Polyaryletherketone Market Size, PAEK Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Polyaryletherketone Market


The global Polyaryletherketone market size is projected to reach US$ 1419 million by 2026, from US$ 940.25 million in 2020, at a CAGR of 7.1% during 2021-2026. PAEK is expected to witness significant gains as it exhibits properties such as excellent performance at higher temperatures and friction resistance. Increasing usage of polyether ether ketone (PEEK) in the aerospace industry on account of being a polymer with high glass transition temperature is expected to propel market demand.

Growing automotive production and rising number of OEM companies catering to the domestic aftermarket in China, India, Thailand, Indonesia, and Malaysia are likely to drive the industry over the next few years.

Mexico has emerged as a tier II automobile manufacturing hub owing to its proximity to the U.S. market and government support to boost production output at a domestic level. This is anticipated to fuel demand for polyaryletherketone. Carbon reinforced and glass grades of PEEK are high-performance grades that find utility at high temperatures. The carbon-filled type forms find usage in medical, automotive, and aerospace applications.
On the other hand, unfilled grades are highly resistant to chemically aggressive environments, including high-pressure steam, and find application in cable and wire coatings, film, valve parts and pumps, and automotive engine parts. Growing consumption of different polyaryletherketone types in various applications including automotive, industrial and general engineering, aerospace, electrical and electronics, and medical are anticipated to drive industry growth.

On the flip side, rising demand for substitutes such as PPS and PEI in the construction and automotive sectors is expected to restrain market growth over the forecast period.  PPS is a high-performance engineering plastic with various properties, such as high creep resistance, excellent temperature properties, and excellent chemical resistance. Increasing PPS demand for manufacturing automotive parts such as speed sensors, bulb sockets, and fuse cases is anticipated to challenge demand for PEEK over the forecast period.

Ongoing expansion activities by Bombardier, a Canadian aerospace company, along with presence of OEMs such as Honeywell and Boeing in Mexico, is likely to drive the aviation sector. Growing aerospace sector in China, India, South Korea, Singapore, and Malaysia, on account of increasing government investments, is further expected to propel the PAEK market.

Market Segmentation, Outlook & Viewpoint: Global Polyaryletherketone Market

Type Market Segmentation & Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2026)

  
PEEK
  
PEK
  
PEKK
  
Others

Application Market Segmentation & Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2026)

  
Automotive
  
Industrial and General Engineering
  
Aerospace
  
Electrical & Electronics
  
Medical
  
Others

Key Players, Recent Developments & Regional Insights: Global Polyaryletherketone Market

The automotive segment was valued at USD 345.50 million in 2018 and is expected to witness steady gains on account of rising need for metal alternatives in automobiles to reduce fuel consumption and accelerate fuel efficiency. Replacing metals with PEEK polymer for automotive applications owing to its excellent hydrolysis resistance and superior insulating properties is expected to spur industry size.

Various automobile manufacturers are using PEEK to make rotor arms, seals and thrust washer, shock absorber bearings, and alternator covers. Therefore, on account of rising usage of metal alternatives to reduce weight and conserve energy, automobile manufacturers tend to increase the use of PAEK, profoundly augmenting demand.
Buyers located in upstream petroleum and chemical processing industries use PEEK as it offers beneficial properties such as high wear resistance, high fatigue resistance, excellent dimensional accuracy, and excellent thermal stability. These features, along with low permeability and outstanding electrical properties, are expected to augment PAEK demand in oil and gas and chemical processing industries over the next few years.

Regional Insights

North America is expected to register substantial revenue gains, exhibiting a CAGR of 7.6% from 2019 to 2026. Prominent PAEK manufacturers in the region include Jrlon, Inc.; Tri-Mack Plastics Manufacturing Corporation; and RTP Company. Robust manufacturing base and rapid growth of the automotive industry in U.S. will augment demand for vehicle production, which in turn, is projected to drive demand for PAEK in the coming years.
Mexico is currently the worlds seventh-largest producer of automobile components. Thus, Mexico has been the primary focus of global automotive manufacturers as they are constantly looking for untapped growth opportunities. It is the fourth largest exporter of automobiles to the global automotive industry and is listed after Germany, Japan, and South Korea. Growing automobile production in the country is anticipated to drive demand for PAEK through 2026.

Asia Pacific accounted for 16.7% of the overall revenue in 2018 and is expected to witness significant gains over the forecast period. A strong customer base in automotive, electronics, and medical equipment sectors in China is expected to increase the penetration of new construction projects and thus, promote product demand.
PAEK Market Share Insights

The global market comprises prominent and well-established players, especially in U.S., Japan, Germany, U.K., and China. The industry is dominated by numerous key participants including Victrex Plc, Solvay S.A., Arkema Group, JK Overseas, Quadrant AG, Gharda Chemicals Ltd., and Evonik Industries AG.

High to moderate entry barriers, owing to strict registration processes and extensive requirement of capital investment, are likely to induce fierce competition among manufacturers. Companies are increasing spending to ensure optimum business growth through effective strategies. As a result, they are forming strategic alliances with regional distributors, along with providing technological expertise for automotive and electrical and electronics sectors.

In February 2017, Solvay launched a new specialty polymer resin based unit in Augusta in Georgia, U.S. The particular resin processing facility, together with a site presence in Asia, was aimed at expanding its PEEK production capacity as well as gaining a significant foothold in the market.

In June 2017, The Ensinger Korea Ltd., an Ensinger GmbH subsidiary, opened a stock shapes warehouse and sales office in South Korea to supply different types of PAEK to customers across the country. This branch is expected to attract customers in food processing, general engineering, and the aviation industry.

Key Insights Covered: Global Polyaryletherketone Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Polyaryletherketone industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Polyaryletherketone industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Polyaryletherketone industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Polyaryletherketone industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Polyaryletherketone industry.

Research Methodology: Global Polyaryletherketone Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other