The 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 characterized by excellent mechanical and chemical resistance properties. PEEK finds applications in aerospace, automotive, medical, and other industries where strength, rigidity and resistance to heat and chemicals are required. Its self-lubricating properties make PEEK suitable for bearings, cams, and other mechanical components.
Market key trends:
The growing adoption of PEEK in aerospace industry is a major trend driving the market growth. PEEK offers lightweight and durable properties compared to metals, making it ideal for aircraft components such as engine components, gears and brake pads that require heat resistance. PEEK withstands high temperatures up to 260°C without any loss in strength and stability. Leading aircraft manufacturers are increasingly using PEEK in critical engine and airframe components to reduce aircraft weight and achieve fuel efficiency. The demand for lightweight and high-performance materials from aerospace industry is estimated to boost the polyether ether ketone market over the forecast period.
Porter’s Analysis
Threat of new entrants: The polyether ether ketone market requires high capital investment for setting up manufacturing plants, which makes the threat of new entrants low. However, the availability of raw materials at lower prices can spur new manufacturers.
Bargaining power of buyers: The bargaining power of buyers is moderate as polyether ether ketone manufacturers sell their products to various end-use industries like automotive, aerospace, oil & gas, medical, etc. Buyers can negotiate on price and quality standards.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials needed for PEEK production such as hydrocarbons are supplied by few companies globally. However, suppliers cannot influence prices significantly due to availability of substitutes.
Threat of new substitutes: The threat of substitutes is low as PEEK offers unique properties like heat resistance, chemical resistance and high strength that are difficult to replicate. However, competitive materials like polyphenylene sulfide and polyaryletherketone pose threat.
Competitive rivalry: Intense as major players compete on pricing, product innovation and expansion of production facilities to gain higher market share.
SWOT Analysis
Strength: High heat resistance and mechanical strength of PEEK make it suitable for applications in automotive, medical, and aerospace industries. Specialized product grades developed for demanding applications.
Weakness: High price of PEEK compared to competitive materials limits its use in cost-sensitive applications. Complex production process increases costs.
Opportunity: Growing demand from electric vehicles and renewables due to PEEK’s lightweight and corrosion resistance properties. Expanding applications in 3D printing offer opportunities.
Threats: Volatility in prices of crude oil-based feedstock increases production costs. Competition from alternative materials especially in price-sensitive applications.
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 the medical industry. PEEK is widely used for making medical implants and replacement parts that do not require removal as it is MRI compatible and offers strength as well as biocompatibility.
The North America region dominates the global PEEK market and is expected to continue its domination over the forecast period. This is attributed to growing healthcare infrastructures and increasing demand for advanced medical treatments involving orthopedic surgeries in countries like the US. High usage of PEEK in aerospace industry of the region also contributes to its high market share.
The Asia Pacific region is projected to grow at the fastest rate owing to increasing population, rising disposable incomes, and growing medical tourism in developing countries like India and China. Rising industrialization and improving economic conditions in the region are also supporting the demand for PEEK.
Key players operating in the Polyether Ether Ketone 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. The market is concentrated owing to presence of few manufacturers with global presence. Companies are focusing on new product launches and capacity expansions to strengthen their market positions.
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian