Polyaryletherketones (PAEK) Market to Grow at an Estimated CAGR of 6.5% During the Forecast Period 2022-2030

22 Oct 2022

The global polyaryletherketone (PAEK) market is expected to grow at a CAGR of 6.5% during the forecast period of 2023 to 2030. PAEK is expected to develop due to its superior performance at high temperatures and friction resistance. PEEK, a polymer with a high glass transition temperature, is used more in the aerospace industry. This will boost demand. Polyetherketoneketone (PEKK) is in high demand in the medical industry for orthopaedic applications and components because of its antimicrobial properties. Increased use of lightweight, high-strength materials in aerospace, automotive, and as a metal alternative is also driving the market growth. China, India, Thailand, Indonesia, and Malaysia should witness increased demand for aftermarket parts due to rising vehicle production and more OEM firms serving the domestic aftermarket. Demand for alternatives in construction and automotive is expected to slow market growth throughout the forecast period. PPS and PEI are examples. PPS has good creep resistance, excellent thermal characteristics, and excellent chemical resistance. Aerospace, car, and electronics use PPS. During the forecast period, PPS will compete with PEEK for application in vehicle speed sensors, bulb sockets, and fuse cases.

The aviation industry is expected to be driven by Bombardier, a Canadian aerospace company, and Honeywell and Boeing in Mexico. Government investments in China, India, South Korea, Singapore, and Malaysia's aerospace sectors should boost the PAEK market. Aerospace industries will drive this expansion. PAEK is used in Airbus A350-900 components and aircraft interiors. PAEK delivers excellent dimensional precision, radiation and hydrolysis resistance, and temperature performance in aviation components such as ribs, ducting, brackets, seat frames, panels, and fasteners.

Recent metallurgical advances have produced many polymers with greater or equivalent characteristics. More than 80% of polyaryletherketone (PAEK) polymers are PEEK. PEKK and PEKEKK are members. PEEK can withstand tough and demanding conditions. Polyether ether ketone (PEEK) is being used more widely because of its outstanding chemical properties, which enable it to maintain its longevity. Polyetheretherketone, or PEEK, is used in high-temperature applications that require chemical, thermal, and combustion resistance.PEEK emits less carbon than ABS, polyester laminate, PVC, polystyrene, and polysulphone. It's popular since it's effective and environmentally friendly. PEEK increases the service life of goods it's used in by resisting corrosion. The polymer maintains its performance even when heated. Its higher industrial design freedom reduces labour requirements, making it a flexible product.

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PAEK is a high-performance thermoplastic due to its great temperature resistance and good mechanical properties. Polyphenylene sulphide (PPS), polycarbonate (PC), polysulfone (PSU), and polyetherimide are other high-performance thermoplastics (PEI). These thermoplastics have functional qualities similar to industrial and automotive applications. These polymers can replace PAEK thermoplastics. PPS is a popular PEEK alternative. PPS is a high-performance, semi-crystalline engineering plastic that can replace metals or thermosets. These include high stiffness, strength, creep resistance, and chemical resistance. In the next eight years, the use of PPS in kitchen appliances, hair dryer components, and grills are expected to increase in demand. Rising PAEK prices are expected to slow the market's growth. Volatile raw material prices could potentially limit the market growth.

PEEK provided 82% of PAEK market sales in 2021. This market sector is expected to develop significantly in the approaching years due to its high inherent purity, strong tensile strength and modulus, accurate machinability, thermal stability, fire, smoke, and toxicity resistance, and chemical resistance. PEEK is expected to continue generating the most income during the predicted period. Rising demand from oil and gas, medical, automotive, electrical and electronics, and aerospace industries, especially in China and India, is driving this segment's revenue growth. Electrostatics, bearings, industrial coatings, and body implants are driving this demand. PEEK is a thermoplastic polymer with a high strength-to-weight ratio. Adaptable and versatile, it can replace metals in many applications. As a result, many companies are developing and manufacturing PEEK alternatives, and this trend is expected to continue. Victrex plc announced on January 13, 2020, that Yingkou Xingfu Chemical Company Limited and Victrex Hong Kong Limited would form a joint venture to build and operate a PEEK polymer production plant in Liaoning, China. This collaborative venture will follow 'Made in China 2025' The new factory might produce up to 1,500 tonnes per year.

