Market Insights

The PAEK market is estimated to grow from USD 1015.66 million in 2022 to USD 1462.6 million by 2028 at a CAGR of 6.18% during the forecast period.The growth drivers bolstering the demand for PAEK are mainly the increasing usage of PAEK in oil and gas, electrical and electronics, aerospace, medical, and automotive applications, which in turn, is propelling the growth of the market.

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Segmentation

By Type

The market is segmented as PEK, PEEK, and PEKK. The PEEK segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The wide use of PEEK in oil and gas, electrical and electronics, medical, automotive, and aerospace applications is propelling the growth of the segment during the forecast period.

By Application Type

The PAEK market is segmented as oil & gas, electrical & electronics, automotive, medical, aerospace, and others. The oil & gas industry segment dominates the market, as PAEK has exceptional properties such as superior creep resistance, wear, and chemical resistance under high pressure and high-temperature conditions. Owing to this property, it increases the consistency of the oilfield equipment and thus, extends the life of the equipment in the challenging oilfield environment.

By Region

Europe is estimated to be the largest market during the forecast period. The growth of the market is driven by the increasing usage of PAEK in the automotive industry to manufacture various interior, exterior, and under-the-hood components for automobiles. North America is also expected to offer substantial growth opportunities during the forecast period. The high demand for advanced medical devices is also expected to lead to an increase in the market for PEEK in this region.

Key Players

Some of the major PAEK manufacturers are-

• Victrex PLC
• Solvay
• Evonik Industries AG
• Arkema SA
• Celanese Corporation
• Gharda Chemicals Limited
• SABIC
• Mitsubishi Chemical Advanced Materials
• Akro-Plastic GmbH
• RTP Company
• Panjin Zhongrun High-Performance Polymers Co. Ltd

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.