The global Polyaryletherketone (PAEK) market is estimated to increase from USD 851 million in 2019 to USD 1,149 million by 2024, at a CAGR of 6.2% during the forecast period. The global PAEK market is driven mainly by the increasing demand in the medical industry and the growing need of PAEK in the automotive as well as the aerospace industry. This is due to the valued properties possessed by PAEK such as high heat resistance, lightweight, high dimensional stability, and high chemical resistance.
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Victrex PLC (UK), Solvay (Belgium), Evonik Industries AG (Germany), Arkema SA (France), Celanese Corporation (US), Gharda Chemicals Limited (India) and Panjin Zhongrun High-Performance Polymers Co. Ltd. (China), are the leading PAEK manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger or acquisition as their strategies between 2015 and 2019 to earn a competitive advantage in the PAEK market.
Victrex PLC (UK) is one of the leading players in the PAEK market. The company has been focusing on inorganic strategies to maintain its leading position in the market. For example, In September 2019, Victrex partnered with the University of Exeter (UK) to introduce next-generation PAEK polymers and composites for additive manufacturing to be used in the aerospace industry. This partnership became a stepping stone for both parties to develop a broader platform for new and current additive manufacturing technologies.
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Solvay (Belgium) is another major player in the PAEK market. In November 2018, the company introduced Ketaspire PEEK for additive manufacturing (AM) applications for use in the healthcare industry. With this development, the company enhanced its product offerings to better serve its customers.
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