August 10,2022/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the PAEK Market.
PAEK market is likely to witness an impressive CAGR of 5.8% during the forecast period. The growth drivers bolstering the demand for PAEK is 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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Some of the major PAEK manufacturers are-
Based on the type, the market is segmented as PEK, PEEK, and PEKK. The PEEK segment held the largest share of the market in 2019, 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
Based on the application type, the PAEK market is segmented as oil & gas, electricals & 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.
In terms of regions, 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. And the high demand for advanced medical devices is also expected to lead to an increase in the market for PEEK in this region.
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