April 20, 2024

Aliphatic Polyketone Market Growth is Estimated to Witness High Growth Owing to Rising Application in the Automotive Industry

These properties make aliphatic polyketone suitable for applications in various end-use industries like automotive, aerospace, and medical. In the automotive industry, aliphatic polyketone finds application in engineered components, wear parts, oil pans, transmission covers and more. The global automotive industry is growing at a steady pace owing to rising vehicle production and sales worldwide. This increasing demand from the automotive sector is expected to drive the aliphatic polyketone market during the forecast period.

The global aliphatic polyketone market is estimated to be valued at US$ 165.01 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.


Key Takeaways

Key players operating in the Aliphatic Polyketone are Continental, Daimler, Delphi Automotive, Bosch, Denso, Itseez, Toshiba, Mobileye, ZF Friedrichshafen, Magna International. These players are focusing on new product developments and expansion activities to strengthen their market position. For instance, in 2022, Continental introduced new polyketone thermoplastic materials to reduce weight and lower emissions in electric vehicles.

The Aliphatic Polyketone Market Size is expected to witness significant growth opportunities due to increasing R&D in high-performance polymers. Major market players are investing heavily in developing advanced grades of aliphatic polyketone with enhanced chemical and thermal resistance. This is expanding their application scope in industries like oil & gas and aerospace.

Globally, the Asia Pacific region is expected to fastest expanding market for aliphatic polyketone during the forecast period. This can be attributed to rapid industrialization and growing end-use industries like automotive and electronics in China, India, and other APAC countries. Leading market players are emphasizing on capacity expansion plans and product launches in this region.

Market drivers

The major driver boosting the aliphatic polyketone market growth is increasing automotive production. As per recent statistics, global vehicle sales reached over 70 million units in 2022 registering a YoY growth of 5%. This rising automotive demand is creating a need for high-performance engineering thermoplastics like aliphatic polyketone. Their properties allow weight reduction and design flexibility in advanced automotive components. The stringent regulations regarding emissions and fuel-efficiency are also propelling OEMs to utilize such lightweight materials.

PEST Analysis

Political: Aliphatic polyketone market is influenced by stringent emission regulations for automotive industry set by government authorities across regions.

Economic: Growing automotive production and sales along with rising disposable income levels globally are fueling demand for advanced lightweight materials like aliphatic polyketones.

Social: Increasing consumer preference for fuel-efficient and high-performance vehicles is driving research on novel materials.

Technological: Advancements in material science are enabling development of novel high-performance engineering plastics with properties such as heat resistance, impact strength and durability for applications in automotive and aerospace industries.

The market in terms of value is highly concentrated in North America and Europe. North America currently accounts for the largest share due to strong presence of automotive OEMs and favorable government policies supporting R&D and adoption of new technologies. Asia Pacific is emerging as the fastest growing regional market for aliphatic polyketone attributed to rapidly expanding automotive manufacturing sector in China and India along with rising disposable incomes.

In terms of volume, China represents the major manufacturing hub for aliphatic polyketone globally and the consumption is projected to increase further during the forecast period supported by growing domestic demand for cars.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it