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Polyether Ether Ketone

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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 (2018-2025)
Polyether Ether Ketone (PEEK) Market- Insights, Size, Share,
Opportunity Analysis, and Industry Forecast till 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.
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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Author
apeksha motghare
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