Polyaryletherketone Market SWOT & PESTAL Analysis, Russia Ukraine War Impact and Forecast 2029
The global polyaryletherketone (PAEK) market is set to gain traction from its increasing usage in various engineering applications, such as wire coatings, bearings, seals, compressor rings, valve parts, and gears. This information is given by Fortune Business Insights™ in an upcoming report, The report further states that polyaryletherketone has excellent mechanical properties, high chemical resistance, and thermal stability.
A list of all the prominent polyaryletherketone manufacturers operating in the global market:
- Victrex plc
- Arkema Group
- K. Overseas
- Gharda Chemicals Ltd.
- Evonik Industries
- Quadrant AG
- Caledonian Industries Ltd.
- Jrlon, Inc.
- Other key market players
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Impact of Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
Drivers & Restraints-
Increasing Usage in Medical Industry to Augment Growth
Polyaryletherketone has numerous beneficial properties, such as creep & wear resistance, inherent flame retardancy, and compressive power. Hence, it is mainly used in the healthcare industry to manufacture drug delivery components, dental devices, and body implants. Besides, the product is set to experience high sales because of its increasing usage in industrial coatings, bearings, cookware, electrostatics, aerospace, and oil & gas industries.
Moreover, the rising cases of chronic diseases worldwide, ongoing technological advancements, and increasing healthcare investments worldwide would propel the demand for PAEK. Also, governments of several countries are taking initiatives to improve the medical sector. It would also contribute to growth. However, relatively low glass transition, high melt processing temperatures, and healing difficulty associated with the product may hamper the polyaryletherketone market growth in the near future.
Europe to Remain at the Forefront Fueled by Need to Improve Fuel Efficiency
Geographically, Europe is anticipated to generate the largest polyaryletherketone market share in the forthcoming years backed by the replacement of metal with this product to reduce the weight of vehicles and to enhance fuel efficiency. North America, on the other hand, would grow significantly on account of the presence of reputed PAEK manufacturers, such as Tri-Mack Plastics Manufacturing Corporation, RTP Company, and Jrlon, Inc. in the region. Also, the automotive industry in the U.S. is growing at a fast pace. Asia Pacific is anticipated to grow rapidly in the near future stoked by the increasing consumer base in telecommunications, medical equipment, and automobile sectors in China.
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Key Players Focus on Joint Ventures & Acquisitions to Strengthen Their Positions
The market for polyaryletherketone is highly fragmented in nature. It houses a large number of small and medium-sized enterprises (SMEs) that are striving to strengthen their positions by either adopting the acquisition or the joint ventures strategy. Below are the two latest industry developments:
- January 2020: Victrex Hong Kong, a manufacturer of premium-quality polymer solutions announced its joint venture with Yingkou Xingfu Chemical Company. They are planning to develop and operate a new PolyEther Ketone (PEEK) polymer production plant in China.
- April 2017: Victrex plc successfully acquired a leading manufacturer of PAEK named Zyex to expand its product portfolio in 3D printing applications.
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