The PAEK market 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 major factors driving the PAEK market include increasing demand in the medical industry, aerospace and automotive industries and the ability of PAEK to replace metals and other conventional materials in various applications.
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PEEK to dominate the global PAEK market during the forecast period
The PAEK market has been segmented based on types into PEEK, PEK, and PEKK. Among these types, the PEEK segment accounted for the largest share of the market in 2019 and is likely to witness significant growth over the forecast period. The increase in this segment is attributed to its increasing use in various application such as oil and gas, electrical and electronics, aerospace, medical and automotive as it provides many characteristics to the manufacturing parts which include lightweight, strength or toughness and able to survive longer in harsh environments. These factors are expected to drive the demand during the forecast period.
Glass-filled PAEK to dominate the global PAEK market
The PAEK market has been segmented based on fillers into glass filled, carbon filled, unfilled and others. 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 in this segment 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 application is expected to grow at the highest CAGR in the global PAEK market
Oil and gas application is growing rapidly owing to the rising demand for PAEK materials in anti-wear tape, back-up ring, pipe & liner, seal, subsea connector, compressor, valve and others used in oil and gas industry. This is due to its unique properties such as excellent creep resistance, wear and chemical resistance under high pressure, high-temperature conditions. These characteristics of PAEK increases the consistency of the oilfield equipment and thus extends the life of the equipment in the challenging oilfield environment.
Europe is estimated to be the leading PAEK market, in terms of volume, during the forecast period. The growth in the North American region can be attributed to the increased usage of PAEK in the automotive industry to manufacture various interior, exterior, and under-the-hood components for automobiles. The high demand for advanced medical devices is also expected to lead to an increase in the market for PEEK in this region
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), are the leading PAEK manufacturers, globally.
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