PAEK Market worth $1,362 million by 2027 | Key players Victrex PLC (UK), Solvay (Belgium), Evonik Industries AG (Germany), Arkema SA (France).

According to recent market research the "PAEK Market by Type (PEEK, PEK, PEKK), Fillers (Glass-filled, Carbon-filled, Unfilled), Form, Application (Oil & Gas, Electrical & Electronics, Automotive, Medical, Aerospace), and Region - Global Forecast to 2027", is expected to grow from USD 985 million in 2022 to USD 1,362 million by 2027, at a CAGR of 6.7% during the forecast period. The major factors driving the PAEK market include increasing demand in the oil & gas, aerospace, and automotive industries along with the ability of PAEK to replace metals and conventional plastics in various applications, especially at high temperatures.

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The PAEK market has been segmented based on types into PEEK, PEK, and PEKK. Among these types, the PEEK segment accounted for the largest share of the market in 2022 and is likely to witness significant growth over the forecast period. PEEK provides beneficial characteristics to the components manufactured such as high strength-to-weight ratio, heightened toughness, and ability to survive harsh environments. Owing to these characteristics, these components are largely gaining traction in applications such as engine and drive train assembly in automotive, pipes and machinery in oil & gas and jet engines in aerospace industry. Therefore, it is projected that the demand for PEEK and in turn the PAEK market is going to expand during the forecast period.

The PAEK market has been segmented based on fillers into glass-filled, carbon-filled, unfilled, and others. Among these fillers, the glass-filled segment accounted for the largest share of the market in 2022 and is expected to continue through the forecast period. Glass filled PAEK provides extreme mechanical strength and dimensional stability. Components manufactured using glass filled PAEK demonstrate high resistance to deformation at high temperatures and high static loads, making them suitable for aerospace, automotive, and electrical & electronics applications. Owing to this factor, the growth of this segment is expected to be significant in the PAEK market.

The PAEK market is segmented into compound, sheet, tape, film, and fiber based on form. Tape form of PAEK is largely employed in application areas such as semiconductor processing machinery, high-performance labels, solder masking, oil field equipment, gaskets, and aerospace components. Furthermore, key companies operating in the market have invested in the development of pipes for the undersea transportation of oil & gas products using PAEK tapes. Owing to these factors, the tape form accounted for the largest share in the global market in terms of value.

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The PAEK market has been divided into oil & gas, electrical & electronics, automotive, medical, aerospace, and other applications. Automotive application is growing rapidly owing to the rising demand for PAEK materials in manufacture of components for electric vehicles. PAEK is used in areas such as drivetrain, engine assembly, braking systems, gears, bearings, braking systems, and under-the-hood piston units. This is due to its unique properties such as excellent creep resistance, wear endurance, and temperature resistance. These characteristics of PAEK increases the consistency of the automotive components. Leading market players are estimating that the consumption of PAEK in EVs could be 5-6 times than internal combustion engine cars. Therefore, the growth in demand for EVs is projected to be translated into the growth of the PAEK market.

Europe is estimated to be the leading PAEK market, in terms of volume, during the forecast period. The growth in the Europe region can be attributed to the increased usage of PAEK in the automotive industry. PAEK is largely replacing traditional thermoplastics in the manufacture of various interior, exterior, and under-the-hood components for automobiles. Also, the increasing production of EVs is creating growth opportunities for the market players in the region. On the other hand, high demand for advanced medical devices is also expected to lead to an increase in the market for PAEK in this region.

Victrex PLC (UK), Solvay (Belgium), Evonik Industries AG (Germany), Arkema SA (France), Celanese Corporation (US), Gharda Chemicals Limited (India) and Panjin Zhongrun High-Performance Polymers Co. Ltd. (China), are the leading PAEK manufacturers, globally.

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Victrex PLC is one of the key players in the PAEK market. The company manufactures PAEK for industrial and medical applications. Victrex PLC has regional presence in Europe, the Middle East & Africa, Americas, and Asia Pacific. In November 2020, Victrex PLC has partnered with In2Bones Global Inc, US. With this partnership Victrex PLC has agreed to share its PEEK-Ultima Ultra Reinforced Carbon Fiber Technology to produce medical equipment.

SABIC is one of the diversified manufacturing companies in Saudi Arabia. The company manufactures PEEK for medical, electronics, semiconductor applications. It is currently developing new compounds based on semi-crystalline resins such as PEEK to address the need of the 3D printing industry with improved chemical resistance and stiffness. In June 2020, Aramco, a petroleum, and natural gas company has acquired a 70% stake in SABIC from the Public Investment Fund (PIF).

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