According to research conducted by Global Market Insights Inc., the Polyaryletherketone (PAEK) Market size is expected to cross USD 1.5 billion by 2025. Continuous developments in the medical device sector to combat complex health related issues will characterize the global PAEK demand.
Medical device manufacturing has witnessed rapid changes over the past few years due to increasing government initiatives. For instance, Government of India has facilitated easy modes of foreign direct investments (FDI) in the medical sector in 2017 to boost manufacturing of medical devices in the country. Major international players such as 3M, Hollister, Becton Dickinson, etc. have made the Asia Pacific region their manufacturing base due to liberal regulatory policies, lower labor costs, and ease of doing business.
The U.S. is also likely to witness rising usage of medical devices in the coming years due to increasing geriatric population in the country. In 2015, the U.S. Census Bureau had reported around 49 million people in the geriatric population category. PAEK products are biocompatible and show superior thermal, chemical, and biological stability. These products are widely used to produce implant devices, surgical instruments, structural components for medical devices, etc.
High price associated with the product and substitute availability in the industry are likely to hamper the polyaryletherketone market growth in future. Fiber reinforced polymers such as polyamide (PA), polyethylene terephthalate (PET), polycyclohexylene dimethylene terephthalate (PCT), and polybutylene terephthalate (PBT) are some of the substitute products which have high thermal and chemical resistance and will provide stiff competition to the product demand.
Browse key industry insights spread across 380 pages with 634 market data tables & 25 figures & charts from the report, “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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Polyaryletherketone (PAEK) Market is segregated into product type and end-use sectors. The product type segment is divided into PEKK, PEK, PEEK and others. The other products include less popular products such as PEEKK and PEKEKK. Among all product types, PEEK will hold sway the market and will account for more than half of the overall market by the end of the forecast period. It is used in the production of various industrial parts and components such as valves, O-rings, bearings, etc.
On the basis of end-use sector, the polyaryletherketone market is bifurcated into medical, marine, electrical & electronics, aerospace & automotive, oil & gas and others. The other end-use sector includes textile, 3D printing, protective coatings, etc. Among these, aerospace & automotive and marine will collectively hold more than 30% volume share of the entire market and is likely to witness high growth over coming years. PEEK is used for various aircraft applications including seating & structural supports, bracket for luggage compartment retainers, vent grills, critical assembly components, nuts & bolts, tubing & pipes, etc.
Europe is likely to reach over USD 600 million in 2025. End-user industries such as automotive, electronics & electrical are at mature phase in the region with some of the major global players. In automobile sector, most luxury car manufacturers are preferring polyaryletherketone products for components such as connectors, piston parts, etc. These high-performance polymers make the vehicle lighter in weight and provide certain aesthetic aspects to the vehicle.
Victrex, Mitsubishi Chemical Advanced Materials, Ensinger, Arkema, Gharda Chemicals, RTP Company, Evonik Industries, Akro Plastic, Lehvoss Group, Panjin Zhongrun Chemical, Triveni Chemicals Limited, Toray Advanced Composites are some prominent players in the polyaryletherketone industry.