Polyether Ether Ketone Market Size Forecast to Reach $1,223.1 Million by 2026
Rise in Demand of Diphenyl Sulfone, Thermoplastic, Phenolates, 4,4’-difluorobenzophenone Based Products From Health Care Industries Also Contribute to Polyether Ether Ketone Market Growth.
Polyether Ether Ketone Market is forecast to reach $1,223.1 million by 2026, after growing at a CAGR of 6.8% during 2021-2026. Polyether ether ketone (PEEK) is a colorless, high strength, and chemical resistance thermoplastic in the polyaryl ether ketone ( family and is prepared by polymerization of bisphinolate salts. PEEK is replacing stainless steel in impeller wheels for regenerative pumps and provides a significant reduction in wear, reduced noise levels. The comparatively lightweight, better high-temperature performance, and durability as compared to other conventional materials of PEEK is augmenting the demand from the aerospace and automotive industry.
Growing concern towards ill-effects of pollution and pollutants emanating from automobiles has prompted industry participants to resort to automotive light-weighting also bolster the demand for polyether ether ketone in automotive industries. Surging use of PEEK in cable insulation and semiconductor processing further aids the market growth.
COVID-19 has badly impacted the Polyether Ether Ketone market. Lack of manpower has led many manufacturing companies to stop their production which further results in their downfall. Electronic, aerospace, oil & gas, and automobile industries are facing huge losses, which in turn affects the demand for Polyether Ether Ketone. According to the Indian Cellular & Electronic Association of India, the shutdown would lead to a lack of $1,309.2 Mn to $1,963.8 Mn in 2020.
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Polyether Ether Ketone Market Segment Analysis – By Type
Glass-filled PEEK segment held the largest share of more than 35% in the Polyether Ether Ketone market in 2020. Glass-filled PEEK offers higher strength and stiffness over the unfilled grades. The addition of glass fibers significantly reduces the expansion rate and increases the flexural modulus of PEEK. These grades are very appropriate for structural applications carrying high static loads for long periods of time and are widely used in applications where temperature approaches above 300 o Celsius.
Polyether Ether Ketone Market Segment Analysis – By Application
Based on the application, the semiconductor segment held the largest share of more than 30% in the Polyether Ether Ketone market in 2020. Polyether ether ketone is used for semiconductor wafer processing applications as a replacement for fluoropolymer materials.
According to The Semiconductor Industry Association (SIA), global semiconductor sales increased by 13.7 percent to $468.8 billion in 2018. Growing demand for semiconductors from artificial intelligence (AI), quantum computing, and advanced wireless networks such as 5G will contribute significantly to the polyether ether ketone market’s overall growth.
Polyether Ether Ketone Market Segment Analysis – By End-Use Industry
Automotive segment held the largest share of more than 25% in the Polyether Ether Ketone market in 2020. Polyether ether ketone offers enhanced dry and lubricated surface interaction, outstanding mechanical performance, ease of processing, and excellent fatigue properties
Increasing demand for automobiles coupled with technology advancement and new R&D initiatives are transforming the automotive industry. According to the Association of Global Automakers, automakers spent more than $125 billion globally on research & development in 2018.
Polyether Ether Ketone Market Segment Analysis – By Geography
Europe held the largest share in the Polyether Ether Ketone market of more than 35% in 2020, owing to the increasing automotive, aerospace & defense sectors in the region.
According to International Trade Administration (ITA), the Norwegian Government presented a core defense spending budget of USD 6.9 billion in 2019. The Norwegian defense budget accounted for 1.62% of Norway’s GDP in 2018. Additionally, the French aerospace industry in 2019 grew to €74.3 billion, this is a 13% increase over 2018. Thus, the increasing aerospace and defense industry in Europe is likely to influence the growth of the polyether ether ketone market.
Polyether Ether Ketone Market Drivers
Growing demand from health care industries
Increasing use of polyether ether ketone in batteries
According to International Energy Agency (IEA), the global stock of electric
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Polyether Ether Ketone Market - Challenges
Volatility in raw material prices and hydrophobic nature of PEEK
Although polyether ether ketones are widely used in medical implants they will never bonds to bone, unlike titanium due to their hydrophobic nature. Therefore, to achieve a solid fusion, one has to select a filler (inside the cage) that has a high likelihood of fusing. For instance, In January 2018, Hexion Inc. increased the price for the Bisphenol A (BPA) in North America by $0.20 per pound.
Polyether Ether Ketone market are Victrex plc, Solvay S.A, Evonik Industries AG, Panjin Zhongrun High-Performance Polymers Co. Ltd, Parkway Products LLC, Stern Industries Inc., A. Schulman AG, Caledonian Ferguson Timpson Ltd, Darter Plastics Inc., J K Overseas, Prototype & Plastic Mold Co. Inc. among others.
Chinese Government ambitious plans such as “Made in China 2025”, coupled with India’s Production Linked Incentive (PLI) and Scheme for Promotion of Electronic Components and Semiconductors will flourish electronic industries in the Asian region, which in turn may boost the growth of Polyether Ether Ketone market.
Rise in demand of Diphenyl sulfone, thermoplastic, Phenolates, 4,4’-Difluorobenzophenone based products from health care industries also contribute to market growth.
Decline in manufacturing activities and disruption of the supply chain due to the outbreak of coronavirus has hampered the growth of the polyether ether ketone market.
A. Polyether Polyols Market
B. Methyl Ethyl Ketone Market
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