Global Polyether Ether Ketone Market is valued at USD 815.4 Million in 2021 and is expected to reach USD 1283.9 Million by 2027 with a CAGR of 6.7% over the forecast period.
Global Polyether Ether Ketone Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028: Increasing demand for Polyether Ether ketone 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 Polyether Ether ketone Market.
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 Polyether Ether ketone 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.
The global Polyether Ether ketone market is segmented on the basis of the type, end-use, region & country level. On the basis of type, the global Polyether Ether ketone market is segmented into unfilled, glass-filled, carbon-filled, and others. By end-use, the global Polyether Ether ketone market is segmented into industrial, automotive, electrical & electronics, aerospace, medical, and others.
Some major key players for the global Polyether Ether Ketone market report covers
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2021:||USD 815.4 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 1283.9 Million|
|Tables, Charts & Figures:||175|
|PEEK Companies||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, Others|
|Segments Covered||By Type, By End-Use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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.
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.
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.
One of the major factors driving the growth of global Polyether Ether ketone market is the increasing demand for Polyether Ether ketone 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 Polyether Ether ketone in automotive, electrical & electronics is also boosting the growth of the Polyether Ether ketone 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 Polyether Ether ketone may hamper the growth of the global Polyether Ether ketone market. In spite of that, an increase in automotive production influences may offer more opportunities for the further growth of the market.
Geographically, Asia Pacific is expected to dominate the global Polyether Ether ketone 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 Polyether Ether ketone market due to increasing technological innovations to develop new applications, rising product demand in the healthcare industry, and growing demand for Polyether Ether ketone 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.
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