The global polyaryletherketone market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The rising demand for polyaryletherketone owing their characterstics such as compressive strength, inherent flame retardance, wear and creep resistancein medical applications including implants, dental implants, and drug delivery components is driving the global polyaryletherketone market. It is expected to see sales growth due to the increasing use of products such as electrostatics, cookware, bearings, industrial adhesives, and body fittings in the automotive, oil and gas, medical, and aerospace industries.
Replacement of metals with high-performance-based polymers to reduce vehicle weight and increase fuel efficiency is expected to increase the demand for polyaryletherketone in automotive systems. The increasing use of polyaryletherketone in the automotive sector is likely to provide beneficial opportunities for industry participants to maximize market presence.It is used in the manufacturing of gearbox and clutch components. The new technological innovations such as replacing traditional metals with specialty thermoplastics are reduced the cost and weight of the vehicle. The weight loss is also reduced emissions of CO2, NO2, and other ozone-depleting compounds into cars.
For instance, according to various automotive experts, reducing a car’s weight by one-tenth can increase fuel efficiency by 5% -8%. For example, the European Union Regulation to reduce greenhouse gas emissions will drive the need for lightweight vehicles during forecasting. In addition, the high cost of polyaryletherketone building materials may hamper the market growth. As commodity prices tend to remain high, it increases overall product costs and contributes to future market growth. Another factor hindering the market growth is the availability of other alternatives, the replacement companies are available at a slightly lower cost in the market and customers may be inclined to the substitute by considering the price benefits.
Arkema Group, Caledonian Industries Ltd., Evonik Industries, Gharda Chemicals Ltd., and Victrex plc have made significant contribution to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market.
For instance, in January 2020, the most effective polymer solution manufacturer Victrex announced a business venture between Yingkou Xingfu Chemical Company and Victrex Hong Kong. Both companies together plan to set up, and launch a new PolyEther Ketone polymer production plant in Liaoning, China.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape-Arkema Group, Caledonian Industries Ltd., Evonik Industries, Gharda Chemicals Ltd., and Victrex plc,among others.
A full report Polyaryletherketone Market of is available at: https://orionmarketreports.com/global-polyaryletherketone-market/93870/
Global Polyaryletherketone Market Report by Segment
By Type
- Polyetheretherketone (PEEK)
- Polyetherketone (PEK)
- Polyetherketoneketone (PEKK)
- Others
By Application
- Automotive
- Industrial & General Engineering
- Aerospace
- Electrical & Electronics
- Medical
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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