Market Size of Polyaryletherketone (PAEK) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players_Market_-_Key_Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Polyaryletherketone (PAEK) Market Analysis
The polyaryletherketone (PAEK) market is expected to register a CAGR of greater than 6% during the forecast period.
The COVID-19 pandemic in 2020 had a negative impact on the polyaryletherketone market. However, the market has recovered since then owing to the growth in the related industries. Steady growth in the electronics, automotive, aerospace, and oil and gas industries has positively impacted the market since then, thereby driving the market study.
- The factors driving the growth of the market are the increasing demand from the automotive industry owing to its high strength and ability to withstand high temperatures. The demand for PAEK is also expected to increase in the oil and gas segment due to the physical and mechanical benefits associated with it.
- On the contrary, the availability of substitute products at cheaper rates is likely to hinder the market's growth.
- However, advancements in technology, especially in the electric vehicle segment, and the replacement of traditional metals with specialty thermoplastics are likely to generate numerous growth opportunities for the market during the forecast period.
- The Asia-Pacific region has been dominating the market due to the huge investments and high demand for PAEK from various end-user industries.
