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The polyaryletherketone (PAEK) market size is forecast to increase by USD 432.94 million, at a CAGR of 7.19% between 2023 and 2028. The growth rate of the market depends on several factors, including increasing demand in various end-user industries, the ability of PAEK to produce less toxic and corrosive fumes when burnt and increased demand from the construction industry in China.
The report includes a comprehensive outlook on the market offering forecasts for the industry segmented by Application, which comprises oil and gas, automotive, aerospace, electrical and electronics, and others. Additionally, it categorizes Product into PEEK, PEK, and PEKK, and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
Polyaryletherketone (PAEK) belongs to a class of semi-crystalline thermoplastics that offers high-thermo stability, high mechanical strength, and overall chemical resistance. It can be molded, extruded, compressed, and transfer molded using standard thermoplastic manufacturing processes.
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The ability of PAEK to produce less toxic and corrosive fumes when burnt is notably driving the market development. PAEK is exceptionally resistant to high temperatures, corrosion, and chemicals. Heavy metals like aluminum can be replaced with PAEK, owing to PAEK's high strength-to-weight profile. PAEK also has distinctive characteristics like total biocompatibility, ultraviolet resistance, pure radiolucency, gamma-ray resistance, and low/no toxicity in all forms.
However, these traits allow PAEK plastic to be applied in several applications, from automotive engine parts to medical implants, bearings, chemical equipment, and even radioactive applications. Owing to all the characteristics of PAEK, plastic does not cause or produce very few toxic fumes even after heating, which is likely to boost the growth of the market during the forecast period.
The recycling ability of PAEK is an emerging trend shaping market growth. Manufacturers of PAEK conduct workshops to educate the contractors and building owners about the benefits of recycling PAEK roofs. These roofs reduce the carbon footprint and are environmentally friendly. Recycling PAEK membranes prevents their accumulation in landfills and helps building owners save money on waste removal. Recycling PAEK roofs can reduce construction waste, which accounts for 35% of the total landfill waste.
Additionally, thermoplastics can be melted, purified, and re-extruded and are thus used to recycle PAEK membranes that can be further used to produce new roof membranes. An increasing number of manufacturers prefer PAEK recycling due to their cost benefits. Increasing environmental concern regarding increasing non-decomposing garbage is likely to boost the market growth and trends during the forecast period.
Rising demand for substitutes like PPS and PEI is a significant challenge hindering market growth. PAEK is a thermoplastic polymer that makes an efficient choice for use in semiconductor manufacturing for its properties like chemical resistance and low moisture absorption. However, the plastic is very costly. This is the reason buyers switch to substitutes- PPS and PEI. PPS and PEI are thermoplastic plastics.
Also, they offer resistance to high temperatures and chemicals and have high strength. Owing to their outstanding resistance to heat and chemicals, they are also used in semiconductor manufacturing. Moreover, it is much more affordable than PAEK, which in turn limits the polyaryletherketone market growth. Thus, such factors are expected to impede market growth during the forecast period.
The market share growth by the oil and gas segment will be significant during the forecast years. The oil and gas exploration and production industry relies on a wide range of materials, offering a wide range of outstanding performance combinations. The use of thermoplastic and thermoset polymers like PAEK is becoming increasingly common in a wide variety of applications in the oil and gas industry to perform a wide range of very different functions.
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The oil and gas was the largest segment and was valued at USD 249.89 million in 2018. The polymers and composite materials used in these two broad application areas are quite different. PAEK is mainly used in the oil and gas industries for flexible riser anti-wear tapes, umbilical, pipe liners, coatings, power cables, tubing, seals, gaskets, compressor components, valves, plates, electrical connectors, and films. All these factors are expected to boost the growth of the oil and gas segment in the market during the forecast period.
Based on the product, the market has been segmented into PEEK, PEK and PEKK. The PEEK?segment will account for the largest share of this segment.?Polyetheretherketone (PEEK) is a semi-crystalline, high-performance engineering thermostable plastic. PEEK is a rigid opaque material that offers high mechanical properties, high resistance to chemicals, wear, and fatigue, and an exceptionally high-temperature resistance of up to 260 Degrees Celsius (480 Degrees Fahrenheit). Further, the wider application range of PEEK is most likely to drive the growth of the PEEK segment in the market during the forecast period.
Europe is estimated to contribute 34% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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Further, Europe is the leading region for the polyaryletherketone market due to the rising preference for replacing metals with high-end performance-based polymers to reduce the weight of automobiles and increase their fuel efficiency. Countries such as Germany, Spain, and Italy are the leading automotive producers in the region. The need for vehicle weight reduction, which is primarily driven by the desire for improved mileage and lower carbon dioxide (CO2) emissions, is leading to component miniaturization and advanced function integration in the automotive industry.
As a result, automotive original equipment manufacturers (OEMs) are seeking novel materials that offer lower weight and high specific strength to develop cost-effective component solutions that have improved efficiency and performance. Though engineering plastics meet the weight reduction requirements, the increased need for compactness in under-the-hood components requires them to have high-temperature resistance, which is offered by PEEK. Thus, there is a rapid increase in demand for it from the automotive industry, which will fuel the market growth during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
AKRO PLASTIC GmbH - The company offers Akrotek polyaryletherketone with high flexural strength and good sliding properties which are used for automotive, aeronautical, industrial and medical engineering.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including AKRO PLASTIC GmbH, Arkema Group, BARplast LLC, Caledonian Industries Ltd., Ensinger GmbH, EOS GmbH, Evonik Industries AG, Gharda Chemicals Ltd., JIANGSU JUNHUA HPP CO. LTD., Jilin Joinature Polymer Co. Ltd., Lehmann and Voss and Co. KG, Nanoshel LLC, Otto Chemie Pvt. Ltd., Roncelli Plastics, RTP Co., Saudi Basic Industries Corp., Syensqo SA, The Jet Pulverizer Company Inc., Toray Industries Inc., and Victrex Plc
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Polyaryletherketone (PAEK) Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.19% |
Market Growth 2024-2028 |
USD 432.94 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.25 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
Europe at 34% |
Key countries |
US, China, Germany, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AKRO PLASTIC GmbH, Arkema Group, BARplast LLC, Caledonian Industries Ltd., Ensinger GmbH, EOS GmbH, Evonik Industries AG, Gharda Chemicals Ltd., JIANGSU JUNHUA HPP CO. LTD., Jilin Joinature Polymer Co. Ltd., Lehmann and Voss and Co. KG, Nanoshel LLC, Otto Chemie Pvt. Ltd., Roncelli Plastics, RTP Co., Saudi Basic Industries Corp., Syensqo SA, The Jet Pulverizer Company Inc., Toray Industries Inc., and Victrex Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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