Polyaryletherketone Market Size

Polyaryletherketone Market Size

Polyaryletherketone (PAEK) market size was estimated at over USD 950 million in 2018 and the market will grow by a CAGR of more than 5.5% up to 2025. Increasing number of chronic diseases, rising healthcare investments and technological progressions are going to generate favorable trends for state-of-the-art medical devices in future

Surging demand from medical sector is going to drive the market during the forecast time span. These thermoplastics are widely used in medical implants and surgical instruments, as they offer good chemical resistance, high temperature tenacity, excellent biostability and making them a feasible option for medical instruments. Additionally, supportive government policies will boost the medical sector and such trends will augment the polyaryletherketone market size in coming years.

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Aerospace sector shows promising trends in future due to continuous technological advancements, a large number of aircraft order backlogs and increasing air travel demand. PAEK materials are used to manufacture structural components in aerospace industry. They help in significant weight reduction thereby saving additional fuel costs and making production more efficient. Moreover, they aid in faster assembly of components while lowering the operating and manufacturing costs. For instance, Victrex, plc. PEEK clamps are used in airplanes resulting in savings of USD 11.55 million in fuel costs and 40,000 tons of CO2 emissions per year.

Automotive industry is deemed to be one of the profitable segments for the polyaryletherketone industry as the product has varying temperature range workability and provides resistance against fluids and chemicals. The product is also used for manufacturing piston units, bearings, fittings, injection molded components, braking and transmission systems and many other components. The expanding automobile segment, especially in developing nations including China, India, Japan, and South Korea will boost the PAEK market.
 

The new technological innovations such as replacement of traditional metals with specialty thermoplastics will reduce the cost and weight of the vehicle. This weight reduction will further reduce the emission of CO2, NO2, and other ozone depletion compounds from vehicles. For instance, according to various automobile specialists, trimming the car’s weight by one-tenth can boost fuel economy by 5%-8%. For instance, the European Union Regulation for the reduction in emissions of greenhouse gases will drive the demand for lightweight vehicles during the forecast period.
 

High cost of polyaryletherketone (PAEK) materials is likely to hinder the market growth. As the raw material prices tend to remain high, it will increase the overall product cost and affecting the market growth in future. Another factor hampering the market growth is the availability of substitutes, these substitutes are available at slightly lower cost in the market and customers may incline towards these substitutes considering price benefits.