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%

NEW YORK, Oct. 23, 2019 /PRNewswire/ --

Increasing demand from oil and gas, electrical and electronics, aerospace, medical and automotive industries to drive the overall growth of PAEK market.

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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% during the forecast period. 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 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 the 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 application.

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.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the PAEK marketplace.
• By Company Type - Tier 1: 30%, Tier: 43%, and Tier 3: 27%
• By Designation - C Level: 21%, Director level: 23%, Others : 56%
• By Region – APAC: 41%, North America: 30%, Europe: 10%, South America and Middle East & Africa: 11%

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). The study includes an in-depth competitive analysis of these key players in the PAEK market, with their company profiles, recent developments, and key market strategies.

Research Coverage:
The report covers the PAEK market based on type, filler, application, and region.This study aims at estimating the size and future growth potential of the market across various segmentation types.

It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall PAEK market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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