The PAEK market is projected 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 growth of the market is driven by the increasing demand from various applications in medical, electronics & electrical, aerospace, automotive and others.
Companies such as Victrex PLC (UK), Solvay (Belgium), Evonik Industries AG (Germany), Arkema SA (France), and SABIC (Saudi Arabia) fall under the winners’ category. These are leading players in the PAEK market, globally. These players have adopted the strategies of new product development, partnership, expansion, and acquisitions to fulfil the rising demand for PAEK on the regional as well as global levels.
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Evonik Industries AG is a Germany-based company that manufactures PAEK through its performance materials business segment. The major focus of the company is on development of new PEEK implant grades for applications in medical devices. It has regional presence in the Americas, Asia, Africa, Europe, and Australia. In August 2021, Evonik Industries AG has invested in two leading funds GRC SinoGreen Fund V and Richland VC Fund III to strengthen advanced materials, high-end manufacturing equipment, digital transformation, and green technologies in China.
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).
Polyaryletherketone (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
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