Global Polyaryletherketone (PAEK) Market - 2024-2031

Overview

Global Polyaryletherketone (PAEK) Market reached US$ 1.0 billion in 2023 and is expected to reach US$ 1.7 billion by 2031, growing with a CAGR of 7.2% during the forecast period 2024-2031.

The advances in 3D printing technology will continue to augment global market growth. For example, in November 2023, Arevo Labs, a silicon valley startup, developed a new proprietary 3D printing technology for producing a range of 3D printed carbon fiber-reinforced engineering components using PAEK and PEEK.

The restriction of PAEK production to a few large-scale companies will have major consequence for market growth in the upcoming years. Even as the pace of innovation in this sector has increased, the dominance of a few major companies means that commercialization of new inventions is slow since these companies do not want to jeopardize their big revenue making existing range of products.

Dynamics

Increasing Usage of Composites in New Generation Aircraft

Historically, commercial aircraft were made from aluminum alloys, however, advances in material science have made composites the preferred choice for modern aircrafts. However, airlines are today more concerned with maximum fuel efficiency and longer range, hence, aircraft manufacturers have shifted towards increased composites usage as it offers better weight savings and more operational efficiency.

For instance, the Airbus A350-1000 long range widebody airliner has composites accounting for nearly 52% of its body structure. Similarly, the Boeing 787 uses composites for nearly 50% of it fuselage. As next generation aircraft like the Boeing 777X are currently under development, the usage of PAEK in aerospace applications will only grow in the future.

Acceleration of Electric Vehicle Production

Recently released data from the International Energy Agency (IEA) highlights the fact that global electric vehicle sales were 3.5 million higher in 2023 than the previous year, representing a 35% Y-o-Y increase. The growth in EV production and sales can be attributed to an increase in R&D spending by manufacturers, disbursal of generous government subsidies and intense competition among automakers leading to lowered prices for consumers.

PAEK usage in electric vehicle manufacturing offers its own distinct advantages. Firstly, it has high strength-to-weight ratio, making it ideal for manufacturing body panel components. Another advantage is its low dielectric constant, which can be used for making lithium-ion battery casings and enclosures. Companies like Victrex plc are currently developing a range of EV-specific PAEK materials.

Challenges in Processing

Polyaryletherketone poses presents certain challenges for manufacturers during processing, since they have high melting temperatures and each type has its own specific processing requirements. Specialized industrial equipment, like high-temperature extrusion or automated injection molding systems are used for their large-scale production.

Furthermore, it is necessary to ensure extremely precise control of processing parameters in order to achieve the required material properties and maintain quality throughout the production process. The technological complexity acts as a major barrier to market entry for new players. Limiting PAEK production in the hands of a few major companies stifles innovation and limits global market growth.

Segment Analysis

The global polyaryletherketone (PAEK) market is segmented based on type, filler, form, end-user and region.

The Aerospace Industry Will Continue to be a Leading End-user

PAEK is being increasingly adopted in the aerospace industry, particularly in making airplane body panels. Unmanned aerial vehicles are being entirely designed out of composites like PAEK, since it allows for weight reduction as well as evading radar detection. New generation spacecraft are also increasingly utilizing composites to withstand the harsh operational environments.

The shift towards electric vehicles is also opening up the automotive industry as a major demand source for PAEK. EV manufacturers are ensuring that their vehicles are more lightweight and have longer range with bigger capacity batteries. Therefore, most automotive companies are expanding the usage of polyaryletherketone (PAEK) for achieving weight reduction.

Geographical Penetration

Asia-Pacific Will Have the Fastest Growing Market

Asia-Pacific will have the fastest growth rate during the forecast period, given China's near-dominance of electric vehicle supply chain. In April 2024, Xiaomi, one of China's largest consumer electronics manufacturers, announced the roll out of its 10,000th serially produced EV, the SU7. Other companies, like Vietnam's VinFast, are also stepping their own production to effectively compete with China.

China has also come to dominate the aerospace industry in the region, with the launch of the COMAC C919, a narrow body aircraft challenging the Airbus A320 and the Boeing 737. In April 2024, Air China placed an order for more than 100 C919 aircraft in a major boost for the domestic aircraft model. China is also hoping to increase the exports of C919 to neighboring countries and emerging regions like Africa.

COVID-19 Impact Analysis

A major challenge for PAEK manufacturers during the pandemic period was keeping up production for existing orders. The lockdowns and other restrictions had left many companies unable to supply their major clients. As the virus caseload surged and the pandemic grew more severe, the overall demand from automotive and aerospace sectors dropped sharply. The industry had to endure nearly a year of harsh market conditions.

As the overall outlook improved and cases starting reducing with mass vaccinations, demand gradually recovered and witnessed a much sharper growth. Companies are now focusing on improving the performance characteristics of PAEK for future applications. Overall, the pandemic will not hurt the long-term growth of the global market.

Russia-Ukraine War Impact Analysis

The war increased PAEK demand, especially as both Russia and Ukraine stepped up the production of loitering munitions and other types of combat UAVs. The main factors behind the surge in drone warfare was the conservation of infantry troops for large-scale offensives and the lower operating costs of drones.

The trade embargoes of U.S. and EU on the Russian market have created major problems for the Russian civilian aircraft industry. The Irkut MC-21, Russia's domestic competitor for narrow body offerings from Boeing and Airbus, has witnessed a major pushback on its developmental timeline. United Aircraft Corporation, the airplane's developer, has announced that a new version with import-substitution of western parts will undertake its first flight by early 2026.

By Type

• Polyetheretherketone (PEEK)
• Polyetherketoneketone (PEKK)
• Polyetherketone (PEK)

By Filler

• Glass Filled
• Carbon Filled
• Unfilled
• Other

By Form

• Tape
• Compound
• Sheet
• Fiber
• Film

By End-User

• Oil and Gas
• Automotive
• Aerospace
• Electrical & Electronics
• Medical
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In May 2023, SABIC launched Ultem 1000G, a new PAEK material with a higher degree of flame-resistance and intended for electronics and construction applications.
• In April 2023, Solvay SA announced the expansion of its PAEK production facility in Europe. The decision comes on the back of growing demand for PAEK composites from the European automotive industry.
• In February 2023, Victrex plc launched the Victrex PEEK 450G, a new grade of PAEK material with higher wear resistance. The company has developed this material for marine and aerospace applications.

Competitive Landscape

The major global players in the market include Victrex plc, Solvay SA, Evonik Industries AG, Arkema, SABIC, Ensinger, Mitsubishi Chemical Group, Panjin Zhongrun, RTP Company and Celanese Corporation.

Why Purchase the Report?

• To visualize the global polyaryletherketone (PAEK) market segmentation based on type, filler, form, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of polyaryletherketone (PAEK) market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global polyaryletherketone (PAEK) market report would provide approximately 69 tables, 69 figures and 198 Pages.

Target Audience 2024

• Automotive Companies
• Aerospace Companies
• Electronic Manufacturers
• Industry Investors/Investment Bankers
• Research Professionals