POLYETHER ETHER KETONE MARKET ANALYSIS

Polyether ether ketone (PEEK) is a colorless semi-crystalline poly-aromatic thermoplastic polymer with high heat and mechanical resistant properties. PEEK can withstand high temperatures up to 500° F, thus can be used with boiling water or superheated steam in sterilization equipment and autoclave.

Global polyether ether ketone market was valued at US$ 634.9 Million in 2021, in terms of revenue, and is expected to exhibit a CAGR of 7.18% during the forecast period (2022 to 2030).

Drivers

Owing to high-temperature feasibility, cost-effectiveness, high performance in corrosive and extreme weather conditions, and lightweight properties, PEEK is increasingly used for various application in automotive, electrical and electronic, and medical industries. This is one of the factors that is expected to drive growth of the polyether ether ketone (PEEK) market. Polyether ether ketone is used for reducing the overall weight of the product and is a better replacement for metals in automotive and medical applications such as artificial bone and surgical instruments.

In comparison to metals and other polymers, PEEK offers superior performance characteristics. It is resistant to many essential chemicals used in aircraft, including jet fuel, de-icing solutions, fire-extinguishing compounds, hydraulic fluids, cleaning agents, and insecticides. Unlike metals, PEEK does not require anti-corrosion treatments. It can even perform up to a temperature of 260°C without any performance loss for 5,000 hours and more. PEEK results in the lowest amount of harmful emissions and smoke, among all the polymers in terms of emission rates. All these features have resulted in the emergence of PEEK as the perfect replacement for metals.

The recent outbreak of coronavirus had a negative impact on the polyether ether ketone (PEEK) market. The severe disruptions in various manufacturing and supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease les to huge financial setbacks for the market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned determinants will weigh the market's revenue trajectory over the forecast period.

Figure 1. Global Polyether Ether Ketone Market Value Share (%), By Region, 2021

Market Restraints

The availability of cheaper alternatives and high prices of PEEK compared to traditional materials like metals and ceramics are some of the restraints that may hinder growth of the polyether ether ketone market.

Market Trends

According to Coherent Market Insights in 2021, Asia Pacific is estimated to be the fastest-growing region in the global polyether ether ketone (PEEK) market, especially such as China, South Korea, and India, with a CAGR of 12.0% and to be valued at US$ 269.6 million by 2025. This is mainly owing to rising purchasing power, rapid industrialization, and rapid expansion of the automobile sector in these countries. According to the Automotive Component Manufacturers Association of India (ACMA), the Indian automobile industry accounted for 7.1% of the country’s GDP in 2020. Two wheelers automobile segment accounts for 80% share of the Indian automobile market and this is attributed to the increasing middle-class and young population. Owing to the growth of the automotive industry, there is increasing use of polyether ether ketone in automotive parts such as engines, gaskets, transmission rings, friction rings, and thrust washers, which in turn is expected to drive growth of the market. 

Figure 2. Global Polyether Ether Ketone Market Value Share (%), By Product Type, 2021

Recent Developments

• In March 2021, Evonik Industries, a Germany-based specialty chemicals company launched INFINAM PEEK, a new 3D printable filament based on PEEK (Polyether Ether Ketone). The new ready-to-use polymer filament is ideal for metal replacement in infinite 3D applications and helped the company to expand its product portfolio.
• In January 2020, Yingkou Xingfu Chemical Company Limited, a chemical company in China, and Victrex Hong Kong Limited, a leader in PEEK and PAEK-based polymer solutions entered into an agreement, to build a manufacturing facility of a new PEEK polymer in Liaoning, China. With this agreement, both companies will be able to cater to their customer demands.

Competitive Section

Major players operating in the global polyether ether ketone (PEEK) market include 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.