Polyether Ether Ketone Market to Grow at a CAGR of 3.4% by 2035
According to ChemAnalyst report, “Polyether ether ketone (PEEK) Market Analysis: Plant Capacity, Production, Operating Efficiency, Process, Grade, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, 2015-2035”, Global polyether ether ketone demand stood at around 12 thousand tonnes in 2021, with the market expected to witness significant growth, growing at a CAGR of 3.4% by 2035.
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PEEK is a high-performance engineering thermoplastic and a polyaromatic semi-crystalline that belongs to polyaryletherketone family. PEEK polymer is derived from step-growth polymerization by the dialkylation of bisphenolate salts. It can be integrated by using nucleophilic substitution of 4,4’-difluorobenzophenone or 1,4-bis(4-fluorobenzoyl) benzene with hydroquinone in the presence of alkali carbonate under microwave irradiation to obtain high yield. Injection moulding, extrusion and compression monofilament are most of the conventional method that are used for processing PEEK but now this polymer is being processed by using advance 3D printing technology that extends possible applications such as from patient-specific hearing aids to surgical aids or instruments.
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In comparison to other polymers, PEEK exhibits outstanding properties for instance it is resistant to chemicals and high temperature, chemically inert and insoluble in all solvents, lightweight, creep-resistant, biocompatible, bioresorbable, etc. Since, PEEK molecule is very stable in nature, therefore it can be reprocessed and re-melted again and again without losing its properties. This reduces the environmental impact and ensures that waste material from manufacturing processes can be re-used economically. PEEK polymers are well suited for harsh and demanding environments. This light thermoplastic polymer can support numerous requirements at once to address material limitations in applications, frequently replacing metals, as well as to meet cost-efficiency and sustainability needs.
Based on end-use, PEEK is widely used in medical, aerospace, automotive, electricals and electronics, etc. Recently, Evonik has launched a plastic gear molded of Vestakeep PEEK which is being used in automobile transmissions. This PEEK molding compound is developed with the tribological properties, enabling noise reduction, vibration damping and durability in the harsh environment of internal combustion engines. Polyether ether ketone is the material of choice for implants in medical sector. Almost everywhere in the body, it provides optimum flexibility of movement for patients over an extended period. Evonik and Samplast are developing a VESTAPEEK Fusion, an osteoconductive PEEK biomaterial, achieved by using a functional additive called biphasic calcium phosphate that allow attachment of bone cells to implants more efficiently, thus, accelerating bone fusion and convalescence. Companies like Victrex and Solvay are leading companies for manufacturing PEEK biomaterials in medical grade that are well suited for medical devices application such as dental abutments, blood management, surgical instruments, spinal fusion, trauma facture fixation, etc. With this increased use of non-implantable and implantable devices, the PEEK demand is anticipated to increase in the market.
Region wise, Europe holds the maximum global demand of PEEK, and the market is anticipated to grow at a steady rate. A few companies have begun to invest in new plants such as Victrex and are planning to expand PEEK capacity in UK debottlenecking and China joint-venture in future.
- Solvay S.A.
- Oxford Polymers
- Victrex plc.
- Jilin Joinature Polymer Co., Ltd.
- Panjin Zhongrun High Performance Polymers Co. Ltd.
- Jida Evonik High Performance Polymers
- Daicel-Evonik Ltd. and others.
“Polyether ether ketone or PEEK, a high-heat engineering thermoplastic regarded as widely used polymer which is employed in demanding end-user industries such as Aerospace, Automotive, Electrical and Electronics, Medical, etc. PEEK possess biocompatibility, bioresorbable, light weight, high-heat resistivity and other exceptional properties. Due to all these properties of Polyether ether ketone, a rise in its demand is projected to drive its market growth over the forecast period, gaining popularity in the market and offer various opportunities for manufacturers to expand their existing capacities and fill the demand – supply gap in future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
In this report, Polyether Ether Ketone (PEEK) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market size volume by 2021
12 thousand tonnes
CAGR of 3.4% from 2022 to 2035
Base year for estimation
2015 – 2020
2023 – 2035
Demand in Thousand Tonnes and CAGR from 2022 to 2035
Revenue forecast, demand & supply, competitive analysis, competitive landscape, growth factors, and trends
Grade (Unfilled Grade, Glass Fiber, Carbon Fiber, Bearing Grade, etc)
End-Use (Aerospace, Automotive, Electronics and Electricals, Medical Implants and Others (Semi-conductor, Energy, etc.))
Sales Channel (Direct Company Sale, Indirect Sale)
North America; Europe; Asia Pacific; South America; Middle East & Africa
United States; Mexico; Canada; China; India; Japan; South Korea; Taiwan; Singapore; Germany; Belgium; France; United Kingdom; Spain; Italy; Sweden; Austria; Saudi Arabia; Iran; South Africa; Brazil; Argentina
Key companies profiled
Solvay S.A., Oxford Polymers, Victrex plc., Jilin Joinature Polymer Co., Ltd., Panjin Zhongrun High Performance Polymers Co. Ltd., Jida Evonik High Performance Polymers, Daicel-Evonik Ltd. and others.
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