Hyosung Corporation's Investment in Polyketone Facilities Drives Aliphatic Polyketone Market Growth
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| Aliphatic Polyketone Market |
Market Overview:
Aliphatic
polyketones are a class of engineering thermoplastic materials with high
strength, ductility, and chemical resistance characteristics. These polymers
are used to manufacture various products in end-use industries such as
automotive, electrical & electronics, and medical devices. Compared to other
engineering plastics such as polycarbonate and nylon, aliphatic polyketones
offer better heat resistance making them suitable substitutes for applications
requiring high heat performance.
Market key trends:
One of the key trends witnessed in the aliphatic polyketone market is the
increasing investments by major players to expand their polyketone production
capacities. For instance, in 2021 Hyosung Corporation invested over US$ 80
million to double its polyketone production capacity at its Ulsan plant in
South Korea. This expansion was aimed at catering to the rising demand from
automotive, consumer electronics and medical device industries. Increased
R&D spending by manufacturers on developing specialty grades of polyketones
for niche applications is another major trend influencing market revenues over
the forecast period.
Porter's Analysis
Threat of new entrants: High capital requirements for setting up a
manufacturing plant poses a barrier for new entrants in this market.
Bargaining power of buyers: Buyers have moderate bargaining power. The presence
of numerous established manufacturers reduces the buyer's influence over
prices.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to
the availability of substitutes.
Threat of new substitutes: Threat of substitution is moderate as there are few
close substitutes for aliphatic polyketones used in specific industries.
Competitive rivalry: Intense as major players compete on pricing and
manufacturing practices.
Key Takeaways
The global Aliphatic
Polyketone Market Demand is expected to witness high growth, exhibiting
CAGR of 9.0% over the forecast
period, due to increasing demand from the automotive industry. Aliphatic
polyketone finds wide usage in manufacturing automotive components owing to its
properties such as impact resistance and high strength.
The North America region is expected to dominate the market during the forecast
period. The US accounts for the major share of the North American aliphatic
polyketone market due to the large automotive production. The Asia Pacific
region is projected to be the fastest growing market for aliphatic polyketone
driven by increasing automotive sales in countries such as China and India.
Key players operating in the aliphatic polyketone market are Hyosung
Corporation. Major players are focusing on capacity expansion and new product
launch strategies to strengthen their foothold in the market.
Read More:
https://www.dailyprbulletin.com/composites-segment-to-dominate-aliphatic-polyketone-market/
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