Hyosung Corporation's Investment in Polyketone Facilities Drives Aliphatic Polyketone Market Growth

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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