Aliphatic polyketones are a new class of engineering thermoplastics, which can be used for various applications such as automotive, consumer electronics etc. The polymers have perfectly alternating structure made of carbon monoxides and alpha olefins such as ethylene. In 2004, Hyosung Chemical started research for new technology to produce aliphatic polyketone at a commercial level and started a pilot production facility at a capacity of 1,000 MT/year in Ulsan, South Korea. In 2015, Hyosung started production at commercial level at a capacity of 50,000 MT/year in Ulsan, South Korea.
The global aliphatic polyketone market was valued at US$ 112.7 Mn in 2020 and is expected to reach US$ 325.1 Mn by 2028, exhibiting a CAGR of 11.9% during the forecast period.
Aliphatic polyketones are resistant to attack and permeation by aliphatic and aromatic hydrocarbons due to their di-polar nature and semi-crystalline morphology. The chain flexibility of polyketone promotes crystallization, which stimulate resistance to swelling and dissolution in all environments. Aliphatic polyketones retain its properties not only in sub-zero temperatures but also in under the hood type automotive applications. Moreover, in flame-retardant form, it combines at low smoke density and can be flame retarded without toxicity, while retaining its mechanical properties. The properties offered by polyketones make it suitable for injection molding, extrusion, rotational molding, and blow molding as well as production of coatings, films, and fibers.
Figure 1. Global Aliphatic Polyketone Market Revenue Share (%), By Region, 2020
Among regions, Asia Pacific held a dominant position in the global aliphatic polyketone market in 2020, accounting for 77.2% market share in terms of revenue, followed by North America and Europe. Hyosung Corporation, which is currently the only manufacturer of aliphatic polyketone based in South Korea has a strong presence in China, India, and Japan.
Availability of other engineering thermoplastics such as polyamides, polyacetals, polyesters, polycarbonates, and others are more economical compared to aliphatic polyketones and this is expected to hamper the market growth of aliphatic polyketone over the forecast period. Moreover, aliphatic polyketone resins are new in engineering plastics, and there is limited supply of these resins, owing to which end users and processors are reluctant to use aliphatic polyketones over other engineering thermoplastics.
|Base Year:||2020||Market Size in 2021:||US$ 112.7 Mn|
|Historical Data for:||2017, 2018, and 2019||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||11.9%||2028 Value Projection:||US$ 325.1 Mn|
|Restraints & Challenges:||
There is a rising demand for eco-friendly products from end users and consumers, in order to reduce their carbon footprint. Hyosung Corporation is focusing on developing eco-friendly applications of aliphatic polyketone, in order to strengthen its position in the market. Moreover, the company gained an eco-friendly green certificate from the Ministry of Environment, South Korea, in 2016, in recognition of eco-friendliness of aliphatic polyketone.
In September 2019, the Hyosung Corporation launched eco-friendly food trays manufactured using aliphatic polyketone. The product has now received approval from the U.S. FDA (Food and Drug Administration).
Figure 2. Global Aliphatic Polyketone Market Revenue Share (%), By Application, 2020
On the basis of application, in 2020, the industrial segment accounted for 35.7% of the revenue share. End users are using aliphatic polyketone for manufacturing industrial components, owing to various advantages of aliphatic polyketone. This is expected to drive demand for aliphatic polyketone during the forecast period. For instance, Zipperle Antriebstechnik GmbH (Germany-based manufacturer of gears, sprockets, pulleys, and others, made from plastics and zinc-die cast) is using aliphatic polyketone for manufacturing highly wear-resistant gear for machine building and precision mechanics industries. The company has added cylindrical gears and bevel gears made of aliphatic polyketone to its product line-up.
Global Aliphatic Polyketone Market - Impact of Coronavirus (Covid-19) Pandemic
Pause in manufacturing activities affected demand for aliphatic polyketone in the first quarter of 2020, however, according to Coherent Market Insights, demand is expected to grow in 2021. Aliphatic polyketone was launched in mid-2015 and has struggled since then to penetrate the market in the past few years, as materials are required to go through several performance tests to gain the trust of the manufacturers. Demand for aliphatic polyketone has grown exponentially over the past two years. The ceasing of manufacturing activities, owing to the pandemic, has offered an opportunity for several industries to test these new generation polymers, which have impacted the global aliphatic polyketone market growth positively. According to Coherent Market Insights, the demand for aliphatic polyketone from various manufacturers has grown rapidly in 2020 and the only challenge they faced initially was procuring aliphatic polyketone from South Korea, amid the supply chain disruptions, owing to COVID-19 pandemic.
Aliphatic polyketones are characterized by carbon-carbon backbone consisting of carbon monoxide and alpha-olefins. Their perfectly alternating structure gives rise to a unique combination of properties such as short molding cycles, low warpage, superior resilience, and snappability, and others. These polymers are suitable for injection molding, extrusion, rotational molding, and blow molding as well as the production of coatings, films, and fibers.
Players operating in the aliphatic polyketone market are focusing on various marketing strategies, in order to promote its applications. For instance, in March 2018, PolySource LLC (distributor of aliphatic polyketone in North America) presented a technical paper titled 'Aliphatic Polyketone in Fuel Contact Applications' at the 2018 ITB Automotive Energy Storage Systems Conference held in Michigan (U.S.). The company aims to increase the market share of aliphatic polyketone in North American automotive applications.
Manufacturers are focusing on gradually expanding application of aliphatic polyketone in everyday commodities such as food trays, golf tees, and other leisure products. For instance, in 2019, Hyosung Chemical, in partnership with EGS (a start-up company based in South Korea), launched eco-friendly food trays made with aliphatic polyketone. The food tray has excellent solidity and wears resistance compared to existing plastic products.
Hyosung Corporation is also enhancing its customer base in global markets by participating in international trade fairs. For instance, in 2019, Hyosung Chemical and Samsung Measuring took part in IFAT India 2019- a trade fair for water, sewer, waste, and recycling technologies held in Mumbai, India, from October 15 to 18 and VIET Water 2019, a water industry trade fair held in Hanoi, Vietnam.
Key features of the study: