The Polyether Ether Ketone market is estimated to be valued at US$ 729.34 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyether ether ketone (PEEK) is a semi-crystalline thermoplastic polymer belonging to polyaryletherketone (PAEK) family. It has high strength, stiffness, toughness and chemical resistance, making it suitable for applications where high strength and rigidity is required at elevated temperatures. PEEK is finding increasing application across automotive, aerospace, electrical & electronics and medical industries. In automotive industry, PEEK is used for engine components, oil pans, bearings and gears due to its high thermal stability and wear resistance.
Market Dynamics:
Rising demand from automotive industry is a major factor driving growth of PEEK market. PEEK offers superior mechanical properties which help reduce weight of automotive components. With growing focus on fuel efficiency and emissions norms, auto manufacturers are increasingly adopting lightweight high-performance plastics like PEEK. For example, PEEK is used to manufacture intake manifolds, oil pans, gears and bearings in vehicles. Another key driver is growing demand for PEEK from aerospace industry. Aerospace grade PEEK has temperature and chemical resistance suitable for aircraft parts exposed to harsh conditions. PEEK also offers design flexibility for complex parts with minimal post-processing. This is prompting aerospace manufacturers to use PEEK for landing gears, brakes, bearings and engine components.
SWOT Analysis
Strength: Polyether Ether Ketone (PEEK) has very good mechanical, chemical and thermal stability which makes it suitable for demanding applications. PEEK provides high strength to weight ratio and impact resistance. It exhibits very good dimensional stability and fatigue endurance.
Weakness: PEEK has a very high production cost compared to other engineering thermoplastics like polycarbonate and nylon. The manufacturing process of PEEK involves multiple processing steps which increases production costs. PEEK has low elongation at break which limits its usage in applications requiring flexibility.
Opportunity: Increasing demand for PEEK from the aerospace industry due to its strength to weight ratio and ability to withstand high temperatures provides an opportunity for market growth. Growing usage of PEEK in the medical industry for implants, prosthetics and medical devices is another growth opportunity.
Threats: Availability of alternatives like polyphenylsulfone (PPSU) and polyetherimide (PEI) which offer similar properties at lower costs poses a threat to PEEK market growth. Fluctuations in crude oil prices can increase raw material costs for PEEK threatening its price stability in the market.
Key Takeaways
The Global Polyether Ether Ketone Market Share is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand from the aerospace industry. PEEK provides properties like high strength to weight ratio, impact resistance and ability to withstand high temperatures which makes it suitable forapplications in aircraft components.
Regional analysis The Asia Pacific region currently dominates the global PEEK market with a share of over 30%, led by China, Japan and India. Countries in the region are witnessing rapid growth in the aerospace industry which is driving the demand for PEEK. North America is the second largest market for PEEK owing to strong presence of aircraft component manufacturers in the US.
Key players operating in the Polyether Ether Ketone market are Zyex Ltd., Solvay S.A., Victrex plc, Panjin Zhongrun High Performance Polymers Co. Ltd., Caledonian Industries Ltd., Quadrant EPP Surlon India Ltd., Evonik Industries AG, and Jrlon Inc. The key players are focusing on new product development and capacity expansion strategies to enhance their market share. For instance, Victrex plc has set up a new PEEK polymer manufacturing plant.
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