Polyaryletherketone market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027
Market Overview:
Polyaryletherketone are used in a wide range of
end-use industry application owing to their excellent properties such as
chemical & heat resistance and mechanical strength among others. It is
extensively used in applications such as medical devices, automobile parts,
seals, gears, armor material, drilling components and others. The growth of pharmaceutical
and automotive industry across the globe is vitally affecting the growth of the
polyaryletherketone market.
The global polyaryletherketone market is being driven
by a range of application in various end-use industries such as automotive, oil
& gas, pharmaceuticals, military & defense, electrical &
electronics among others. Moreover, it is estimated that the automobile
industry is set to witness the highest growth due to the growing consumption in
applications such as rotor arms, alternator covers, shock absorbers, seals
& thrust washers in the forecast period, 2017-2023.
Market Segmentation:
The global polyaryletherketone market is segmented
into product type, and application. On the basis of the product type, the
market is segregated into polyether ether ketone (PEEK), polyetherketone (PEK),
polyetherketoneketone (PEKK) and others. The market by application is segmented
into automotive, general engineering, aerospace, electrical & electronics,
medical, military weapons and others.
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Market Scenario:
The automobile segment followed by the electrical
and electronics application segment is anticipated to observe a higher CAGR
during the forecast period. The properties such as corrosion resistance, heat
resistance makes the use of polyaryletherketone in applications such as shock
absorbers in cars, and as conductors in the electronics components. Moreover,
the replacement of metal by polyaryletherketone in cars helps substantially to
reduce the fuel consumptions which is a major factor attributing to the growth
of the segment.
Regional Analysis:
The global polyaryletherketone market is spanned
across five key regions: Asia Pacific, North America, Europe, Latin America,
and the Middle East & Africa. Among these, Asia Pacific holds a major share
of the market and is expected to be the fastest growing region at a
considerably higher CAGR. The presence of the most populated countries of the
world such as India and China has augmented the demand for various sectors such
as the electronics and automotive among others, which, in turn, is anticipated
to fuel the demand for polyaryletherketone in the region. Moreover, the growing
demand for energy has augmented the oil and gas related activities, mainly in
India and China which in turn is expected to positively affect the growth of
the market owing to its extensive use in the drilling components.
The European region is estimated to witness a
significant growth in the countries owing to the burgeoning pharmaceutical and
automobile industry. The increasing use of polyaryletherketone owing to its
enhanced strength, chemical and heat stability among others has increased the
adoption rate in the region. Moreover, the growing application in the
electronic and electrical sector coupled with the increase government
investment in the defense budget is further propelling the usage of the product
in this region.
The North American polyaryletherketone market is
mainly driven by the U.S. and Canada. The presence of the developed end-user
industries such as automotive and electronics coupled with the increasing
adoption rate is contributing significantly to the growth of the market.
Moreover, the growing investment in energy and defense sector is further
expected to add fuel to the growth of the market. In addition to this, the
shale gas boom in the region has augmented the use of polyaryletherketone in
the drilling components thereby adding to the market growth.
Competitive Analysis:
Some of the prominent players operating in the
global Polyaryletherketone market are Victrex Plc (U.K), Solvay (Belgium),
Arkema Group (France), JK Overseas (India), Quadrant AG (Switzerland), Gharda
Chemicals Ltd (India), Evonik Industries AG (Germany), Caledonian Industries
Ltd (U.K), Zyex Ltd (U.K), and Panjin Zhongrun High Performance Polymers Co Ltd
(China) among others..
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