Polyether Ether Ketone (PEEK) Market: Introduction
Over the years, chemical and metallurgical advancements have produced several polymers that possess properties relatively better than or comparable to those of metals. Polyether ether ketone (PEEK) is a semi-crystalline thermoplastic comprising repetitive monomers of two ether groups and a ketone group. Polyether ether ketone (PEEK) belongs to the polyaryletherketone (PAEK) family and is obtained by the dialkylation of bisphenolate salts through step growth polymerization process. Polyether ether ketone (PEEK) is witnessing a growth in adoption in various applications owing to its relatively superior mechanical properties along with high thermal and chemical stability. Polyether ether ketone (PEEK) is commonly used for high temperature applications which require combination of superior thermal, chemical and combustion properties.
Polyether Ether Ketone (PEEK) Market: Dynamics
Physical characteristics such as low moisture absorption, superior mechanical & electrical properties and ability to retain these properties at relatively higher temperatures render the material ideal for a wide range of specialty applications. Demand for Polyether ether ketone (PEEK) has witnessed a strong growth especially in applications pertaining to aerospace industry due to comparatively light weight, relatively better high temperature performance and durability as compared to other conventional materials. Growing concern towards ill-effects of pollution and pollutants emanating from automobiles have prompted industry participants to resort to automotive light-weighting wherein adoption of alternative lightweight materials for fabrication of components which were otherwise made from conventional materials so as to better address efficiency and pollution related issues has been laid emphasis on. Such developments are expected to drive the growth in demand for polyether ether ketone during the forecast period. Moreover, polyether ether ketone is bio compatible material and is gaining wider acceptance in the medical field. MRI compatibility, sterilization resistance and lack of toxicity are among other major characteristics that make polyether ether ketone (PEEK) suitable for various medical applications. However, relatively higher cost of the material is expected to restrict the use of polyether ether ketone to certain relatively higher value applications.
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Polyether Ether Ketone (PEEK) Market: Segmentation
On the basis of product type, global polyether ether ketone market is segmented in to three types namely unfilled, glass filled and carbon filled. On the basis of application, the global polyether ketone market is classified into automotive, aerospace, medical, electronics & electrical and others. Among the various application based segments, automotive applications accounted for a significant share in overall global PEEK consumption. Moreover, medical applications segment is expected to witness relatively faster growth over the forecast period.
Polyether Ether Ketone (PEEK) Market: Region-wise Outlook
Europe and North America, collectively accounted for a dominant share in overall global polyether ether ketone market. Stringent environmental regulations and technological advancements in automotive and aerospace manufacturing is expected to drive the growth of polyether ether ketone market in these regions. Steady Growth in industrial sector and increasing awareness about the benefits associated with use of polyether ether ketone (PEEK) in certain applications is expected to be witnessed during forecast period. Asia Pacific is expected to be the other prominent region in terms of growth prospects in global polyether ether ketone (PEEK) market. Countries like China, Indian, South Korea and Japan are expected to provide high growth platform for global polyether ether ketone (PEEK) market.
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Polyether Ether Ketone (PEEK) Market: Market Participants
Examples of some of the market participants in the global polyether ether ketone market value chain include Solvay S.A., Evonik Industries AG, Victrex plc, Stern Industries Inc., A. Schulman Inc., Mitsubishi Chemical Corporation, PolyOne Corporation, LATI Industria Termoplastici S.p.A. and Saudi Basic Industries Corporation (SABIC), among others