According to the new market research report “PAEK Market by Type (PEK, PEEK, PEKK), Fillers(Glass filled, Carbon filled, Unfilled),Application (Oil & gas, Electricals & Electronics, Automotive, Medical, Aerospace), Region (APAC, Europe, North America, South America, MEA) – Global Forecast to 2024″, The PAEK market is expected to grow from USD 851 million in 2019 to USD 1,149 million by 2024, at a CAGR of 6.2 % during the forecast period.
The major factors driving the PAEK market include increasing demand in the medical industry, aerospace and automotive industries and the ability of PAEK to replace metals and other conventional materials in various applications.
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PAEK is an advanced thermoplastic resin which has both ether and ketone linkages in its chains. It is semi-crystalline in nature with superior mechanical and dielectric properties. It also has high heat stability as compared to commodity plastics & engineering plastics and is used in high-end applications which require extreme temperatures. MarketsandMarkets expects the global PAEK market to grow from USD 851 million in 2019 to USD 1,149 million by 2024, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period. The major factors driving the PAEK market include increasing use in the medical, aerospace, electrical and electronics, automotive and oil and gas industry.
Among the different types of PAEK, PEEK is the fastest-growing segment of the market in 2018 and is likely to witness significant growth over the forecast period. The growth in this segment is attributed to its increasing use in various application such as oil and gas, electrical and electronics, aerospace, medical and automotive as it provides many characteristics to the manufacturing parts which include lightweight, strength or toughness and able to survive longer in harsh environments. These factors are expected to drive demand during the forecast period.
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The global Polyaryletherketone (PAEK) market is estimated to increase from USD 851 million in 2019 to USD 1,149 million by 2024, at a CAGR of 6.2% during the forecast period. The global PAEK market is driven mainly by the increasing demand in the medical industry and the growing need of PAEK in the automotive as well as the aerospace industry. This is due to the valued properties possessed by PAEK such as high heat resistance, lightweight, high dimensional stability, and high chemical resistance.
Victrex PLC (UK), Solvay (Belgium), Evonik Industries AG (Germany), Arkema SA (France), Celanese Corporation (US), Gharda Chemicals Limited (India) and Panjin Zhongrun High-Performance Polymers Co. Ltd. (China), are the leading PAEK manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger or acquisition as their strategies between 2015 and 2019 to earn a competitive advantage in the PAEK market.
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Victrex PLC (UK) is one of the leading players in the PAEK market. The company has been focusing on inorganic strategies to maintain its leading position in the market. For example, In September 2019, 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.
Solvay (Belgium) is another major player in the PAEK market. In November 2018, the company introduced Ketaspire PEEK for additive manufacturing (AM) applications for use in the healthcare industry. With this development, the company enhanced its product offerings to better serve its customers.
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