In 2021, the global market for polyaryletherketone (PAEK) is estimated to expand at a CAGR of 6.5% during the forecast period of 2022 to 2030. It is anticipated that PAEK would experience strong growth as a result of its qualities, which include outstanding performance even at higher temperatures and resistance to friction. Polyether ether ketone (PEEK) is becoming more utilised in the aerospace industry due to the fact that it is a polymer that has a high glass transition temperature. This is likely to push market demand. The increasing demand for polyetherketoneketone (PEKK) in the medical industry for various orthopaedic applications and components due to its outstanding antibacterial qualities is the primary factor driving the growth of market revenue. The expansion of the market's revenue is also being driven by the increasing utilisation of materials that are not only lightweight but also possess high levels of mechanical strength in the aerospace and automotive industries and as a substitute for metal. It is expected that China, India, Thailand, Indonesia, and Malaysia will see increased demand for aftermarket parts as a result of growing automotive manufacturing and an increasing number of OEM firms catering to the domestic aftermarket.
Increasing Demand for Alternatives
On the other hand, increasing demand for alternatives in industries such as construction and automotive is anticipated to stifle market expansion over the course of the projected period. Some examples of these alternatives include PPS and PEI. PPS is a high-performance engineering plastic with a variety of qualities, including strong creep resistance, excellent temperature properties, and excellent chemical resistance. PPS is used in a variety of industries, including aerospace, automotive, and electronics. Over the course of the forecast period, it is predicted that the need for PEEK will be met with competition from the growing demand for PPS in the production of automotive parts such as speed sensors, bulb sockets, and fuse cases.
Demand from the Automotive and Aerospace Industry
It is anticipated that the aviation industry would be driven by ongoing expansion activities carried out by Bombardier, a Canadian aerospace business, as well as the presence of original equipment manufacturers (OEMs) in Mexico, including Honeywell and Boeing. It is anticipated that increased government investments in the aerospace industries of China, India, South Korea, Singapore, and Malaysia will further accelerate the PAEK market. This growth will be driven by the aerospace industries in these countries. PAEK is utilised in the fabrication of crucial aerospace components utilised in Airbus A350-900 aircraft as well as applications utilised within aircraft interiors. In a variety of aviation components, such as ribs, ducting, brackets, seat frames, panels, and fasteners, PAEK provides outstanding dimensional precision, resistance to radiation and hydrolysis, and good temperature performance.
The markets for polyetheretherketone (PEEK) all over the world are controlled collectively by Europe and North America. With a market share that is greater than 35%, Europe dominates the polyaryletherketone (PAEK) industry worldwide. In addition to being a private investor in research and development (R&D), the automotive industry also serves as a force multiplier in the broad application of polyaryletherketone (PAEK) (PAEK). Polyaryletherketone (PAEK) is set to usher in a new age of robust growth in a number of applications over the course of the forecast period as a result of steady growth in the industrial sector in Europe and growing knowledge of the benefits associated with the use of PAEK.
The PEEK Market Is Experiencing Accelerated Expansion on The Strength of Its High Thermal and Chemical Stability.
Recent developments in the metallurgical industry have led to the production of numerous polymers that possess qualities that are either comparatively superior or equal to one another. Polyetheretherketone, often known as PEEK, accounts for more than 80% of the polymers that belong to the polyaryletherketone (PAEK) family. Other members include PEKK and PEKEKK. PEEK, which stands for polyetheretherketone, are important because they are appropriate for use in harsh and demanding situations. Polyether ether ketone (PEEK) is seeing a rise in use across a wide range of industries as a result of the relatively superior chemical characteristics it possesses, which help it maintain its durability. Polyetheretherketone, also known as PEEK, is a material that has found widespread use for a variety of applications that involve high temperatures and call for a combination of exceptional chemical, thermal, and combustion qualities.
When compared to other polymers such as ABS, polyester laminate, polyvinyl chloride, polystyrene, and polysulphone, PEEK has significantly lower levels of carbon emissions. As a result, it is becoming increasingly popular as a solution that is both effective and kind to the environment. In addition to providing resistance to corrosion, PEEK contributes to an increase in the service life of the items in which it is utilised. The polymer is able to maintain its performance for an extended period of time even when subjected to high heat and temperatures. It offers greater industrial design freedom, which in turn results in reduced labour requirements, making it one of the most flexible products.
Availability of Effective Substitutes to Limit the Market Growth
As a result of its resilience to high temperatures as well as its superior mechanical qualities, PAEK is regarded as a type of thermoplastic that is categorised as high-performance. However, there are a number of other high-performance thermoplastics available, such as polyphenylene sulphide (PPS), polycarbonate (PC), polysulfone (PSU), and polyetherimide (PEI). These thermoplastics all share functional properties that are comparable to those required for use in applications such as industrial and automotive. In the case of PAEK thermoplastics, these polymers can likewise serve as suitable replacements.
PPS is quickly becoming one of the most popular PEEK alternatives on the market. PPS is the preferred alternative to metals or thermosets because it is a high-performance engineering plastic that is semi-crystalline and has a variety of properties. These properties include excellent temperature properties, high stiffness and strength, creep resistance, and good chemical resistance. Within the next eight years, it is anticipated that the utilisation of PPS in general industries, such as kitchen appliances, components for hair dryers, and grills, would contribute to an increase in the demand for PPS.
Fluctuating Cost and Rising Price to be Major Concerns During the Forecast Period
It is anticipated that the expansion of the polyaryletherketone (PAEK) market will be hampered by the rising prices of the product. It is also anticipated that the volatile prices of raw materials will slow the overall expansion of the market.
PEEK Remains as the Leader with a Contribution of over 80% of Market Revenues
Polyether ether ketone (PEEK), contributed over 82% of the revenue generated by the polyaryletherketone (PAEK) market in 2021. As a result of remarkable properties such as extremely high inherent purity, good tensile strength and tensile modulus, precise machinability, thermal stability, resistance to fire, smoke, toxicity, and chemical resistance, it is anticipated that this market segment will experience significant growth in the coming years. During the forecast period, it is anticipated that the PEEK sector will continue to account for the biggest revenue share. A major factor that is supporting the revenue growth of this segment is the rising demand from the oil and gas, medical, automotive, electrical and electronics, and aerospace industries, particularly in developing countries such as China and India. This demand is due to the increasing consumption of electrostatics, bearings, industrial coatings, and body implants. PEEK is a high-performance engineering thermoplastic polymer that exhibits a high strength-to-weight ratio. It is capable of being used as a replacement for metals in a variety of applications due to its adaptability and versatility. As a consequence of this, a number of businesses have shifted their attention to the development and production of PEEK alternative products and components, and this trend is anticipated to continue in the years to come. For example, on January 13, 2020, Victrex plc made an announcement about the formation of a joint venture between Yingkou Xingfu Chemical Company Limited and Victrex Hong Kong Limited to construct and run a new PEEK polymer production plant in the Liaoning region of China. The 'Made in China 2025' initiative is something that this joint venture will adhere to. It is anticipated that the new factory will produce up to 1,500 tonnes per year, with the capability of increasing production capacity.
Glass-Filled Segment Leading Revenues, Carbon-Filled Segment to Lead the Growth During the Forecast Period
In 2021, the glass-filled market category was responsible for the biggest revenue share. Glass-filled PAEK has greater thermal and mechanical properties compared to unfilled PAEK. It also has improved resistance to electricity and corrosive chemicals. Glass-filled PAEK is more expensive than unfilled PAEK. The thermal bearing strength of glass-filled PEEK is significantly improved, and the material also provides high radiation and creep resistance. The increased demand for glass-filled PEEK in structural applications can be attributed to a number of factors, including the material's superior strength and high thermal stability.
During the forecast period of 2022 to 2030, it is anticipated that the revenue generated by the carbon-filled category would record a fairly robust CAGR. PAEK with carbon filling is capable of supporting more weight, has a reduced coefficient of friction, and has superior thermal bearing strength. When compared to unfilled PAEK, the heat conductivity of composites made with this type of filler and PEAK delivers exceptionally high values.
Automotive and Aerospace Leading the Revenues, While Medical Segment Lead the Growth
In 2021 automotive and aerospace segments led the market in terms of global revenues. It is anticipated that the automotive and aerospace segment will have consistent growth due to the growing need for metal alternatives in automobiles to reduce fuel consumption and increase fuel efficiency. It is anticipated that the size of the business would increase as a result of the substitution of PEEK polymer for metals in automotive applications due to PEEK's exceptional resistance to hydrolysis and superior insulating qualities. PEEK is being utilised in the production of rotor arms, seals and thrust washers, shock absorber bearings, and alternator covers by a number of different vehicle manufacturers. As a consequence of this, and as a consequence of the growing use of metal alternatives to cut weight and save energy, automotive makers have a tendency to increase their use of PAEK, which has dramatically increased demand.
It is anticipated that the medical sector's revenue would experience the fastest growth rate during the forecast period. The enhanced antibacterial characteristic of PAEK implants, in addition to their excellent endurance for CT, X-ray, and MRI scanning, is the primary reason for its widespread preference. Because of its resistance to hydrolysis and its ability to prevent corrosion, PEEK material is a sophisticated biomaterial that is great for a variety of applications, including surgical instruments, spinal fusion devices, and medical implants, to name a few. It is anticipated that the expanding breadth of applications in the medical sector will continue to be the primary driver of revenue growth in this sector.
Europe Remains the Global Leader, APAC Remains the Most Lucrative Investment Destination
In 2021, Europe was the most successful region in the polyaryletherketone (PAEK) market, with a revenue share of 45%. Companies such as Evonik Industries AG, Ensinger GmbH, Quadrant AG, Caledonian Industries Ltd., Arkema Group, Solvay S.A., and Victrex plc are among of the PAEK-producing businesses that may be found in Europe's industrial heartland. In addition to this, the area has historically been one of the most important producers of automobiles, and there is a good chance that this position will be maintained in the years to come. It is anticipated that the presence of major automobile manufacturers in the region, such as Audi, Mercedes-Benz, Jaguar, Volvo, Aston Martin, Volkswagen, BMW, Fiat, Ferrari, Lamborghini, and Porsche, will drive the automobile industry, which will, in turn, increase the demand for PAEK over the course of the forecast period. On January 25th, 2022, plastic gears manufactured by Evonik, a leading chemical business based in Germany, were put to use in mass-balance transmission by means of the VESTAKEEP PEEK brand. Evonik has developed a PEEK moulding compound that has the potential to replace metal gears due to its high level of durability as well as its favourable tribological qualities. IMS Gear SE & Co KGaA is responsible for the manufacturing of series components, which Mercedes-Benz AG then utilises in a variety of their automotive models. It is anticipated that employing gears constructed of VESTAKEEP PEEK will minimise the need for the considerable reworking that was previously necessary when using metal.
It is anticipated that North America will demonstrate a CAGR of 5.5% during the forecast period. Jrlon, Inc., Tri-Mack Plastics Manufacturing Corporation, and RTP Company are three of the most well-known PAEK manufacturers in this part of the world. As a result of the robust manufacturing base and rapid expansion of the automotive industry in the United States, there will be an increase in the demand for vehicle production, which is anticipated to drive the demand for PAEK in the years to come. More than 35% of the global market for medical devices was accounted for by the U.S in 2021, making it the world's leading manufacturer of medical equipment. The market demand will be propelled forward in the anticipated time frame by the rising requirement for medical devices.
The CAGR remains highest for the Asia Pacific during the forecast period. In 2021, the Asia Pacific region contributed over 17% of global revenues. It is projected that the expansion of the automotive manufacturing base in Japan, China, and India, as well as the expansion of sales of passenger vehicles, will contribute to the growth of the market in the immediate future. In addition, an increase in foreign direct investment (FDI) as well as initiatives taken by the government of India, such as the "Make in India" programme, are anticipated to open up new doors for the automobile industry in the country. This, in turn, is likely to stimulate the expansion of the PAEK industry. The Japanese automotive industry is widely regarded as one of the most significant in all businesses worldwide. The presence of major automobile manufacturing companies in Japan, such as Honda, Nissan, Mitsubishi, Toyota, Suzuki, Daihatsu, Subaru, and Isuzu, is likely to boost the country's automotive industry, which is likely to, in turn, drive the market demand. Other Japanese automakers include Daihatsu, Isuzu, and Subaru.
The Level of Competition to Further Intensify with Increasing Entry Barriers
The market is fairly fragmented, and with increasing financial investments, the market looks lucrative. Top players in the market include Zyex Ltd., Victrex PLC, and Solvay S.A. Polyaryletherketone manufacturers are likely to engage in intense competition as a result of the stringent registration processes and extensive capital investment requirements. The entry barriers such as stringent registration procedures and considerable requirements for financial investment are high to moderate therefore the competitiveness is expected to further intensify. Companies are increasing their spending to secure the best possible growth for the firm through the implementation of successful initiatives. As a consequence of this, they are entering into strategic agreements with regional distributors in addition to delivering their technological expertise to the automobile as well as the electrical and electronics industries. The prominent and long-standing players in the global market are primarily located in the United States of America, Japan, Germany, the United Kingdom, and China. Other key market participants include Arkema Group, JK Overseas, Quadrant AG, Gharda Chemicals Ltd., and Evonik Industries AG. These businesses are striving to achieve a competitive advantage through the introduction of new products, the expansion of their production capacities, and mergers and acquisitions.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Polyaryletherketones (PAEK) market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
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