Polyaryletherketone (PAEK) Market Size (2024 - 2030)

The Global Polyaryletherketone (PAEK) Market was valued at USD 1152.87 million and is projected to reach a market size of USD 1863.40 million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of  7.1%. 

Polyaryletherketone (PAEK) is a class of semi-crystalline thermoplastics with a unique molecular structure consisting of alternating ether and ketone groups linked by a 1,4-substituted aryl group. This structure provides PAEK high-temperature stability and mechanical strength, making it a useful material in a variety of industrial applications. Without compromising its strength, PAEK can operate continuously at temperatures as high as 250 °C (482 °F) and handle short-term loads as high as 350 °C (662 °F). PAEK is also known for its low heat output and minimal toxic fumes when burned, making it a good choice for aviation interior applications. PAEKs offer several unique properties. They are well-known for their strong mechanical strength, which remains high even at high temperatures. They have a very good impact strength at low temperatures. They have a low tendency to creep, meaning they can resist deformation over time when exposed to stress or load for extended periods. Additionally, PAEKs are chemically resistant and have good sliding and wear properties. They are also resistant to moisture absorption and have outstanding electrical properties like high dielectric strength. They have volume resistivity and tracking resistivity. PAEKs are even radiation resistant. Due to their unique properties, PAEKs are used for extremely demanding industrial applications.

Global Polyaryletherketone (PAEK) Market Drivers:

The increasing demand for polyaryletherketones in the medical device industry is fueling the growth of the global polyaryletherketone (PAEK) market.

Numerous medical applications use PAEK, particularly implantable devices. PAEK is used in spinal applications owing to its radiolucent properties, reduced stress shielding, and stiffness that is comparable to that of human bone. Some spinal applications of PAEK are minimally invasive spinal implants, disc arthroplasty, and anterior cervical plates. As an alternative to conventional metal dentures, PAEK is used to create precise, personalized dentures and prosthetics. It has been discovered that they are significantly more comfortable, simpler to customize to patients' needs, and a perfect match for the modern CAM/CAD approach to dental prosthetics. Additionally, PAEK is used in bone trauma applications like intramedullary (fracture fixation) nails and fracture fixation plates. Therefore, this factor drives the demand for polyaryletherketones (PAEKs).

The growing use of polyaryletherketones in the oil and gas industry is another factor contributing to the growth of the global polyaryletherketone (PAEK) market.

In the oil and gas sector, PAEK is utilized in a number of applications, including PAEK seals, PAEK bearings and brushings, and PAEK wear components. Couplings, wellhead connectors, rotary drill bits, loading swivels, and anti-blowout seals all contain seals made of PAEK materials. Ball valve seats, balance piston seals, face seals, seal impeller hubs, and seal impeller eyes are additional applications for PAEK seals. It is also utilized in chokes, valves, and stem packing. Face seals used at the wellhead to hold high-pressure production fluids and gases are one of the most demanding uses for seal assemblies that contain PAEK. Bearing grade PAEK is the perfect material for the harsh conditions and heavy loads found in the petroleum industry. PAEK bearings are used in all oil and gas equipment, including anti-friction bearings and plane bearings, and bushings. One of the primary advantages of PAEK as a bearing material is that it is self-lubricating, requiring little to no maintenance. When it comes to replacing metal wear components in appropriate applications, PAEK is a viable option. PAEK's excellent resistance to galling and seizing is one of its many advantages as a wear component. Therefore, this factor also drives the demand for polyaryletherketones (PAEKs).

Global Polyaryletherketone (PAEK) Market Challenges:

The global polyaryletherketone (PAEK) market is encountering challenges, primarily in terms of the availability of low-cost alternatives and limited processing capabilities. PAEK materials have excellent properties, but the market faces a challenge due to the availability of low-cost thermoplastic alternatives. One such high-performance plastic is polyetherimide (PEI), also known as ULTEM. Although it has lower performance characteristics, it is significantly less expensive and thus used in high-end industries for extreme temperature condition operations. In contrast to PAEK, engineering plastics like polyamide, PET, ABS, and fluoropolymers are more frequently used as they are less expensive. To match the properties of PAEK at a lower cost, hybrid technology-based polymers are being utilized. Moreover, PAEK has limited processing capabilities and can be difficult to process and mold owing to its high melting point and crystalline structure. This could limit the applications for which PAEK materials can be used. Thus, these challenges inhibit the growth of the global polyaryletherketone (PAEK) market.

Global Polyaryletherketone (PAEK) Market Opportunities:

Expansion to end-use industries presents a lucrative opportunity in the global polyaryletherketone (PAEK) market. Given the rising demand for polyaryletherketones (PAEKs) owing to their excellent characteristics, including strong mechanical strength, low creep tendency, chemically resistant, good sliding and wear properties, and high dielectric strength, businesses specializing in the production of PAEK materials can stand to gain significantly from this opportunity by expanding their products to other end-use industries, such as buildings & construction industry for bridge bearings and energy industry for heat exchangers. This expansion will help businesses to increase their customer base and boost their overall revenue.

COVID-19 Impact on the Global Polyaryletherketone (PAEK) Market:

The outbreak of the COVID-19 pandemic substantially impacted the global polyaryletherketone (PAEK) market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of polyaryletherketones (PAEKs). Moreover, the demand for PAEK polymers and composites decreased due to reduced operations of businesses in several manufacturing industries. These factors negatively impacted the growth of the global polyaryletherketone (PAEK) market. Despite these challenges, the global polyaryletherketone (PAEK) market is projected to recover and grow in the coming years owing to its increasing utilization in the aerospace, automotive, medical, and oil and gas industries.

