LONDON, May 27, 2022 /PRNewswire/ -- The Polyether Ether Ketone Market value is expected to record a valuation of USD 1283.9 million by 2027, registering to accelerate at a 6.7% CAGR, according to the most recent study by Brandessence Market Research.
The Global Polyether Ether Ketone Market size was Valued at USD 815.4 Million in 2021. Polyether Ether Ketone Market Size, Share & Trends Analysis Report By Type (Unfilled PEEK, Carbon Filled PEEK, Glass Filled PEEK), By Application (Industrial, Electrical & Electronics, Automotive, Medical, Aerospace), Based On Region, And Segment Forecasts, 2022 – 2028
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"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"
Polyether Ether Ketone Market Key Players:
- Aetna Plastics Corp.
- Schulman, Inc.
- J. K. Overseas
- CBC Co., Ltd.
- RTP Company
- Quadrant AG
- PolyOne Corporation
- Victrex PLC
- Solvay SA
- ZYEX Ltd.
- Celanese Corporation
Polyether ether ketone, a high-performance polymer is also known as PEEK. It is widely used in ultra-high vacuum applications, which makes it ideally suited for a material of choice in automotive chemical, aerospace, and electronic industries. PEEK also witnesses a solid growth in niche applications like material in reinforcing rods, and spinal fusion device-use for spinal fusion surgeries. Spinal fusion surgeries, initially developed to stabilize patients suffering from deformities, and tuberculosis has witnessed major growth in recent years. Conditions like lumber generative disc disease, and cervical disc replacement have driven growth for spinal fusion procedures by 13.8% and 12.2% in the past. Similar trends are being witnessed around the world as increased sedentary lifestyle continues to take a toll on global health. FFF printing, a low-cost, advanced 3D printing model also promises robust growth for PEEK, as demand in design, education, and manufacturing continues to drive innovation.
Polyether ether ketone Market: An Overview
PEEK remains a material of choice in industries like automotive, and aerospace. Due to the high-demanding nature of the applications, PEEK is widely used in electrical cable insulation, piston parts, high-performance chromatography columns, bearings, and compressor plate valves. It remains a material of choice for many manufacturing activities, due to very few alternatives, and remains on a strong growth trajectory, with growing applications like magnetic resonance imaging (MRI) technology. PEEK also remains at the forefront for creating implants for various neurological applications including key surgeries like a partial replacement of the skull. Growing demand for advanced neurological devices, and technology remains a promising arena for growth for players in the polyether ether ketone market.
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Polyether ether ketone Market: Notable Developments
India-based Lucid Implants has introduced PEEK-based implants. The implants are created using advanced 3D printing technology, with virtual surgical planning, and remain a promising prospect for patients with facial deformities. Conventionally, producing implants for face remained difficult, as technologies remained limited in reach to meet the complex need of patients with facial deformities. According to the company, the material provides replacement for bone tissue with bio-compatibility, and remains a verified and safe approach for replacement of conventional materials. The demand for facial uplifts, or surgeries to remove facial deformities remain high globally. In 2019, as per the American Society of plastic surgeons, total facelift surgeries in the United States reached 234,374 in 2019.
Solvay, a key chemical manufacturer has announced collaboration with 9T Labs. The new collaboration will witness carbon fiber-reinforced plastics introduced in a mass produced, quality, and sustainable variety, with an eye on increasing demand for quality, and low-cost production. The collaboration is aimed at using additive manufacturing technology to provide low-to-medium volume size parts for luxury-leisure industry, automotive, medical, aerospace, and the oil and gas industry. The collaboration aims to bring promising advantages of carbon-reinforced plastics to end-industries. Despite promising application, the cost-barriers of carbon-reinforced plastics have remained limited in its application. According to Marco Apostolo, Director of Technology at Solvay, "we are well positioned to address problems that have long plagued manufacturers in many industries trying to use advanced composites — namely high incremental costs, high scrap, and problems achieving repeatability and traceability at high volumes."
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.
On Special Requirement Polyether Ether Ketone Market Report is also available for below region:
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin Americ
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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