The market size of PAEK market was USD 765.1 million in 2018 and is projected to reach USD 1,149.0 million by 2024, at a CAGR of 6.2%.
The growth of the PAEK market is mainly driven by increasing demand in the oil & gas, aerospace, automotive, and electrical & electronics industries, globally. Oil and gas is the fastest-growing application of PAEK that is projected to register a CAGR of 5.9%, in terms of value, during the forecast period.
PAEK is a high-performance polymer that possesses superior characteristics to substitute metals in a varied range of high-performance applications. Applications that require high-temperature performance, high strength, and stiffness are actively replacing metal-based components with the PAEK-based components. These components comprise industrial pumps, valves and seals, car components, aircraft components, connectors, and surgical instruments and medical implants. Victrex PLC (U.K.) has been an active player in this market since 1993 that has dominated the market for a decade prior to the entry of big giants like Solvay S.A. (Belgium) and Evonik Industries AG (Germany) into the market in 2006 and 2005, respectively.
Europe is the largest market for PAEK however APAC is the fastest-growing region for the PAEK market, owing to the rising population, rapid urbanization, and strong economic growth, which are driving the electrical & electronics industry and thus boosting the PAEK market. The emerging economies, primarily India and China, are the key manufacturing hubs of PAEK in the region. The rising population in these countries and the rapid economic expansion are the major factors contributing to the growth of the market in the region.
The market is dominated by some of the key global players. A large number of regional players are also competing for market share, contributing to the competitive rivalry among major players. Some of the global companies involved in the PAEK market are Victrex PLC (UK), Solvay S.A. (Belgium) and Evonik Industries AG (Germany)
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the PAEK Market 4.2 PAEK Market Growth, By Type 4.3 PAEK Market, By Type and Region 4.4 PAEK Market, By Filler 4.5 PAEK Market, By Application
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Increasing Demand in the Medical Industry 188.8.131.52 Growing Demand of PAEK in Aerospace and Automotive Industries 184.108.40.206 Replacement of Metals and Other Conventional Materials By PAEK 5.2.2 Restraints 220.127.116.11 High Product Price and Availability of Substitutes in the Market 5.2.3 Opportunities 18.104.22.168 Emerging Applications of PAEK 5.2.4 Challenges 22.214.171.124 Challenging Processing Conditions 5.3 Industry Trends 5.3.1 Porter's Five Forces Analysis 5.3.2 Bargaining Power of Suppliers 5.3.3 Threat of New Entrants 5.3.4 Threat of Substitutes 5.3.5 Bargaining Power of Buyers 5.3.6 Intensity of Competitive Rivalry 5.3.7 Macro Economic Indicators 126.96.36.199 Introduction 188.8.131.52 Trends and Forecast of GDP at Country Level 184.108.40.206 Automotive 220.127.116.11 Growth Rate of World Manufacturing Output (Quarter Ii, 2017) 18.104.22.168 Oil and Gas
6 PAEK Market, By Type 6.1 Introduction 6.2 PEEK 6.2.1 The Use of PEEK in the Electrical and Electronics Application Due to Its Excellent Properties to Boost the Market for PAEK 6.3 Pek 6.3.1 The Use of Pek in the High Demanding Applications Owing to the Superior Temperature and Chemical Resistance 6.4 PEKK 6.4.1 The Ability to Withstand High Mechanical Loads Makes PEKK Suitable to Be Used in Offshore Oil Extraction
8 PAEK Market, By Application 8.1 Introduction 8.2 Electrical and Electronics 8.2.1 The Superior Chemical and Electrical Properties of PAEK Increases Its Use in the Electrical and Electronics Application 8.3 Oil and Gas 8.3.1 The High-Temperature Conditions and Superior Resistance Under High Pressure Makes PAEK Suitable for Oil and Gas Application 8.4 Aerospace 8.4.1 Excellent Resistance to Rain Erosion and Inherent Flame Retardancy Makes PAEK Suitable to Be Used in the Aerospace Application 8.5 Medical 8.5.1 Excellent Resistance to Hydrolysis Makes PAEK Suitable for Use in the Medical Applications 8.6 Automotive 8.6.1 Superior Mechanical Performance of PAEK Over Varied Temperature Range Makes It Suitable to Be Used in Automotive Applications 8.7 Others