Polyether Ether Ketone Market Overview to 2023
Polyether ether ketones (PEEK) are widely used in the electrical industry owing to its ability to maintain mechanical properties in high temperature. PEEK is classified as unfilled, carbon filled, and glass field. Glass filled PEEK is majorly used as a result of strong chemical & creep resistance, biocompatibility, FDA compliance and excellent electrical properties. It is increasingly used in the manufacturing of cable insulator, high-temperature connector, and other electronic equipment such as telecommunications, home appliances, and vehicles. The demand for carbon filled PEEK is rising from automotive, marine, and aerospace industry due to less energy consumption and enhanced compressive strength and stiffness. Due to its biocompatibility, the product is increasingly appealing in the healthcare industry. Moreover, its mechanical property similar to that of bone makes it suitable to use in dental implants and spinal fusion. R&D investment by the market players has also found suitability of PEEK in 3D printing.
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Geographically the global polyether ether ketone market is spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific emerged as the fastest growing market for polyether ether ketone in 2016. Growing electrical industry along with initiatives taken such as internet of things (IoT) and automation are driving the market growth. The demand for electronic devices in home appliances, vehicles, smart watches, and semiconductors is increasing at fast pace. Furthermore, increasing production of automobiles, especially in India, China, and Thailand coupled with rising purchasing power is another driving factor for PEEK market. Rising demand for fuel-efficient and sports utility vehicles in Australia is propelling the market growth in this region. Growing aerospace industry in India to make India a self-reliant nation in defense production is fuelling the product demand. Additionally, the shift of manufacturing plants to India by the major aerospace players such as BAE Systems, Honeywell Aerospace, and Raytheon due to low production is cost stimulating the market for PEEK in India. “Make in China 2025” initiative taken by the China government to make China the world’s largest manufacturing base is another driving factor. PEEK consumption is increasing in the healthcare industry with rising number of diseases.
North America is expected to drive the PEEK market owing to growing consumer electronics industry in this region. Surging demand for wireless speakers, 3D printers, and convertible PC coupled with high per capita income is fuelling the product demand. Rapidly expanding aerospace industry as a result of increasing demand for the aircraft from developing countries is stimulating the product demand.
Europe is another prominent market for PEEK. As a result of the growing healthcare industry in this region. Rising geriatric population and increasing spending on healthcare are impelling the market growth. R&D investment in the aerospace industry is likely to drive the demand for PEEK with the invention of technologically advanced products.
Key Players
ü Zyex
ü Solvay
ü Victrex plc
ü Evonik Industries AG
ü Darter Plastics, Inc.
ü Jrlon, Inc.
ü Caledonian Ferguson Timpson Ltd
ü SABIC, Saudi Basic Industries Corporation
ü Celanese Corporation
ü Quadrant Epp Surlon India Limited
ü Stern Companies
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Segmentation
The global polyether ether ketone market is segmented into type, applications.
On the basis of the type, the polyether ether ketone market is divided into unfilled, carbon filled, and glass field.
Based on the application, the global polyether ether ketone market is segmented into electrical, medical, automotive, aerospace, marine, and others.
Intended Audience
- Polyether ether ketone manufacturers
- Traders and distributors of polyether ether ketone
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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