19 May 2022
Global Polyetheretherketone Market is valued at USD 815.4 Million in 2021 and expected to reach USD 1283.9 Million by 2027 with a CAGR of 6.7% over the forecast period.
Global Polyetheretherketone Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028: Increasing demand for polyetheretherketone in the healthcare industry, rising demand in aerospace, automotive, electrical and electronic, and growing use of high-performance plastics are some of the major factors driving the growth of the Global Polyetheretherketone Market.
Scope of Global Polyetheretherketone Market Report-
PEEK is a polyaromatic semi-glasslike, elite efficiency tuning thermoplastic, which has a place with the polyaryletherketone family. PEEK polymer is gotten from step-development polymerization by the dialkylation of Bisphenolate salts. It tends to be incorporated by utilizing nucleophilic replacement of 4, 4’- difluorobenzophenone or 1, 4-bis (4-fluorobenzoyl) benzene with hydroquinone within the sight of Alkali carbonate under microwave illumination to create a decent yield. Polyether Ether Ketone can be handled by utilizing regular strategy like injection moulding, and expulsion and pressure monofilament. PEEK being handled by cutting edge 3D printing innovation expands potential applications from patient-explicit portable amplifiers to other careful guides or instruments. In contrast with different polymers, PEEK shows outstanding properties such as it is impervious to chemicals, chemically inert and insoluble in all dissolvable, impervious to high temperature, lightweight, creep-safe, produce very low harmful gas and smoke, biocompatible, bioresorbable, and so on. The PEEK particles are truly steady in nature because of which it very well may be gone back over with minimal changes to its properties. This lessens the natural effect and guarantees that squander material from assembling cycles can be re-utilized economically. PEEK polymers are appropriate for cruel and requesting environments. This light thermoplastic polymer can uphold various prerequisites without a moment's delay to address material limits in applications, frequently replacing metals.
The Covid-19 pandemic has shown a negative impact on the growth of the global polyetheretherketone market. Aerospace and automotive industries which are the significant buyers of PEEK endured immensely because of the pandemic. Disturbance in Chinese parts exports, enormous scale manufacturing interferences across Europe, and the closure of assembly plants tremendously influenced the automotive business. The aviation and defense sector have likewise been impacted by the pandemic with the organizations engaged with the area experiencing interruption production. Demand for spare parts has likewise been down because of restricted requirement for maintenance. Also, restricted air travel limitations have brought about declining passenger traffic accordingly further affected the market.
Global Polyetheretherketone Market Segmentation:-
The global polyetheretherketone market is segmented on the basis of the type, end-use, region & country level. On the basis of type, the global polyetheretherketone market is segmented into unfilled, glass-filled, carbon-filled, and others. By end-use, the global polyetheretherketone market is segmented into industrial, automotive, electrical & electronics, aerospace, medical, and others.
- Glass Filled
- Carbon Filled
- Electrical & Electronics
The regions covered in the global polyetheretherketone market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. On the basis of country level, the market of global polyetheretherketone is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Key Players of Global Polyetheretherketone Market Report-
Some major key players for the global polyetheretherketone market report covers like Aetna Plastics Corp., A. Schulman, Inc., J. K. Overseas, CBC Co., Ltd., RTP Company, Quadrant AG, PolyOne Corporation, Victrex PLC, Solvay SA, ZYEX Ltd., Celanese Corporation, and others.
Roboze Launched Helios PEEK 2005 Composite Material
On February 14th, 2022; Roboze announced the introduction of a new PEEK matrix composite that it believed had new applications in motorsport, aerospace, and energy. The Helios PEEK will be made available through Roboze's 3D Parts Marketplace in March 2005 and has launched to facilitate the production of high-quality components in regulated industries.
Evonik Launched Next-Generation PEEK Biomaterial for MedTech Applications
On March 13th, 2020; Evonik developed a new osteoconductive polyether ether ketone (PEEK) for the medical technology market that improves fusion between bone and implants. With the introduction of new biomaterials, the specialty chemicals company has launched a new generation line of next-generation, PEEK-based implant materials that launched under the brand name VESTAKEEP Fusion.
