Press release
Polyether Ether Ketone Market: Set for Rapid Growth and Trend by 2025
Physical characteristics such as low moisture absorption, superior mechanical & electrical properties and ability to retain these properties at relatively higher temperatures render the material ideal for a wide range of specialty applications. Demand for Polyether ether ketone (PEEK) has witnessed a strong growth especially in applications pertaining to aerospace industry due to comparatively light weight, relatively better high temperature performance and durability as compared to other conventional materials. Growing concern towards ill-effects of pollution and pollutants emanating from automobiles have prompted industry participants to resort to automotive light-weighting wherein adoption of alternative lightweight materials for fabrication of components which were otherwise made from conventional materials so as to better address efficiency and pollution related issues has been laid emphasis on.
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Such developments are expected to drive the growth in demand for polyether ether ketone during the forecast period. Moreover, polyether ether ketone is bio compatible material and is gaining wider acceptance in the medical field. MRI compatibility, sterilization resistance and lack of toxicity are among other major characteristics that make polyether ether ketone (PEEK) suitable for various medical applications. However, relatively higher cost of the material is expected to restrict the use of polyether ether ketone to certain relatively higher value applications.
On the basis of product type, global polyether ether ketone market is segmented in to three types namely unfilled, glass filled and carbon filled. On the basis of application, the global polyether ketone market is classified into automotive, aerospace, medical, electronics & electrical and others. Among the various application based segments, automotive applications accounted for a significant share in overall global PEEK consumption. Moreover, medical applications segment is expected to witness relatively faster growth over the forecast period.
Examples of some of the market participants in the global polyether ether ketone market value chain include Solvay S.A., Evonik Industries AG, Victrex plc, Stern Industries Inc., A. Schulman Inc., Mitsubishi Chemical Corporation, PolyOne Corporation, LATI Industria Termoplastici S.p.A. and Saudi Basic Industries Corporation (SABIC), among others
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