July 25, 2024
Polyether Ether Ketone Market

Growing Demand from Aerospace Industry to Fuel Growth of Polyether Ether Ketone Market

The global 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 polymer belonging to the polyaryletherketone (PAEK) family. It possesses excellent mechanical, chemical and electrical insulation properties along with thermal stability. These properties make PEEK suitable for usage in aerospace, medical, automotive and electrical industries. In the aerospace industry, PEEK is used to manufacture parts requiring high strength, stiffness and toughness like brackets, bearings and gears. It also finds usage in manufacturing components in aircraft interiors, avionics and engine parts. In the medical industry, PEEK is ideal for implants like spinal rods, dental crowns and orthopedic implants due to its biocompatibility.

Market key trends:

One of the key trends in the PEEK market is the growing demand from the aerospace industry. With the increasing air passenger traffic globally, commercial aircraft fleet size is growing significantly. This is driving demand for high performance thermoplastic polymers like PEEK to manufacture lightweight components. PEEK significantly helps in weight reduction of aircraft which enhances fuel efficiency. Another key trend is increasing usage of PEEK in medical implants. PEEK exhibits mechanical properties similar to human bone which reduces stress shielding effects. It is inert, non-toxic and compatible with MRI and CT scans. These advantages are propelling usage of PEEK in orthopedic and trauma implants. PEEK also finds increasing application in 3D printing technology owing to its ability to withstand high temperatures. The medical industry is increasingly adopting 3D printing for customized implants using PEEK.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the market consists of several well-established players and requires huge capital investments for setting up manufacturing facilities. Moreover, buyers have strong brand loyalties towards existing brands.

Bargaining power of buyers: The bargaining power of buyers is moderate as the Polyether Ether Ketone Market consists of multiple buyers and PEEK a highly specialized polymer leaves limited options for buyers.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous raw material suppliers for PEEK polymer and switching costs are low.

Threat of new substitutes: The threat of new substitutes is low as PEEK has certain superior properties that are difficult to substitute.

Competitive rivalry: High as the market consists of few large players and the products have very minimal differentiation.

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 aerospace and automotive industries. PEEK provides properties like heat and chemical resistance which increased its use in these industries.

Regionally, North America will dominate the Polyether Ether Ketone Market owing to strong presence of aircraft component manufacturers in the region. Moreover, Asia Pacific anticipated to exhibit fastest growth during the forecast period due to rising automotive production and growing aerospace industry in China and India.

Key players operating in the Polyether Ether Ketone 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. Zyex Ltd and Victrex plc recognized as technology leaders in PEEK polymer.

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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it