Global Polyaryletherketone market research report: by product (PEEK, PEK, PEKK and Others) by application (Automotive, Aerospace, Medical, Military Weapons, Electrical and Electronics, General Engineering and Others) – Forecast till 2023
Pune, India -- (SBWIRE) -- 03/22/2018 -- 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.
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.
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.
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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.
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.
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