Polyether Ether Ketone Market Estimated To Witness High Growth

 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 that exhibits excellent properties such as chemical resistance, durability, strength and stability even at high temperatures. It is widely used in automotive, aerospace, industrial and medical industries. In automotive industry, PEEK is used to manufacture components of electric and hybrid vehicles due to its high heat resistance and electrical insulation properties. It is also used in manufacturing components of engine, transmission and braking systems.

Market Dynamics:
The growth of the Polyether ether ketone market is primarily driven by the increasing applications of PEEK in automotive industry. PEEK has high demand from automotive industry due to its ability to withstand high temperatures without degradation, which makes it suitable for manufacturing components exposed to high heat such as engine components. For instance, PEEK materials are used to make bushings and gears used in gear box and transmission systems of vehicles. The other key factor fueling the market growth is the superior properties of PEEK over other materials such as low density, corrosion resistance and radiolucency, which makes it suitable for various industrial applications like bearings, gears and seals. However, high cost of PEEK resin compared to other plastics and availability of alternative materials may hinder the market growth over the forecast period.

SWOT Analysis

Strength: Polyether Ether Ketone (PEEK) has excellent chemical resistance, wear resistance, and mechanical stability properties. It is highly resistant to most solvents, acids, bases, and aqueous media. PEEK also offers heat resistance up to 260°C and radiolucency allowing accurate imaging during surgical procedures. PEEK provides dimensional stability during machining and forming and offers toughness for structural applications.
Weakness: PEEK is expensive to produce compared to conventional plastics like Nylon and PBT. Machining PEEK can be difficult due to its crystalline structure. The abrasive nature of PEEK also increases tool wear during machining.
Opportunity: Growing demand for PEEK from the aerospace and medical industries due to its lightweight and biocompatibility properties. PEEK is used to make medical implants that do not require removal post-surgery such as screws, plates, and cages for spine surgery. Expanding electric vehicle market also offers opportunities due to PEEK's heat resistance advantages.
Threats: Availability of alternatives like PEKK and Vectra liquid crystal polymers offer similar properties to PEEK. Volatility in raw material prices especially benzophenone and hydroquinone monomer can increase production costs.


Key Takeaways

The Global Polyether Ether Ketone Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing demand from the medical industry. PEEK is widely used for making medical implants and replacement parts that do not require removal as it is MRI compatible and offers strength as well as biocompatibility.
The North America region dominates the global PEEK market and is expected to continue its domination over the forecast period. This is attributed to growing healthcare infrastructures and increasing demand for advanced medical treatments involving orthopedic surgeries in countries like the US. High usage of PEEK in aerospace industry of the region also contributes to its high market share.
The Asia Pacific region is projected to grow at the fastest rate owing to increasing population, rising disposable incomes, and growing medical tourism in developing countries like India and China. Rising industrialization and improving economic conditions in the region are also supporting the demand for PEEK.
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 market is concentrated owing to presence of few manufacturers with global presence. Companies are focusing on new product launches and capacity expansions to strengthen their market positions.

 

Read more: https://www.rapidwebwire.com/polyether-ether-ketone-market-shjare-forecast/

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