Glass filled had the most market revenues in in 2021. Unfilled PAEK has poor thermal and mechanical qualities. It's electrically and chemically resistant. Glass-filled PAEK is pricier. Glass-filled PEEK has good thermal bearing strength, radiation resistance, and creep resistance. Glass-filled PEEK's higher strength and thermal stability have raised its demand in structural applications.
Carbon-filled income is expected to grow rapidly from 2023 to 2030. PAEK with carbon infill has a lower coefficient of friction and improved thermal bearing strength. Composites constructed with this filler and PEAK have higher heat conductivity than unfilled PAEK.

Automotive and aerospace led the global revenues in 2021. Automotive and aerospace are expected to rise due to the demand for metal alternatives to reduce fuel consumption and boost fuel efficiency. Due to PEEK's resilience to hydrolysis and good insulating characteristics, the business is expected to grow as PEEK replaces metals in automotive applications. Several automakers use PEEK to make rotor arms, seals, thrust washers, shock absorber bearings, and alternator covers. Because of this and the expanding usage of metal alternatives to decrease weight and save energy, automakers are using more PAEK, which has raised demand. The medical sector is expected to have the fastest revenue growth. PAEK implants are preferred for its antimicrobial properties and great CT, X-ray, and MRI durability. PEEK material is suitable for surgical equipment, spinal fusion devices, and medical implants since it resists hydrolysis and corrosion. Expanding medical applications is expected to fuel revenue growth in this area.

Europe has 45% of the polyaryletherketone (PAEK) market in 2021. In Europe's industrial heartland, PAEK-producing companies include Evonik Industries AG, Ensinger GmbH, Quadrant AG, Caledonian Industries Ltd., Arkema Group, Solvay S.A., and Victrex plc. Historically, the area has been a major producer of autos, and this is likely to continue. The presence of major automakers in the region, including Audi, Mercedes-Benz, Jaguar, Volvo, Aston Martin, Volkswagen, BMW, Fiat, Ferrari, Lamborghini, and Porsche, will boost the auto sector and raise PAEK demand over the projection period. Evonik, a renowned German chemical company, began using plastic gears in mass-balance transmission on January 25, 2023. Evonik has developed a PEEK moulding compound with outstanding durability and favourable tribological properties. IMS Gear SE & Co KGaA manufactures a series of components for Mercedes-Benz AG. VESTAKEEP PEEK gears may reduce the amount of reworking needed when using metal. North America is expected to grow at a 5.5% CAGR. Jrlon, Tri-Mack Plastics Manufacturing Corporation, and RTP Company are well-known PAEK manufacturers. The stable manufacturing base and quick expansion of the U.S. automotive industry will enhance vehicle production, which will fuel PAEK demand in the coming years. Medical device demand will drive market growth in the next years. Asia Pacific has the highest forecasted CAGR. Asia-Pacific provided 17% of global revenues in 2021. The rise of automotive production in Japan, China, and India, as well as passenger vehicle sales, will boost the industry in the near future. Increased foreign direct investment (FDI) and government efforts like "Make in India" are expected to help India's auto industry. This may boost PAEK's growth. The Japanese car industry is a global powerhouse. The presence of Honda, Nissan, Mitsubishi, Toyota, Suzuki, Daihatsu, Subaru, and Isuzu in Japan will improve the country's automotive sector and generate market demand. Daihatsu, Isuzu, and Subaru are others.

With growing investments, the fragmented industry looks rewarding during the forecast period. Zyex Ltd., Victrex PLC, and Solvay S.A. are market leaders. Due to severe registration and investment requirements, polyaryletherketone manufacturers may face intense competition. High to moderate entry barriers, such as strict registration procedures and financial investment requirements, will increase competition. Companies are paying more to expand through successful initiatives. In response, they are forging strategic alliances with regional distributors and providing their technical expertise to the automotive, electrical, and electronics industries. The United States, Japan, Germany, the United Kingdom, and China are major worldwide players. Arkema Group, JK Overseas, Quadrant AG, Gharda Chemicals Ltd., and Evonik Industries AG all participate. These companies seek a competitive advantage through new product launches, production capacity development, and mergers and acquisitions.

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