Polyaryletherketone (PAEK) Implants with Unique Properties Spearheading Demand in Medical Sector, Finds Fact.MR
Published : 16 Jan 2020 Industry: Chemical & Materials
The global polyaryletherketone (PAEK) market is projected to grow at a CAGR of over 6% and is estimated to reach a valuation of over US$ 1.4 Bn by the end of the forecast period (2019-2027). The global demand for polyaryletherketone (PAEK) has seen a steady course since its inception. Polyaryletherketones are witnessing strong growth in many fields classically reserved for metals or polymers and are helping to improve yields and efficiency.
The utilization of polyaryletherketone (PAEK) is seeing an uptick as it offers various properties such as inherent flame retardancy and compressive strength. This is expected to heighten their demand in medical applications for dental instruments, body implants, and drug delivery. Examples of new applications can be found in various other sectors including the aerospace industry where the demand for polyaryletherketone (PAEK) materials is soaring.
Key Takeaways of Polyaryletherketone (PAEK) Market Study
- With a projected CAGR of 5.5% from 2019 to 2027, ‘PEEK’ polymer is expected to see significant volume gains. This is attributed to increasing consumption in the automotive, medical, oil and gas industries and in the aerospace sector
- The ‘medical’ end use segment is expected to the grow with the highest growth rate of over 7% due to the increased use of polyaryletherketone (PAEK) in surgical methods and dental work
- Europe leads the global polyaryletherketone (PAEK) market with a market share of over 35% in 2019. The automotive industry in combination with private investments in research and development (R&D), acts as a force multiplier for the extensive utilization of polyaryletherketone (PAEK)
- Asia Pacific holds a strong customer base in the global Polyaryletherketone (PAEK) market. Presence of key automotive companies in Japan including Honda, Yoyota and Suzuki and increased penetration of aircraft manufacturers are the attributing factors behind growth of the market in this region
- Growing demand from the construction and automotive sectors for replacements such as Polyphenylene Sulfide (PPS) and Polyethylenimine (PEI) is expected to curb market growth over the forecast period
“Healthcare investments and technological progressions along with supportive government policies will drive growth in the global polyaryletherketone (PAEK) market,” says the Fact.MR analyst
Extensive Capital Investments to Give Strategic Boost for Market Growth
The Polyaryletherketone (PAEK) market is moderately fragmented with front running competitors such as Victrex PLC, Solvay S.A. and Zyex Ltd holding the top shares. Due to strict registration processes and extensive capital investment requirements, moderate to high entry barriers are likely to induce competition between polyaryletherketone (PAEK) manufacturers. Several players are increasing their spending through effective strategies to ensure optimum business growth. As a result, they are forming strategic agreements with regional distributors, besides providing automotive and electrical & electronics sectors with technological expertise.
Find More Valuable Insights on the Polyaryletherketone (PAEK) Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global polyaryletherketone (PAEK) market, presenting historical demand data (2013-2018) and forecast statistics for the period, 2019-2027. The study divulges compelling insights on the polyaryletherketone (PAEK) market on the basis of type (PEK, PEEK, PEKK, Others), end-use industry (Aerospace, Automotive, Electronics, Energy, Manufacturing, Medical), across several regions.
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Expert analysis, actionable insights, and strategic recommendations of the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs across the value chain. With an exhaustive database of over 1,000 reports and 1 million plus data points, the team has analyzed a number of chemicals and materials lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.