Polyether Ether Ketone (PEEK) Market Set for Rapid Growth And Trend by 2025
Polyether Ether Ketone (PEEK) is a colorless semi-crystalline poly-aromatic thermoplastic polymer with high heat and mechanical resistant properties. PEEK can withstand high temperature up to 500° F, thus, can be used with boiling water or superheated steam in sterilization equipment and autoclave. In solid state, PEEK is readily machinable. For instance, filled grades of PEEK can be machined by Computer Numerical Control (CNC) milling machine and can be used to produce high quality plastic parts that are thermally and electrically stable. Owing to its high performance, it is increasingly used in biomedical applications such as orthopedic surgery, spine surgery, and maxillo-facial surgery.
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Owing to high temperature feasibility, cost effectiveness, high performance in corrosive and extreme weather conditions, and lightweight properties, PEEK is increasingly used for application in automotive, electrical and electronic, and medical industries. This is one of the factors driving growth of the Polyether Ether Ketone (PEEK) market. It is used for reducing the overall weight of the product and is a better replacement for metals in automotive and medical applications such as for artificial bone and surgical instruments.
Europe is expected to hold dominant position in the global polyether ether ketone (PEEK) market, with 38.8% market share, and exhibiting a CAGR of 8.1% over the forecast period (2017-2025). Rapid advancement in medical and health care application has fueled demand for PEEK in the region, owing to its usage in artificial bones as an alternative to metal and diagnostic devices such as diabetes homecare products, dialysis equipment, and orthopedics appliances. According to the Centre for the Promotion of Imports (CBI) Ministry of Foreign Affairs, the total production of surgical instruments in Europe was valued at US$ 15.25 billion in 2015, with an annual average increase of 12.4% during the period of 2011-2015. Germany accounted for major share of 31%, followed by Belgium and the Netherlands. Asia Pacific is projected to be the fastest growing region in the global polyether ether ketone (PEEK), especially such as China, South Korea, and India, with a CAGR of 12.0% and to be valued at US$ 269.6 million by 2025. This is mainly owing to rising purchasing power, rapid industrialization, and rapid expansion of the automobile sector in these countries. According to Automotive Component Manufacturers Association of India (ACMA), the Indian automobile industry accounts for 7.1% of the country’s GDP in 2017. Two wheelers automobile segment accounts for 80% share in the Indian automobile market and this is attributed to increasing middle-class and young population. Owing to growth of the automotive industry, there is an increasing use of polyether ether ketone in automotive parts, such as engine, gaskets, transmission rings, friction rings, and thrust washers, which is in turn driving growth of the market.
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Among product type, glass-filled polyether ether ketone (PEEK) segment holds dominant position in the polyether ether ketone (PEEK) market, with a market share of 80.6% and was valued at US$ 364.4 million in 2016.
Major Players in the Polyether Ether Ketone (PEEK) Market:
Some of the major players operating in the global polyether ether ketone (PEEK) 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.
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