Polyaryletherketone Market Analysis

Polyaryletherketone Market Analysis

Based on product type, it is primarily classified into PEK, PEEK and PEKK. PEKK segment is likely to grow at significant rate with a CAGR of more than 4.5% by 2025. Polyetheretherketone segment captures majority of market share and accounted for more than 50% of volume share in 2018. The product offers eco-friendly benefits, excellent heat distortion, good radiation resistance, low flammability and longer lifespan

Based on end-use sector, the polyaryletherketone (PAEK) market is segmented into oil & gas, medical, aerospace & automotive, marine, electrical & electronics and others. Others segment consists 3D printing, chemical process, protective coating, textile, etc. In terms of volume, medical sector is expected to capture more than a 10% share at the end of 2025. Polyaryletherketones are used in spine and orthopedic implants, trauma plates, cardiovascular devices, etc. Moreover, they are used in many dental applications including healing caps, provisional abutments and dental prosthesis.
 

Aerospace & automotive sector accounted the substantial volume share in 2018 and will likely grow over 4% CAGR in future. Polyaryletherketones are mostly preferred over metal for manufacturing various parts & components due to their weight & noise reduction and fuel efficiency characteristics. Owing to various governments’ policies & norms associated with fuel efficiency, many vehicle manufactures are opting for these materials, and this will facilitate the polyaryletherketone market growth by 2025.
 

Europe region will capture more than 30% volume share in owing to thriving automotive & aerospace industry as the region is a hub for automobile production. According to European Automobile Manufacturers Association (ACEA), European motor vehicle production accounted for 20% of global motor vehicle production and European passenger car production accounted for 21% of global passenger car production in 2017. Increasing research & development investments in both sectors will upscale their growth and such trends will bolster the polyaryletherketone market demand in future.
 

North America clutches over 20% volume share in 2018 and is likely to grow with over 5% CAGR in coming years. This is all due to dominating position of the region in global medical device industry. The U.S. is a leading medical device manufacturer across the globe and accounted more than 38% of the entire medical devices market in 2017. Rising demand for medical devices will catapult the market demand in forecast time frame.