|Polyaryletherketone (PAEK) - Global Market Outlook (2021 - 2028)|
Published: April 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Polyaryletherketone (PAEK) Market is accounted for $0.56 billion in 2021 and is expected to reach $1.08 billion by 2028 growing at a CAGR of 9.8% during the forecast period. Polyaryletherketone (PAEK) possesses more mechanical power and improved temperature solidity due to its partially crystalline thermoplastic substance. Due to their outstanding properties, such as little poisonous emissions, high heat resistance and high mechanical power these market is extensively used in various applications. Due to its excellent resistance to hydrolysis it is broadly used in medical devices.
The rising demand from medical, aerospace and automotive industry
The increasing demand from medical, aerospace and automotive industry, increasing application from emerging markets and surging demand for efficient and environment friendly solution are the root cause fueling up the market growth rate in the forecast period. Easy availability of metal and other conventional material replacement are expected to cushion the growth of the polyaryletherketone (PAEK) market in the forecast period.
High cost of polyaryletherketone (PAEK) materials
High cost of polyaryletherketone (PAEK) materials is likely to hinder the market growth. As the raw material prices tend to remain high, it will increase the overall product cost and affecting the market growth in future. Another factor hampering the market growth is the availability of substitutes, these substitutes are available at slightly lower cost in the market and customers may incline towards these substitutes considering price benefits.
The new technological innovations
The new technological innovations such as replacement of traditional metals with specialty thermoplastics will reduce the cost and weight of the vehicle. This weight reduction will further reduce the emission of CO2, NO2, and other ozone depletion compounds from vehicles. For instance, according to various automobile specialists, trimming the car's weight by one-tenth can boost fuel economy by 5%-8%. For instance, the European Union Regulation for the reduction in emissions of greenhouse gases will drive the demand for lightweight vehicles during the forecast period.
The prevalence of product substitutes
The prevalence of product substitutes is projected to pose as a major challenge to the growth of the polyaryletherketone (PAEK) market. The major disadvantage of polyetherketone is its high cost, the difficulties involved in removing volatiles during healing to obtain a void-free bond, the handling or healing difficulty, high melt processing temperatures, and relatively low glass transition.
The oil and gas segment is expected to have the highest CAGR during the forecast period
The oil and gas segment is growing at the highest CAGR in the market due to raising demand for PAEK materials in anti-wear tape, subsea connector, pipe & liner, compressor, and valve. In the demanding oilfield environment extends the existence of the equipment and properties of PAEK increases the stability of the oilfield equipment.
The aerospace & automotive segment is expected to be the largest during the forecast period
The aerospace & automotive segment is expected to be the largest share in the market. Polyaryletherketones are mostly preferred over metal for manufacturing various parts & components due to their weight & noise reduction and fuel efficiency characteristics. Owing to various governments' policies & norms associated with fuel efficiency, many vehicle manufactures are opting for these materials, and this will facilitate the polyaryletherketone market growth.
Region with highest share:
North America is projected to hold the largest share in the market. This is all due to dominating position of the region in global medical device industry. The U.S. is a leading medical device manufacturer across the globe and accounted more than 38% of the entire medical devices market. Rising demand for medical devices will catapult the market demand in forecast time frame.
Region with highest CAGR:
Europe is projected to have the highest CAGR in the market owing to thriving automotive & aerospace industry as the region is a hub for automobile production. According to European Automobile Manufacturers Association (ACEA), European motor vehicle production accounted for global motor vehicle production and European passenger car production accounted for global passenger car production. Increasing research & development investments in both sectors will upscale their growth and such trends will bolster the polyaryletherketone market demand in future.
Key players in the market:
Some of the key players profiled in the Polyaryletherketone (PAEK) Market include RTP Company, Mitsubishi Chemical Advanced Materials, Toray Advanced Composites, Darter Plastics Inc., Quadrant Epp Surlon India Ltd, Nanoshel LLC, Solvay S.A, Evonik Industries AG, Arkema Sa, Celanese Corporation, Gharda Chemicals Limited, SABIC, Ensinger, Akro-Plastic GmbH, and Victrex PLC.
In March 2019: Evonik Industries AG launched new radiopaque PEEK material for implant technology in healthcare applications. Evonik has developed PEEK with barium sulfate. This product type facilitates radiographic contrast without the disadvantage of artifact formation, as it can be observed with other materials for implant technology.
In November 2018: Evonik Industries AG developed the world's first PEEK filament in implant-grade for 3D printing applications. This high-performance material can be used in fused filament fabrication (FFF) technology.
In September 2018: Victrex partnered with the University of Exeter (UK) to introduce next-generation PAEK polymers and composites for additive manufacturing to be used in the aerospace industry. This partnership became a stepping stone for both parties to develop a broader platform for new and current additive manufacturing technologies.
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