Polyaryletherketone (PAEK) Market growing at 5.5% CAGR to surpass USD 1.5 billion by 2025
Aug 9, 2019
Owing to the rising demand for engineering plastics and high-end compounds in the aerospace and automotive sectors, polyaryletherketone market has gained enormous traction over the past few years.
Selbyville, United States - August 9, 2019 /MarketersMedia/ —
Global Market Insights, Inc.has launched a report on Polyaryletherketone (PAEK) Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.
Owing to the rising demand for engineering plastics and high-end compounds in the aerospace and automotive sectors, polyaryletherketone market has gained enormous traction over the past few years. Although traditional materials have been used to make key components for decades, engineers are now discovering new applications for the thermoplastic materials like polyetheretherketone (PAEK) and its variants which exhibit unique performance characteristics as compared to conventional plastics.
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Polyaryletherketone (PAEK) Market Growth drivers are
1. Increasing product demand in biomedical industry
2. Rising usage of product in automotive & aerospace sector
3. Superior product characteristics
Reinforced polymers have noticeably changed the way different types of airframes are designed and built today. Evolving trends like enhancing fuel economy, increasing the load-carrying capacity of airplanes and their maneuverability has stimulated extensive research towards the use of novel materials characterized by the good mechanical strength and low weight. PAEK is considered as an advanced and high-temperature engineering polymer that features excellent mechanical properties, thermal stability, and chemical resistance. Thermoplastics are increasingly being employed in aerospace composites include Polyaryletherketone (PAEK) Market
Widespread use of high-performance thermoplastics for various aircraft applications is being observed, including bracket for luggage compartment retainers, seating & structural supports, nuts & bolts, vent grills, and pipes. More importantly, materials like PEEK add value beyond weight reduction for many applications, owing to unique properties like ease of manufacturing while meeting the challenging requirements of spacecraft and aircrafts. Majority of aircraft manufacturers seem to be investing towards R&D efforts to address any upcoming challenges, fueling Polyaryletherketone (PAEK) Market growth.
Speaking of automotive applications, Europe will be a major market for the global polyaryletherketone industry, given the rising presence of automobile manufacturers in the region. Most luxury vehicle manufacturers prefer to use PAEK in automotive components such as pistons and connectors, considering the demand for lightweight cars. As per estimates, Europe Polyaryletherketone (PAEK) Market size is expected to cross USD 600 million by 2025.
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A prominent driver influencing the adoption of PAEK variants is the continuous attempts by companies to deliver stronger aircraft parts. TxV Aero Composites had received ISO 9001:2015 and AS9100 certification in 2019 for its highly automated thermoplastic composite parts manufacturing facility. Achievement of the certification demonstrated that the TxV management system complies with all the quality standards required for manufacturing composite parts of the highest quality for the commercial aerospace sector. Similar efforts to advance capabilities undertaken by key manufacturers will further fuel PAEK market trends.
Rapid development of cutting-edge technologies like 3D printing and extensive investments in R&D programs indicate that the aerospace segment will generate lucrative business prospects for Polyaryletherketone (PAEK) Market players. A burgeoning demand worldwide from the public transportation, defense and aviation sectors will augment global PAEK market share over the forecast timeframe.
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Prominent players such as Ensinger, Triveni Chemicals Limited, Victrex, Mitsubishi Chemical Advanced Materials, Toray Advanced Composites and Panjin Zhongrun Chemical are some of the key PAEK supplies. Successful long-term alliances and cooperative research partnerships between airplane manufacturers and PAEK producers will further boost the industry size. Global Market Insights, Inc. forecasts Polyaryletherketone (PAEK) Market to surpass annual revenues of more than USD 1.5 billion by 2025.
Contact Info:
Name: Arun Hedge
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/polyaryletherketone-paek-market
Source: MarketersMedia
Release ID: 88906170
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