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Polyether Ether Ketone Market Overview
Polyether Ether Ketone Market is projected to be worth USD 1225.8 million by 2027, registering a CAGR of 6.9% during the forecast period (2021-2027). PEEK (polyether ether ketone) is a chemically and mechanically resistant partly crystalline polyaromatic lining thermoplastic. It is used in a variety of industries, including electronics, medical, automotive, aerospace, and others. Because of its increased durability, wear resistance, and abrasion resistance, it is commonly employed in the production of electronic components. Because of its high mechanical qualities and great temperature tolerance, polyether ether ketone is becoming more used in the electrical industry. Global polyether ether ketone market expansion is being fueled by rising demand for miniaturization in electronic gadgets. Product demand is being fueled by rising digitization combined with rising consumer purchasing power. Internet of things (IoT) and automation initiatives are important driving drivers for the polyether ether ketone industry. Biocompatibility is causing a surge in product demand in the healthcare industry. Because of its similar mechanical qualities to bone and less stress shielding, PEEK is extensively utilized in dental implants in place of titanium metal. In the long run, the market is likely to be driven by the increased use of lightweight materials and PEEK in the electrical and electronics industry. During the projected period, the availability of cheaper alternatives is expected to stifle market growth. The expanding number of applications in the healthcare industry is likely to function as an opportunity for the market.
Key Players
Some of the key players in the global polyether ether ketone market are Victrex plc (UK), Solvay (Belgium), Evonik Industries AG (Germany), Darter Plastics, Inc. (U.S.), Jrlon, Inc. (New York), Caledonian Ferguson Timpson Ltd (UK), SABIC, Saudi Basic Industries Corporation (Saudi Arabia), Celanese Corporation (U.S.), Zyex (UK), Quadrant Epp Surlon India Limited (India), and Stern Companies (U.S.).
Market Synopsis:
Polyether ether ketone (PPEK) is a partially crystalline polyaromatic liner thermoplastic with high chemical and mechanical resistance properties. It finds application in various end-use industries such as electronics, medical, automotive, aerospace, and others. It is widely used in the manufacturing of electronic components due to enhanced durability, strong wear, and abrasion resistance properties.
Polyether ether ketone utilization in the electrical industry is rising due to its strong mechanical properties and extreme temperature resistance. Rising demand for miniaturization in the electronic devices is propelling the polyether ether ketone market growth globally. Growing digitalization coupled with increasing purchasing power among consumers is fuelling the product demand. Initiatives such as the Internet of things (IoT) and automation are major driving factors for polyether ether ketone market. The product demand from healthcare sector is booming as a result of biocompatibility. PEEK is widely used in dental implants in place of titanium metal owing to less stress shielding and similar mechanical properties of PEEK and bone. Solvay S.A., a key player in the PEEK market, introduced two products under the brand name Zeniva ZA- 500L and ZA- 600L for use in implantable devices. Flourishing automotive and aerospace industries across the regions are augmenting the polyether ether ketone market growth. For instance, in 2016, Victrex PLC introduced new product under the brand name VICTREX AE 250 composites for the aerospace industry to increase the efficiency of aircraft. The company also entered into a joint venture with Tri-Mack plastics in 2017 to accelerate adoption of polyketone composite for the aerospace industry. The steps taken by the company are in tune with the increasing demand for the aircraft worldwide.
Global Polyether Ether Ketone Market Share, by the application (%)
Source: MRFR analysis
Regional Analysis
Asia Pacific was the largest market in the global polyether ether ketone market in 2016 due to the rising demand for the electronic gadgets such as smartphones, home appliances, and telecommunication. Initiatives taken by the Indian government in 2015 such as Faster Adoption and Manufacturing of Electric and Hybrid (FAME) vehicles in India are driving the polyether ether market. Increasing penetration of digitalization among the young generation is propelling the market for PEEK in this region. China is the largest consumer of PEEK as a result of growing electrical industry along with the significant rise in per capita disposable income. Increasing production of automobiles in the developing countries such as India, China, and Thailand owing to rising disposable income of the consumers. Shifting manufacturing base from developed countries to the developing countries due to low production cost is another factor driving the market growth in this region.
