The global Polyether Ether Ketone Market is estimated to be valued at US$ 729.34 Million 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 engineering thermoplastic possessing excellent properties such as heat resistance, chemical resistance, creep resistance and durability. Due to these superior properties, PEEK finds wide applications in industries including aerospace, automotive and medical.
Market key trends:
One of the major trends in the PEEK market is its increasing demand from the aerospace industry. PEEK provides properties like low density, heat resistance and strength which make it suitable for applications in aerospace components including fasteners, bushings, gears and engine components. With the rising focus on lightweight materials in the aerospace industry, demand for PEEK from this segment is expected to grow at a significant rate over the forecast period.
SWOT Analysis
Strength: PEEK has strong chemical resistance properties and withstands high temperatures making it suitable for applications in automotive, aerospace and medical industries. It is bio-compatible and provides durability.
Weakness: PEEK is expensive compared to other plastics and has a complex manufacturing process making its production costs high.
Opportunity: Increasing demand for lightweight and high-performance plastics from automotive and aerospace industries due to stringent emission norms provides growth opportunities. Growing medical implant market globally also offers scope.
Threats: Volatility in raw material prices affects the cost of PEEK. Strong competition from alternative plastics can impact sales.
Key Takeaways
The Global Polyether Ether Ketone Market Share is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand for lightweight yet durable plastics from automotive and aerospace industries.
Regional analysis
The Asia Pacific region dominated the global PEEK market in 2022 and is expected to maintain its leading position during the forecast period growing at a CAGR of over 8%. This can be attributed to rising manufacturing industries and healthcare sector in China and India. North America is another major region for PEEK owing to high demand from the US aerospace industry.
Key players
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. These companies are focusing on investment in R&D and new product development to strengthen their market position.