Market Overview: The global Polyaryletherketone (PAEK) market was valued at USD 1,075.4 Million in 2022 and is anticipated to exhibit a rapid revenue CAGR of 7.2% during the forecast period. The market's growth is primarily driven by two major factors: the increasing prevalence of orthopedic implant infections in the medical industry and the rising demand for PAEK due to its physical and mechanical advantages. PAEK's high strength and stiffness make it an ideal material for designing lightweight orthopedic implants that can withstand significant loads while reducing the risk of infection by preventing bacteria from adhering to the implant surface.
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Moreover, the market is being fueled by a rise in product launches by major market players. For instance, Evonik introduced a new osteoconductive Polyether Ether Ketone (PEEK) for the medical technology sector, branded as VESTAKEEP Fusion, which promotes bone-implant fusion and offers next-generation implant materials.
Furthermore, the electrical and electronics industry is driving demand for PAEK materials due to their lightweight, cost-effectiveness, and non-conductive properties. PEEK screws are preferred over metal screws in consumer electronics, such as cell phones, laptops, and game consoles. The absence of halogens and excellent thermal stability also increases the use of PAEK in energy storage devices like lithium-ion batteries and dielectric materials.
Market Dynamics: Drivers:
- Rising demand for PEEK in the aerospace sector: PAEK is increasingly used in aerospace applications due to its high heat resistance, strength comparable to Titanium and Steel, and lightweight properties. Additionally, its resistance to various chemicals makes it suitable for aircraft components, resulting in fuel cost savings and improved fuel economy.
- Increasing demand for Polyether Ketone (PEK): PEK, a semi-crystalline engineering thermoplastic, offers great thermal dimensional stability, low flammability, chemical resistance, and excellent mechanical properties over a wide temperature range.
Restraints:
- Relatively expensive and not UV resistant: PAEK is costlier than other plastics like Polyamide and Polycarbonate, and its degradation when exposed to UV radiation could limit its market growth.
Key Takeaways:
- Product Type Outlook: PEEK is expected to dominate the global PAEK market due to its superior mechanical and chemical properties. Victrex plc announced a joint venture to build a PEEK polymer manufacturing facility in China, aligned with China's 'Made in China 2025' plan.
- Filler Type Outlook: Glass-filled PAEK is projected to register significant revenue growth, offering improved thermal and mechanical characteristics along with high resistance to electricity and corrosive chemicals.
- Form Outlook: PAEK film holds the largest revenue share due to its strength, ductility, fatigue resistance, high purity, and exceptional chemical resistance, making it suitable for various industrial applications.
- Application Outlook: The automotive segment is expected to witness moderate revenue growth, driven by increased usage of PAEK in engine components, fuel system components, and electrical system components.
- Regional Outlook: Europe leads the market due to strict carbon emission regulations and rising demand for PAEK in aerospace and medical industries. The Asia Pacific region is expected to experience the fastest revenue growth, propelled by demand from aerospace and medical sectors in countries like India, China, and Japan. North America is anticipated to hold a considerable market share, primarily due to the growing usage of PAEK in the medical sector and other industries like automotive and industrial machinery.
Competitive Landscape: The global PAEK market has a consolidated competitive landscape with key players like Victrex plc, Solvay, Arkema, SABIC, Celanese Corporation, Ensinger, Evonik, The Mitsubishi Chemical Group of companies, K.D. FEDDERSEN, and Nanoshel LLC. These companies engage in strategic alliances to expand their portfolios and strengthen their positions in the market. For instance, Solvay introduced KetaSpire KT-857, a novel PEEK extrusion compound for copper magnet wire insulation in electric motors, with enhanced adhesion and sustainability benefits.
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