The global aromatic ketone polymers market is projected to have a rapid-paced CAGR of 10% during the forecast period. The current valuation of the market is US$ 1,032.44 million in 2022. The market value of the aromatic ketone polymers market is anticipated to reach a high of US$ 2,677.88 million by the year 2032. A historical market valuation of US$ 938.58 million has been recorded in the analysis conducted by Future Market Insights.
FMI has analyzed that the global aromatic ketone polymers market has witnessed an unprecedented surge over the past few years owing to their manufacturing and fuel efficiency affordability.
It is identified that conventional metal materials are being replaced by plastics and materials such as aromatic ketone polymers. There is a rising need for high-performance polymers in the engineering industry, coupled with the requirement for miniaturization and innovation.
While analyzing the market in-depth, the expert analysts at Future Market Insights have analyzed the presence of numerous vendors and regional vendors across developing regions. The market is estimated to be extremely competitive, with some environmental concerns and regulations imposed, which is likely to deter the forum's growth during the projection period.
Moreover, the vendors in the market compete in terms of price, innovation, quality and performance, and customer-centrism. Additionally, vendors offer customised services to cater to precise customer requirements.
It is estimated that collaborations and partnerships are crucial strategies employed by organizations operating in the global market so as to extend their regional reach. These market players are also investing in the expansion of their manufacturing facilities in order to gain a competitive edge.
Aromatic ketone polymer manufacturers are launching polymers with improvised properties to strengthen their market position. Manufacturers are investing heavily in their R&D to invent new unique components of polymers with easy-handling facilities. Diverse end-use industries are seeking versatility and functional resistance and are further streamlining the adoption of aromatic ketone polymers in the mainstream industrial discipline.
In terms of opportunity, the global aromatic ketone polymers market is not saturated. However, the existing competition is very focused, anda the threat of long-lasting business rivalries is substantially high.
The manufacturers proliferating in the industry are continually engaged in the upgradation of the product so that it is more widely adopted across different industry verticals and leads to the expansion in the market size of aromatic ketone polymers. Therefore, it is anticipated that the global forum for aromatic ketone polymers is likely to witness significant growth through the forecast period.
Report Attribute
Details
Global Aromatic Ketone Polymers Market Value (2022)
US$ 1,032.44 million
Global Aromatic Ketone Polymers Market Anticipated Value (2032)
US$ 2,677.88 million
Global Aromatic Ketone Polymers Projected Growth Rate (2022 to 2032)
10%
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Aromatic Ketone Polymers Market Overview
Aromatic ketone polymers belong to the family of aromatic hydrocarbons and are also known as Poly Aryl Ether Ketones; abbreviated as PAEKs. PAEKs are thermoplastics that are crystalline in nature and are characterized by good mechanical properties, thermal stability, chemical and solvent resistance, temperature and fire resistance and excellent electrical performance.
PAEKsare a group of three aromatic polymers that include - Poly Ether Ether Ketone (PEEK), Poly Ether Ketone (PEK) and Poly Ether Ketone Ketone (PEKK). Aromatic ketone polymers are one of the highest valued high-performance polymers used across several industries. Their high cost is due to their exceptional characteristics, which justify theirhigher prices.
The key driver of the aromatic ketone polymersmarket is fuel efficiency and affordable manufacturing. Aromatic ketone polymers are compatible with the oils and chemicals with which they are used. They also resist the severe chemical environments of their application areas. PEEK is used engineering applications such as in the fabricationof pistons, pumps, high-performance liquid chromatography (HPLC) columns, valves, compressors and insulators,owing to its sturdiness.
PEEK is fully recyclable, melts at 343°C and is one of the few plastics compatible with ultra-high vacuum applications. PEEK is finding use in the medical sector for relatively small, yet remarkable applications. It is used as a biomaterial in medical implants such as spinal fusion devices and reinforcing rods. Another major application is in thermal insulation due to its capacity to withstand elevated temperatures. Presently, conventional metal material is being replaced by plastics and with a material such as aromatic ketone polymers, the shift to plastics is bound to happen.
In the engineering industry, the demand for high performance polymers, the need for miniaturization as well as innovation is increasing exponentially. For example, cellphone customers currently want a slim mobile phone that is extremely tough, durable and comes installed with excellent software and numerous applications. While plastic delivers a light, supple and cost-effective and easily adaptable material to the cell phone industry, the software and applications are entirely a different market.
PEEK is the principal type of aromatic ketone polymer that accounts for over80% of the global aromatic ketone polymer production. The global PEEK market is projected to grow at a CAGR of 8 to 10% between 2014 and 2020. Europe is largest market for PEEK in terms of value and volume.
The largest consumer of aromatic ketone polymers isWestern Europe and the U.S., followed by Japan.
China and Western European countries are expected to record the highest growth rate collectively during this period. The key players in the global aromatic ketone polymers market include Lions Apparel, Inc., ASTM International, Perfect Polymers, ISMAT, Gharda Chemicals Limited, Solvay Specialty Polymers, PanjinZhongrun High performance Polymers, JIDA-Evonik High Performance Polymers, Tri Town Precision Plastics, Inc., Caledonian Ferguson Timpson Ltd., Prototype & Plastic Mold Company, Darter Plastics, Inc. and Victrex Polymer Solutions. The global PEEK market is forecast to surpass US $ 1 Bnby 2020.
By type, the PEEK market is segmented into three : unfilled, carbon filled and glass filled. PEEK finds application in automotive, aerospace, medical, electronics, electrical and industrial sectors.
Carbon fibre-reinforced (CFR-PEEK) composites are used in the manufacture of components used in hip replacement and joint replacement procedures. The scope of application areas for CFR-PEEK is anticipated to widen in thefuture. Aromatic ketone polymers are creating newer opportunities and will grow in popularity due to the ability of the materials to solve numerous challenging engineering-related problems.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, typesand applications.
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Regional analysis includes
North America
Latin America
Asia Pacific
Japan
Western Europe
Eastern Europe
Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors, along with market attractiveness within the segments.
The report also maps the qualitative impact of various market factors on market segments and various geographies.
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