According to ChemAnalyst report, “Global Polyether ether ketone (PEEK) Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-Use, Foreign Trade, Sales Channel, Regional Demand, Company Share, 2015-2035”, The Polyether ether ketone (PEEK) market has grown remarkably in the historic period of 2015-21 and is estimated to further grow at a steady CAGR of 3.67% in the forecast period.
PEEK is a high-performance engineering thermoplastic and a polyaromatic semi-crystalline that belongs to polyaryletherketone family. PEEK polymer is derived from step-growth polymerization by the dialkylation of bisphenolate salts. It can be integrated by using nucleophilic substitution of 4,4’-difluorobenzophenone or 1,4-bis(4-fluorobenzoyl) benzene with hydroquinone in the presence of alkali carbonate under microwave irradiation to obtain high yield. Injection moulding, extrusion and compression monofilament are most of the conventional method that are used for processing PEEK but now this polymer is being processed by using advance 3D printing technology that extends possible applications such as from patient-specific hearing aids to surgical aids or instruments.
In comparison to other polymers, PEEK exhibits outstanding properties for instance it is resistant to chemicals and high temperature, chemically inert and insoluble in all solvents, lightweight, creep-resistant, biocompatible, bioresorbable, etc. Since, PEEK molecule is very stable in nature, therefore it can be reprocessed and re-melted again and again without losing its properties. This reduces the environmental impact and ensures that waste material from manufacturing processes can be re-used economically. PEEK polymers are well suited for harsh and demanding environments. This light thermoplastic polymer can support numerous requirements at once to address material limitations in applications, frequently replacing metals, as well as to meet cost-efficiency and sustainability needs.
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The Polyether ether ketone (PEEK) market is segmented based on end-use, sales channel, and region. Based on the end-user industry, the Polyether ether ketone (PEEK) market is segmented into Aerospace, Automotive, Medical Implants, Electronics and Electricals, and Others. Among these, the Aerospace Industry is the leading segment and held approximately 42% of the market in 2022 and is anticipated to dominate the market even in the forecast period. PEEK is also heavily employed in the medical sector. Almost everywhere in the body, PEEK provides optimum flexibility of movement for patients over an extended period. Evonik and Samplast recently launched VESTAPEEK Fusion, an osteoconductive PEEK biomaterial, achieved by using a functional additive called biphasic calcium phosphate that allows attachment of bone cells to implants more efficiently, thus, accelerating bone fusion and convalescence. Companies like Victrex and Solvay are leading companies for manufacturing PEEK biomaterials in medical grade that are well suited for medical devices application such as dental abutments, blood management, surgical instruments, spinal fusion, trauma facture fixation, etc. With this increased use of non-implantable and implantable devices, the PEEK demand is anticipated to further increase in the forecast period.
Based on demand, Europe is dominating the Polyether ether ketone (PEEK) market among all other regions. The region held a market share of around 45% of the world’s Polyether ether ketone (PEEK) market in the year 2022. In Europe, the key market drivers being the application of PEEK in the aerospace, automotive and medical sectors in major countries such as Belgium and Germany. Meanwhile, APAC is the second largest consumer of PEEK but leads in terms of producing PEEK, with China being the biggest shareholder.
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“Global Polyether ether ketone (PEEK) Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-Use, Foreign Trade, Sales Channel, Regional Demand, Company Share, 2015-2035”, the significant players in the Polyether ether ketone (PEEK) market are Victrex plc., Jida Evonik High Performance Polymers, Panjin Zhongrun High Performance Polymers Co. Ltd., Jilin Joinature Polymer Co., Ltd., Daicel-Evonik Ltd., Oxford Polymers, Victrex JV, and Others.
“Consistently growing demand for Polyether ether ketone (PEEK) in the demanding end-user industries such as Aerospace, Automotive, Electrical and Electronics, and medical industries is anticipated to fuel the Polyether ether ketone (PEEK) market in the forecast period till 2035. Due to the properties of PEEK such as biocompatibility, bioresorbable, light weight, high-heat resistivity and other exceptional properties, a rise in its demand is projected to drive its market growth over the forecast period. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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