ID: MRFR/CnM/4397-HCR | February 2021 | Region: Global | 100 pages
The global polyether ether ketone market is segmented into type, applications, and region.
On the basis of type, the polyether ether ketone market is divided into unfilled, carbon filled, and glass field.
Based on the application, the global polyether ether ketone market is segmented into electrical, medical, automotive, aerospace, marine, and others.
Geographically, the market is divided into five key regions, including Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Some of the key players in the global polyether ether ketone market are Victrex plc (UK), Solvay (Belgium), Evonik Industries AG (Germany), Darter Plastics, Inc. (U.S.), Jrlon, Inc. (New York), Caledonian Ferguson Timpson Ltd (UK), SABIC, Saudi Basic Industries Corporation (Saudi Arabia), Celanese Corporation (U.S.), Zyex (UK), Quadrant Epp Surlon India Limited (India), and Stern Companies (U.S.).
Polyether ether ketone (PPEK) is a partially crystalline polyaromatic liner thermoplastic with high chemical and mechanical resistance properties. It finds application in various end-use industries such as electronics, medical, automotive, aerospace, and others. It is widely used in the manufacturing of electronic components due to enhanced durability, strong wear, and abrasion resistance properties.
Polyether ether ketone utilization in the electrical industry is rising due to its strong mechanical properties and extreme temperature resistance. Rising demand for miniaturization in the electronic devices is propelling the market growth globally. Growing digitalization coupled with increasing purchasing power among consumers is fuelling the product demand. Initiatives such as the Internet of things (IoT) and automation are major driving factors for polyether ether ketone market. The product demand from healthcare sector is booming as a result of biocompatibility. PEEK is widely used in dental implants in place of titanium metal owing to less stress shielding and similar mechanical properties of PEEK and bone. Solvay S.A., a key player in the PEEK market, introduced two products under the brand name Zeniva ZA- 500L and ZA- 600L for use in implantable devices. Flourishing automotive and aerospace industries across the regions are augmenting the market growth. For instance, in 2016, Victrex PLC introduced new product under the brand name VICTREX AE 250 composites for the aerospace industry to increase the efficiency of aircraft. The company also entered into a joint venture with Tri-Mack plastics in 2017 to accelerate adoption of polyketone composite for the aerospace industry. The steps taken by the company are in tune with the increasing demand for the aircraft worldwide.
Global Polyether Ether Ketone Market Share, by the application (%)
Source: MRFR analysis
Asia Pacific was the largest market in the global polyether ether ketone market in 2016 due to the rising demand for the electronic gadgets such as smartphones, home appliances, and telecommunication. Initiatives taken by the Indian government in 2015 such as Faster Adoption and Manufacturing of Electric and Hybrid (FAME) vehicles in India are driving the polyether ether market. Increasing penetration of digitalization among the young generation is propelling the market for PEEK in this region. China is the largest consumer of PEEK as a result of growing electrical industry along with the significant rise in per capita disposable income. Increasing production of automobiles in the developing countries such as India, China, and Thailand owing to rising disposable income of the consumers. Shifting manufacturing base from developed countries to the developing countries due to low production cost is another factor driving the market growth in this region.
North America is another prominent market for PEEK due to increasing consumption of the product in various industries such as electrical, aerospace, marine, and healthcare. Surging demand for consumer electronics coupled with high purchasing power is driving the market growth in this region. Increasing use in the healthcare industry owing to rising investment in spinal fusion is fuelling the product demand.
European market is expected to witness a considerable growth owing to rising investment in healthcare by the consumers. Growing automotive industry in Germany, Spain, and Russia is expected to drive the product demand in this region.
The growing demand for the automotive industry in the Latin America and the Middle East & Africa is expected to augment the polyether ether ketone market further.
|Market Size||2030: Significant Value|
|CAGR||(2022-2030) Substantial Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Applications|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Victrex plc (UK), Solvay (Belgium), Evonik Industries AG (Germany), Darter Plastics, Inc. (U.S.), Jrlon, Inc. (New York), Caledonian Ferguson Timpson Ltd (UK), SABIC, Saudi Basic Industries Corporation (Saudi Arabia), Celanese Corporation (U.S.), Zyex (UK), Quadrant Epp Surlon India Limited (India), and Stern Companies (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||Initiatives like Internet of things (IoT) and automation|
Frequently Asked Questions (FAQ) :
Polyether ether ketone (PPEK) is a partially crystalline polyaromatic liner thermoplastic with high chemical and mechanical resistance properties.
Major end users of PEEK include electrical and electronics, medical devices, automotive, aerospace, and marine.
Growing demand for electrical components and electronics is the major driver for the PEEK market.
Asia Pacific is the largest regional market for PEEK due to the growing electronics industry in the region.
Leading players in the PEEK market include Solvay, Victrex, and SABIC, among others.