North America is another prominent polyether ether ketone market for PEEK due to increasing consumption of the product in various industries such as electrical, aerospace, marine, and healthcare. Surging demand for consumer electronics coupled with high purchasing power is driving the market growth in this region. Increasing use in the healthcare industry owing to rising investment in spinal fusion is fuelling the product demand.
European market is expected to witness a considerable growth owing to rising investment in healthcare by the consumers. Growing automotive industry in Germany, Spain, and Russia is expected to drive the product demand in this region.
The growing demand for the automotive industry in the Latin America and the Middle East & Africa is expected to augment the polyether ether ketone market further.
Recent Development
March 2023 - A novel type of implantable PEEK-OPTIMA polymer is put forth by Victrex PLC, designated for Fused Deposition Manufacturing (FDM) and Fused Filament Fabrication (FFF) medical additives sculptors.
February 2023 - Victrex PLC has announced plans to further grow its medical sector by adding a new product line for its Invibio Biomaterial Solutions at a dedicated facility in Leeds, United Kingdom.
July 2022 KT-850SCF 30: the new KetaSpire polymers introduced by Solvay are aimed for use in precision mechanical brake systems and E-mobility pump designs and components.
To extend its reach and potential in the biotechnological segment, Solvay is collaborating with Genesis Consortium and IndieBio, which is under SOSV in February 2023.
In January 2023, Solvay launched bio-circular silica across Europe as part of the company’s growth strategy to fortify its foothold in North America.
In February 2023, Evonik and EnBW signed yet another long-term electricity procurement supply agreement revolving around the He Dreiht offshore wind farm Kyswindfarm.
February 2022 Solvay has partnered with Mitsubishi Chemical Advanced Materials in the recycling and recovery of Other high-performance polymers alongside Keta Spire polyetheretherketone (PEEK).
In March 2022, Evonik unveiled its 3D printable filament manufactured from PEEK INFINAM. It was stated that INFINAM PEEK has potential compatibility with various 3D extrusion technologies like FDM and FFF.
In December 2022, clinical data for 6 months was collected to compare the polyetheretherketone (PEEK) devices against the Nexxt Matrixx 3D-printed titanium interbody family, and Nexxt Spine announced that completion of enrollment was done.
The design of a high-performance fusion cage was created for the first time in China by incorporating the strategic collaboration developed by Beijing Fule and Invibio Biomaterial Solutions in June 2022, making it the first product of its kind to be manufactured using polymers enhanced with PEEK-OPTIMATM.
February 2023 - Victrex PLC has announced plans to further grow its medical sector by adding a new product line for its Invibio Biomaterial Solutions at a dedicated facility in Leeds, United Kingdom.
July 2022 KT-850SCF 30: the new KetaSpire polymers introduced by Solvay are aimed for use in precision mechanical brake systems and E-mobility pump designs and components.
To extend its reach and potential in the biotechnological segment, Solvay is collaborating with Genesis Consortium and IndieBio, which is under SOSV in February 2023.
In January 2023, Solvay launched bio-circular silica across Europe as part of the company’s growth strategy to fortify its foothold in North America.
In February 2023, Evonik and EnBW signed yet another long-term electricity procurement supply agreement revolving around the He Dreiht offshore wind farm Kyswindfarm.
February 2022 Solvay has partnered with Mitsubishi Chemical Advanced Materials in the recycling and recovery of Other high-performance polymers alongside Keta Spire polyetheretherketone (PEEK).
In March 2022, Evonik unveiled its 3D printable filament manufactured from PEEK INFINAM. It was stated that INFINAM PEEK has potential compatibility with various 3D extrusion technologies like FDM and FFF.
In December 2022, clinical data for 6 months was collected to compare the polyetheretherketone (PEEK) devices against the Nexxt Matrixx 3D-printed titanium interbody family, and Nexxt Spine announced that completion of enrollment was done.
The design of a high-performance fusion cage was created for the first time in China by incorporating the strategic collaboration developed by Beijing Fule and Invibio Biomaterial Solutions in June 2022, making it the first product of its kind to be manufactured using polymers enhanced with PEEK-OPTIMATM.
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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