DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The PAEK Market Size is Expected to Grow from USD 851 Million in 2019 to USD 1,149 Million by 2024, at a CAGR of 6.2%.
Increasing demand from oil and gas, electrical and electronics, aerospace, medical and automotive industries to drive the overall growth of the PAEK market.
The PAEK market is driven by various factors, such as high demand from oil and gas, electrical and electronics, aerospace, medical and automotive industries. The growth of these industries is anticipated to further propel the growth of the market over the forecast period. However, high product price and availability of substitutes are likely to hinder the growth of the market.
PEEK to drive the global market during the forecast period
The PAEK market has been segmented based on types as PEEK, PEK, and PEKK. Among these types, the PEEK segment accounted for the largest share of the market in 2018 and is likely to witness significant growth over the forecast period. The growth of PEEK systems is also spurred by the growth of oil and gas, electrical and electronics and medical industry, especially in APAC. Increasing population, growing urbanization, and shirt of manufacturing facilities from North America and Europe to APAC have fueled the growth of these industries. All such attributes are expected to drive the consumption of PEEK.
Glass-filled PAEK to drive the global market during the forecast period
The PAEK market has been segmented based on fillers as glass filled, carbon filled and unfilled. Among these fillers, the glass-filled segment accounted for the largest share of the market in 2018 and is likely to witness significant growth over the forecast period. The growth of glass-filled PAEK is attributed to its increasing use in the oil and gas industry and aerospace industry as it is suitable for use in parts which are exposed to high static loads over long periods in high-temperature conditions. It also provides extreme mechanical strength and stiffness combined with excellent dimensional stability. These factors are expected to drive demand during the forecast period.
Oil and gas segment expected to hold the largest market share during the forecast period
Oil and gas segment expected to hold the largest market share during the forecast period. Oil and gas application is growing rapidly as it is widely used in the oil and gas industry in various components such as anti-wear tape, back-up ring, pipe & liner, seal, subsea connector, compressor, valve, and others. The usage of PAEK increases the consistency of the oilfield equipment and thus extends the life of the equipment in the challenging oilfield environment. These factors are expected to drive the demand for PAEK in oil and gas applications.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to have the highest growth rate during the forecast period, due to the increasing usage of PAEK in various end-use applications such as electrical and electronics, oil and gas, aerospace, medical and automotive. China, India, Japan, South Korea, Australia, and New Zealand provide enormous opportunities for the PAEK market due to the presence of a large manufacturing sector. On the other hand, North America is projected to hold the second-largest market size during the forecast period.
The PAEK market comprises major solution providers, such as 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).
Market Dynamics
Drivers
- Increasing Demand in the Medical Industry
- Growing Demand of PAEK in Aerospace and Automotive Industries
- Replacement of Metals and Other Conventional Materials By PAEK
Restraints
- High Product Price and Availability of Substitutes in the Market
Opportunities
- Emerging Applications of PAEK
Challenges
- Challenging Processing Conditions
Industry Trends
- Porter's Five Forces Analysis
- Bargaining Power of Suppliers
- Threat of New Entrants
- Threat of Substitutes
- Bargaining Power of Buyers
- Intensity of Competitive Rivalry
- Macro Economic Indicators
Companies Mentioned
- Akro-Plastic GmbH
- Arkema Sa
- Caledonian Industries Ltd.
- Celanese Corporation
- Darter Plastics Inc.
- Ensinger
- Evonik Industries AG
- Gharda Chemicals Limited
- J. K. Overseas
- Jrlon Inc.
- Lehmann&Voss&Co.
- Mitsubishi Chemical Advanced Materials
- Nanoshel LLC
- Panjin Zhongrun High-Performance Polymers Co. Ltd.
- Prototype & Plastic Mold Co. Inc.
- Quadrant Epp Surlon India Ltd.
- RTP Company
- SABIC
- Solvay S.A
- Toray Advanced Composites
- Victrex PLC
For more information about this report visit https://www.researchandmarkets.com/r/xv2ec3