Global Polyaryletherketone (PAEK) Market Recent Developments:

• In October 2022, Evonik Industries AG, a Germany-based specialty chemicals company, unveiled the expansion of its sustainable elastomer portfolio with the launch of a new polyamide 12 (PEBA) elastomer made up of 50 percent recycled tires.

• In February 2021, Solvay S.A., a Belgium-based multinational chemical company, and Leonardo S.p.A., an Italy-based multinational company specializing in aerospace, defense, and security, unveiled the launch of a joint research lab dedicated to the development of novel thermoplastic composite materials and manufacturing processes, with the goal of enabling a step-change in composite aerostructures manufacturing while reducing environmental impacts.

• In July 2020, Victrex plc, a UK-based supplier of high-performance polymers, launched a new polyaryletherketone (PAEK) filament, Victrex AM 200 filament, designed and optimized specifically for additive manufacturing (AM). Intamsys, a world-leading high-tech company delivering 3D printing and industrial direct additive manufacturing solutions for high-performance materials, is the first reseller of Victrex’s new polyaryletherketone (PAEK) filament for 3D printing.

POLYARYLETHERKETONE MARKET REPORT COVERAGE:

Global Polyaryletherketone (PAEK) Market Segmentation: By Type

• Polyetherketoneketone (PEKK)

• Polyetherketone (PEK)

• Polyetheretherketone (PEEK)

In 2022, the polyetheretherketone (PEEK) segment held the highest market share. The growth can be attributed to the excellent properties that PEEK material possesses. PEEK material is a high-performance and semi-crystalline engineering thermoplastics with superior strength-to-weight ratio, creep resistance, long-wearing, resistance to high temperature, radiation-resistant, chemical-resistant, and low water absorption. PEEK is ideal for utilization in a variety of industries, including aerospace, automotive, medical, and electronics, thanks to these excellent characteristics.

Global Polyaryletherketone (PAEK) Market Segmentation: By Form

• Compound

• Fiber

• Film

• Sheet

• Tape

In 2022, the tape segment held the highest market share. The growth can be attributed to the large applications of PAEK tapes, including semiconductor processing machinery, labeling, solder masking, and gasket manufacturing. Additionally, it is utilized in the production of pipes for the transportation of oil and gas as it helps in providing additional strength and corrosion resistance as well as reducing the weight of these pipes.

Global Polyaryletherketone (PAEK) Market Segmentation: By Filler

• Carbon-filled

• Glass-filled

• Unfilled

• Others

In 2022, the glass-filled segment held the highest market share. The growth can be attributed to the superior characteristics that glass-filled PAEK composites possess, including exceptional strength, shock resistance, and toughness, making them suitable for use in the oil and gas, aerospace, and automotive industries. In the electrical and electronics industry too, glass-filled PAEK composites are utilized owing to their superior dielectric properties, high-temperature resistance, and dimensional stability.

Global Polyaryletherketone (PAEK) Market Segmentation: By End-User Industry

• Aerospace

• Automotive

• Electrical & Electronics

• Medical

• Oil & Gas

• Others

In 2022, the aerospace segment held the highest market share. The growth can be attributed to the rising adoption of PAEK polymers and composites in several aircraft parts, replacing aluminum and other metals. By utilizing PAEK, large-volume components with fine tolerances can be formed reasonably and used without assembly or modification. In the aerospace industry, PAEK is used in a number of applications, including critical engine parts, aircraft exterior parts, and interior components. PAEKs are used in critical engine parts as they can withstand high temperatures and perform well under different types of frictional interactions between dry and lubricated materials. PAEK is a great material for aircraft exterior parts as it has strong resistance to damage caused by rain erosion. When used in interior components, PAEK's natural ability to resist flames and emit low levels of smoke and toxic gases can help minimize the risk of danger during a fire. Additionally, PAEK is utilized to make convoluted tubing that helps safeguard the wires and fiber optic filaments within aircraft electrical systems.

Global Polyaryletherketone (PAEK) Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In 2022, the region of Europe held the largest share of the global polyaryletherketone (PAEK) market. The growth can be attributed to the growing preference for replacing metals with high-performance polymers like polyaryletherketone (PAEK) in the automotive and aerospace industries in order to reduce overall weight and improve fuel efficiency and the strong emphasis on research and development activities related to PAEK polymers. In addition, the region is home to several significant market players, including Evonik Industries AG, Victrex plc, Arkema S.A., Solvay S.A., and AKRO-PLASTIC GmbH. Due to the presence of well-established automotive industries in nations, such as China, India, and Japan and the strong presence of major market players, including Panjin Zhongrun High-Performance Polymer Co. Ltd., Gharda Chemicals Limited, and J.K. Overseas, the region of Asia-Pacific is anticipated to expand at the fastest rate over the forecast period.

Global Polyaryletherketone (PAEK) Market Key Players:

1. Evonik Industries AG (Germany)

2. Victrex plc (United Kingdom)

3. Arkema S.A. (France)

4. Solvay S.A. (Belgium)

5. Mitsubishi Chemicals Advanced Materials (Switzerland)

6. SABIC (Saudi Arabia)

7. AKRO-PLASTIC GmbH (Germany)

8. Celanese Corporation (United States)

9. The Ensinger Group (Germany)

10. Nanoshell LLC (United States)