The global polyaryletherketone (PAEK) market size is expected to reach USD 1.50 billion by 2025, at a CAGR of 8.3% from 2017 to 2025, according to a report by Grand View Research, Inc. Rising demand for PAEK owing to its superior properties including high electrical strength, low permeability, good energy radiation resistance, and outstanding chemical resistance is expected to augment the industry size over the forecast period.
Consumption of polyetherketoneketone (PEKK) has been on a rise as it offers various properties such as inherent flame retardancy, compressive strength, and wear and creep resistance. This is expected to increase its demand in dental tools, body implants, and drug delivery in medical applications.
The medical application segment accounted for 9.6% of the overall revenue in 2016 and is expected to witness strong growth on account of high usage of polyether ether ketone (PEEK) in the spinal area, anterior cervical corpectomy and fusion, rotator cuffs and shoulder labrum repair, maxillofacial defects, and dental work. Increasing demand for implants and nonmetal dental disc and sterilizing hardware in the medical sector is expected to augment PAEK demand.
PEEK polymer is anticipated to witness significant volume gains with a predicted CAGR of 7.6% from 2017 to 2025. This is attributed to rising consumption in the automotive, medical, oil and gas, and aerospace industries. PEEK find application in products including bearings, electrostatic, cookware, industrial coatings, and body implants
Asia Pacific has a strong customer base and accounted for 20.3% of the overall revenue in 2016. The automotive sector in Japan is one of the most prominent and significant industries in the world. Presence of key automobile companies, including Toyota, Honda, Daihatsu, Nissan, and Suzuki, is projected to have a positive impact on this market
Increased penetration of aircraft manufacturers in China, along with rising government investments in R&D, is expected to drive the aerospace sector in the country, which will propel expansion of the market for PAEK
Key players dominating the PAEK market are Victrex Plc., Evonik Industries AG, Gharda Chemicals Ltd., Caledonian Industries Ltd., JK Overseas, Solvay S.A., and Arkema Group. Product innovation is expected to remain a critical success factor for industry participants in future
In February 2017, TxV Aero Composites, a joint-venture between Victrex Plc. and Tri-Mack Plastics Manufacturing Corporation, was formed to accelerate commercial adoption of PAEK composites in the aerospace industry
In September 2017, Solvay S.A. announced it will produce high-performance polyether ether ketone (PEEK) polymers in U.S. in early 2018. This is to support its composite materials business so as to address rising demand in the aerospace industry. The company will commence production under the trade name NovaSpire at its site in Georgia, U.S.
Browse related reports by Grand View Research:
Wood Preservation Chemical Market - The rise in constructions operations, particularly across the developing regions is projected to compliment the wood preservation chemicals' market growth over the forecast period.
Alpha-Amylase Baking Enzyme Market - The global alpha-amylase baking enzyme market size was USD 255.1 million in 2015 And continued softness is expected to remain a favorable factor over the next eight years.
Chelating Agents Market- The chelating agents market size was 1,026.0 kilo tons in 2015. The market is likely to observe growth over the forecast period owing to its increasing demand in pulp & paper, agrochemicals, and detergent applications.
Temperature Sensitive Coating Market - The global temperature sensitive coating market size was USD 268.0 million in 2015. Rising demand from household/decorative, pharmaceutical, and industrial sector is anticipated to drive the market growth over the next eight years.
Grand View Research has segmented the polyaryletherketone (PAEK) market on the basis of product, application, and region:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: email@example.com