Polyaryletherketone market Growth Factors, Demand, Revenue and Application and Industry Forecast to 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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