New PEEK Polymer Manufacturing Facility Launched in China
On January 15th, 2020; Together, the two companies aimed to build and operate a new polyether ether ketone (PEEK) polymer manufacturing facility in Liaoning, China. The new project, however, is subject to certain performance conditions, such as land purchase and finalization of permit applications.
Increasing Demand for Polyetheretherketone in the Healthcare, Automotive, Electrical and Electronics Industry and Growing Application of High-Performance Plastics are Some of the Major Factors Driving the Market Growth
One of the major factors driving the growth of global polyetheretherketone market is the increasing demand for polyetheretherketone in the healthcare industry. Polymer ether ketone is ideal for providing low weight, high mechanical strength, temperature resistance, high electrical integrity, and chemical resistance. These properties give preference to artificial bones and metals for surgical instruments in the healthcare industry. Polymers are used in dental implants, cranioplasty, joint replacement, interbody fusion, cardiac surgery, and soft tissue repair. For instance, as per the news published, on March 13th, 2020, Evonik launched a next-generation PEEK biomaterial for MedTech applications. They developed a new osteoconductive polyether ether ketone (PEEK) for the clinical innovation market that works on the combination of bone and an implant. Thus, rapid growth in the healthcare industry has driven the market.
In addition, the rising demand for polyetheretherketone in automotive, electrical & electronics is also boosting the growth of the polyetheretherketone market. PEEK is utilized to produce different inside and outside parts in the automotive and aviation enterprises. The most esteemed properties of PEEK are its high heat resistance, lightweight, high dimensional dependability, and high substance obstruction. In the aerospace business, it is important to utilize materials that are fire retardant and transmit less smoke and harmful gases in the event of a fire. PEEK satisfies these significant prerequisites, bringing about its high demand in the airplane business. To accomplish more fuel efficiency and meet these stringent outflow guidelines, the automotive business is persistently looking for materials that can help in the weight decrease of vehicles. However, designing plastics meets weight decrease prerequisites, and expanded minimization in the engine parts requires high heat resistance, which is given by PEEK. As PEEK meets these requirements, there is a quick increase in its demand in the automotive business. For instance; as per the news published on February 14th, 2022; Roboze launched Helios PEEK 2005 composite material that it believed new applications in motorsport, aerospace, and energy.
Moreover, the growing demand for high-performance plastics is also fostering market growth. However, the high cost associated with polyetheretherketone may hamper the growth of the global polyetheretherketone market. In spite of that, an increase in automotive production influences may offer more opportunities for the further growth of the market.
Asia Pacific is Expected to Dominate the Global Polyetheretherketone Market
Geographically, Asia Pacific is expected to dominate the global polyetheretherketone market within the forecast period due to the increasing applications of PEEK in such automotive, aerospace, and electrical & electronics industries, and the growing presence of key players in this region. For instance; as indicated by the India Brand Equity Foundation (IBEF), the country's aviation industry is supposed to observe an INR 35,000 crore (~USD 4.99 billion) investment in the following four years. In addition, presence of key companies in this region is also supplementing the market growth. For instance; as per the news published on January 15th, 2020; a New PEEK polymer manufacturing facility launched in China.
North America is expected to witness a significant growth in the global polyetheretherketone market due to increasing technological innovations to develop new applications, rising product demand in the healthcare industry, and growing demand for polyetheretherketone in the medical industry. For instance; as per the news published on March 13th, 2020; Evonik launched a next-generation PEEK biomaterial for MedTech applications.
Key Benefits of Global Polyetheretherketone Market Report–
- Global Polyetheretherketone Market report covers in-depth historical and forecast analysis
- Global Polyetheretherketone Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Polyetheretherketone Market report helps to identify opportunities in marketplace.
- Global Polyetheretherketone Market report covers extensive analysis of emerging trends and competitive landscape.