LONDON, March 27, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5360478
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.
Further key findings from the report suggest:
• 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.
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