The Global "Polyether Ether Ketone Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
Polyether ether ketone (PEEK) is a semi-crystalline and opaque, high-performance engineering thermoplastic that is lethargic and a thermally stable polymer. It is a transparent organic thermoplastic polymer from the poly aryl ether ketone family.
These polymers are obtained from dialkylation of bisphenol salts by step-growth polymerization. It is the most commonly used in high-temperature applications which require a combination of superior thermal, combustion, and chemical properties.
Polyether ether ketone is hard and stiff with excellent chemical resistance, inherently low flammability, and smoke emission.
The use of polyether ether ketone facilitates weight reduction, lower fuel consumption, and lower carbon dioxide emission.
Additionally, growing global consumer awareness regarding environment protection and the demand for fuel-efficient, lightweight vehicles have enforced the manufacturers in the automotive sector to cut the weight of the cars all these factors are boosting the market.
Below statistics illustrates the information about the global light vehicle production between 2015 and 2023. It is predicted to reach approximately 112 million units by 2023.
Low resistance to UV light and high cost are the major factors hindering the market. Additionally, PEEK emits little smoke or toxic gas when exposed to flame.
Based on an application the global polyether ether ketone market is segmented into the automotive industry, electric & electronic industry, medical industry, and others.
Among all, the automotive industry occupied the dominant share owing to emerging enhancements in the automotive industry to improve performance levels and to reduce the weight of in-engine components for robust environmental and safety standards. OEMs are seeking new substitutes that offer enhanced strength and lower pressure, with improved efficiency and performance.
Based on the type, the global polyether ether ketone market has been segmented into glass-filled, unfilled, and carbon-filled polyether ether ketone. Glass filled occupied the dominant market share, and this is projected to grow at the highest CAGR in the forecast period. Because glass filling is the most common type of polyether ether ketone used it is widely used in the electrical & electronics, automotive, and aerospace industries which are now growing at a higher pace.
Polyether Ether Ketone market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
Europe occupies the dominant share in the polyether ether ketone market due to an increase in the demand from the industrial, automotive, and aerospace segments.
Also, technological advancements and austere environmental regulations in automotive and aerospace manufacturing are expected to drive the growth of the polyether ether ketone market.
In the forecast period, the Asia Pacific is expected to grow at a CAGR of XX%. The applications of polyether ether ketone in the electrical & electronics, aerospace, and automotive industries are expected to increase in this region, and countries such as China, and South Korea are known as the major hubs for the production of electronic components.
Additionally, the high economic growth rate, growing manufacturing industries, cost-effective labor are a few factors leading to the growth of the market.
Prominent players in global polyether ether ketone market are Solvay SA, Evonik Industries AG, Victrex plc. , Panjin Zhongrun High-Performance Polymers Co. Ltd., A. Schulman Inc., Mitsubishi Chemical Corporation, PolyOne Corporation, Caledonian Ferguson Timpson Ltd, Darter Plastics Inc., Jrlon Inc., Prototype & Plastic Mold Co. Inc., and others.
Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share. For instance, in November 2017, Solvay launched Zeniva ZA-600 CF30 Polyether Ether Ketone, which is used as a moldable injection polymer for implantable devices.
In July 2016, 3D printing specialists German Company Indmatec has succeeded in 3D printing of PEEK parts for vacuum tech applications.
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