Polyaryletherketone (PAEK) market size was estimated at over USD 950 million in 2018 and the market will grow by a CAGR of more than 5.5% up to 2025. Increasing number of chronic diseases, rising healthcare investments and technological progressions are going to generate favorable trends for state-of-the-art medical devices in future.
Surging demand from medical sector is going to drive the market during the forecast time span. These thermoplastics are widely used in medical implants and surgical instruments, as they offer good chemical resistance, high temperature tenacity, excellent biostability and making them a feasible option for medical instruments. Additionally, supportive government policies will boost the medical sector and such trends will augment the polyaryletherketone market size in coming years.
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Aerospace sector shows promising trends in future due to continuous technological advancements, a large number of aircraft order backlogs and increasing air travel demand. PAEK materials are used to manufacture structural components in aerospace industry. They help in significant weight reduction thereby saving additional fuel costs and making production more efficient. Moreover, they aid in faster assembly of components while lowering the operating and manufacturing costs. For instance, Victrex, plc. PEEK clamps are used in airplanes resulting in savings of USD 11.55 million in fuel costs and 40,000 tons of CO2 emissions per year.
Automotive industry is deemed to be one of the profitable segments for the polyaryletherketone industry as the product has varying temperature range workability and provides resistance against fluids and chemicals. The product is also used for manufacturing piston units, bearings, fittings, injection molded components, braking and transmission systems and many other components. The expanding automobile segment, especially in developing nations including China, India, Japan, and South Korea will boost the PAEK market.
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.
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.
|Polyaryletherketone (PAEK) Market Size in 2018:
|950 Million (USD)
|2019 to 2025
|Forecast Period 2019 to 2025 CAGR:
|2025 Value Projection:
|1.5 Billion (USD)
|Historical Data for:
|2014 to 2018
|No. of Pages:
|Tables, Charts & Figures:
|Product Type, End-Use Sector and Region
|Pitfalls & Challenges:
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Based on product type, it is primarily classified into PEK, PEEK and PEKK. PEKK segment is likely to grow at significant rate with a CAGR of more than 4.5% by 2025. Polyetheretherketone segment captures majority of market share and accounted for more than 50% of volume share in 2018. The product offers eco-friendly benefits, excellent heat distortion, good radiation resistance, low flammability and longer lifespan.
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Based on end-use sector, the polyaryletherketone (PAEK) market is segmented into oil & gas, medical, aerospace & automotive, marine, electrical & electronics and others. Others segment consists 3D printing, chemical process, protective coating, textile, etc. In terms of volume, medical sector is expected to capture more than a 10% share at the end of 2025. Polyaryletherketones are used in spine and orthopedic implants, trauma plates, cardiovascular devices, etc. Moreover, they are used in many dental applications including healing caps, provisional abutments and dental prosthesis.
Aerospace & automotive sector accounted the substantial volume share in 2018 and will likely grow over 4% CAGR in future. 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 by 2025.
Europe region will capture more than 30% volume share in 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 20% of global motor vehicle production and European passenger car production accounted for 21% of global passenger car production in 2017. Increasing research & development investments in both sectors will upscale their growth and such trends will bolster the polyaryletherketone market demand in future.
North America clutches over 20% volume share in 2018 and is likely to grow with over 5% CAGR in coming years. 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 in 2017. Rising demand for medical devices will catapult the market demand in forecast time frame.
Some of the major players in polyaryletherketone industry are:
These companies are trying to gain competitive advantage with new product development, production capacity expansion, and mergers & acquisitions.
The PAEK industry is driven by increasing applications in medical, aerospace & automotive industry. These materials offer superior benefits over conventional materials and mostly used for manufacturing of automobiles, aircrafts parts and medical devices and aid in improving their overall performance. However, the market will experience threats due to high costs and availability of substitutes.
The above information is provided on a regional and country basis for the following: