Overview:
The polyaryletherketone market is showing substantial chance for registering strong growth during the forecast period of 2018 to 2023. Market Research Future (MRFR) made an assessment on the basis of factors and dynamics that can impact the outcome of the market.
Factors like its increasing percolation into end user industries like automotive, defense, aerospace, and others are expected to make significant impact. Its permeation in the healthcare industry is also expected to be substantial. Hike in defense budget, better traction from the automobile industry due to its expansion in the emergig nations, and others are expected to boost the global polyaryletherketone market growth.
Segmentation:
The Polyether Ether Ketone market has been studied on the basis of a segmentation that includes segments like product type, and application. These segments are rich with data regarding factors and dynamics that impact the market outcome. This can help in future development of strategies for progress.
By product type, the global study on the polyaryletherketone market has been segmented into polyether ether ketone (PEEK), polyetherketoneketone (PEKK), polyetherketone (PEK), and others.
By application, the global market report on the polyaryletherketone market has been segmented on the basis of general engineering, automotive, medical, military weapons, aerospace, electrical & electronics, and others. The automotive segment is leading the global market and is expected to retain its capacity to dominate in the coming years as well. Its properties like thermal & mechanical stability and better tensile strength make them suitable for the automobile industry.
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Regional Analysis:
Asia Pacific is impacting the market substantially and outdoing others in terms of production and generating revenues. The regional market is benefiting from the rising cases of industrialization where a significant growth in the automotive sector is promoting the market. Also, the defense sector is promoting demands for military equipment and aerospace owing to which the market would benefit substantially.
Competitive Landscape:
Solvay (Belgium), Victrex Plc (U.K), Zyex Ltd (U.K), Quadrant AG (Switzerland), Arkema Group (France), JK Overseas (India), Caledonian Industries Ltd (U.K), Gharda Chemicals Ltd (India), Evonik Industries AG (Germany), and Panjin Zhongrun High Performance Polymers Co Ltd (China) are some of the major companies impacting the global market for the polyaryletherketone market. These companies and their strategic moves are making substantial impact on the global market. The primary pattern focuses on an attempt to expand the portfolio and to reach out to more clients. The process includes strategic moves like mergers, acquisitions, collaborations, innovations, and others. In fact, these companies are spending substantially for the research and development sector, that can ensure innovations in product and launching, and better branding strategies. MRFR included the recent steps taken by these companies to understand where the market is going to stand in the coming years.
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Industry News:
In January 2020, Victrex, a company known for being a high performance polymer solutions supplier, announced a collaboration between its subsidiary, Victrex Hong Kong and Yingkou Xingfu Chemical Company. These two companies are trying to build and operate a new manufacturing facility for PolyEther Ether Ketone (PEEK) polymer in Liaoning, China. However, the project also depends largely on the finalising land purchase and permit applications for a successful start.
Victrex will take the lead both in terms of share and control of the company and hopes to benefit from its differentiation of portfolio regarding PEEK and PolyArylEtherKetone (PAEK) grades.The move germinates from an anticipation that involves myriad long-term growth opportunities across several end markets in China. This will also get the company aligned with the countries ‘Made in China 2025’ initiative.
About Market Research Future:
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