Polyether Ether Ketone Market is Expected a Promising Growth during the Forecast Period 2023-2030 |
The global polyether ether ketone market size is anticipated to grow due to the increasing product demand from the healthcare industry. Fortune Business Insights™ publishes this information in an upcoming report titled, “Polyether Ether Ketone Market, 2023-2030”. Polyether ether ketone (PEEK) is a colorless polymer with excellent heat resistance and mechanical properties. This semi-crystalline thermoplastic polymer is used in several end-use industries such as healthcare, aerospace, automotive, oil & gas, and others.
Halted Manufacturing Units Amid Pandemic Hampered the Market Growth
The outbreak of COVID-19 pandemic affected various industries due to halted manufacturing units and a lack of supplies. Due to the disrupted supply chain and logistics activities, the chemical and material industry has witnessed declined product demand during the initial lockdown phase. The government has imposed strict restrictions on import/export policies and instructed employees to work at 50% capacity to avoid spreading viruses. These factors have affected the polyether ether ketone market growth during the pandemic.
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By type, the market is divided into glass filled, carbon filled, unfilled, and others.
Based on the end-use industry, the market is categorized into electrical & electronics, aerospace, automotive, oil & gas, healthcare, and others.
Finally, by geography, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The research report provides complete information regarding recent trends and developments in the industry. Drivers and restraints affecting the market growth during the forecast period are highlighted further in this report. Also, the impact of COVID-19 pandemic on market growth is given along with the changing business scenarios. Regional insights on segmented market areas are described, along with a list of key market players and recent developments introduced by these players.
Drivers & Restraints:
Rising Product Demand From Healthcare Sector To Bolster Market Growth
The market is expected to grow significantly during the forecast period due to the healthcare industry’s rising product demand. This polymer provides high mechanical strength, high electrical integrity, lesser weight, temperature resistance, and chemical resistance. The product is highly preferred over metals for surgical instruments and artificial bone in the healthcare sector. The rising demand for polyether ether ketone over metals is anticipated to bolster market growth during the projected period.
However, high production costs and high product prices may hamper market growth by restricting polymer utilization in several industries.
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Asia Pacific Dominates Global Market Due To Rising Product Adoption
Asia Pacific is expected to dominate the global polyether ether ketone market share during the forecast period due to the increasing adoption of the products in the defense and aerospace industry. High product demand from the automotive sector is anticipated to drive regional market growth.
Europe is anticipated to hold the second-largest market share due to rising product adoption in emerging countries such as the U.K. and Germany. Also, developing healthcare infrastructure in this region is anticipated to bolster market growth.
New Product Launch Allows Key Players To Enhance Their Product Portfolio
The key market players focus on introducing new products by implementing recent technologies. These products are developed precisely with high efficiency and better quality to improve the company’s product portfolio. Also, forming alliances and joint ventures allow key market players to expand their business reach by improving their product development line.
Key Industry Developments:
- March 2021: Evonik Industries launched INFINAM PEEK, a new 3D printable filament based on PEEK (polyether ether ketone). The new ready-to-use polymer filament is ideal for metal replacement in infinite industrial 3D applications and will help the company extend its product portfolio.
- January 2020: Yingkou Xingfu Chemical Company Limited and Victrex Hong Kong Limited entered into a joint venture to build a manufacturing facility for a new PEEK polymer in Liaoning, China. This agreement will help both companies to fulfill consumer needs.
List of Key Players Profiled in the Market Report for Polyether Ether Ketone:
- Victrex plc (U.K.)
- Solvay S.A. (Belgium)
- Evonik Industries AG (Germany)
- Panjin Zhongrun High Performance Polymers Co. Ltd. (China)
- Celanese Corporation (U.S.)
- SABIC (Saudi Arabia)
- Foster Corporation (U.S.)
- Ensinger (Germany)
- PEEK SANWARDHAN FARMER PRODUCER COMPANY LIMITED (India)
- Invibio Ltd. (U.K.)
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