The polyether ether ketone market is estimated to be valued at USD 1,065.34 Mn in 2024, growing at a CAGR of 7.8% over the forecast period (2024-2031). PEEK is being widely used in various industries like automotive, medical, and aerospace due to its superior properties like biocompatibility, heat resistance, and durability. Furthermore, the increasing production of electric vehicles worldwide is also fueling the demand for PEEK.
Market Dynamics:
Rising automotive production: PEEK is extensively used in the automotive industry due to its high strength, durability, and heat resistant properties. It is used to manufacture lightweight components in electric vehicles and hybrid vehicles. The growing production of electric vehicles worldwide is driving the consumption of PEEK.
According to OICA, the global passenger car production rose by 4% year-on-year to reach 72.6 million units in 2021. This rising automotive production is expected to boost the demand for PEEK over the forecast period.
Medical devices industry growth: PEEK possesses excellent biocompatibility, making it suitable for medical implant applications. It is used to manufacture components for surgical instruments, orthopedic and spinal implants. The increasing healthcare expenditure and rising commonness of chronic diseases are fueling the medical devices industry growth.
Increasing Demand from the Aerospace Industry is Driving Growth in the PEEK Market
One of the major drivers for the PEEK market is the increasing demand from the aerospace industry. PEEK has excellent mechanical and thermal properties that make it well-suited for applications in the aerospace sector. Some key properties of PEEK that are fueling its adoption in the aerospace industry include heat resistance, impact resistance, dimensional stability, and radiolucency.
Aerospace is one of the largest end-use industries for PEEK as it is used to make various aircraft components that require high performance polymers. PEEK finds widespread use in aircraft interiors, engine components and airframe applications. It is used to make seals, bearings, gears, and other mechanical parts that have to withstand high heat and pressure. With the commercial aviation industry growing steadily and demand for new aircraft rising, the consumption of high-performance plastics like PEEK is increasing accordingly.
Growing Demand from the Medical Industry is Propelling the PEEK Market Forward
Another major driver for the PEEK market is the growing demand from the medical industry. PEEK is increasingly being used in implants, prosthetics and medical devices due to its biocompatibility and close resemblance to human bones. It is considered a preferable substitute for titanium and stainless steel in these applications.
PEEK matches human bones in terms of strength, X-ray compatibility, and elasticity. As such, PEEK finds widespread use in spinal implants, bone screws, cranial plates and other orthopedic applications. It is also used in dental crowns, bridges and orthodontic wires. With an aging global population and rise in lifestyle diseases, demand for medical implants and devices is growing steadily which is positively impacting the PEEK market.
Volatility in Raw Material Prices Hampers the Market Growth
One of the key restraints affecting the PEEK market is volatility in prices of raw materials. PEEK is manufactured by polycondensation of bisphenol A and dichlorobenzophenone. The prices of these raw materials fluctuate frequently depending on supply-demand forces and geopolitical issues.
Since PEEK manufacturing has high raw material content, fluctuations in input prices can significantly impact production costs for suppliers. This leads to uncertainty in pricing for customers as well. Frequent price changes make long-term contracts difficult and impact the planning process. This price volatility in turn restrains faster market growth for PEEK. Suppliers are compelled to frequently change their prices to adjust for movement in raw material costs.
Environmental Regulations Limit PEEK Production
Stringent environmental regulations around the world present another challenge for the PEEK industry. The production of PEEK releases harmful by-products such as brominated compounds which are toxic in nature. While downstream PEEK molding and processing itself has low environmental impact, its manufacturing does pose environmental hazards.
Tougher emission norms around the world mandate manufacturers to invest in pollution control equipment and waste treatment systems to meet regulatory standards. This increases capital expenditure and operating costs, especially for small and medium enterprises. The costs added due to compliance significantly impact margins for PEEK producers. While environmental protection is crucial, stringent norms do restrict scaling up of PEEK production to some extent.
Growing End-use Applications Present New Opportunities
The PEEK market is benefitting from growing applications of the polymer in new and diverse end-use industries. One of the key opportunities for suppliers is the increasing use of PEEK in the electronics industry. Properties like flame retardancy, high heat resistance, and electrical insulation make PEEK suitable for parts in electrical components and semiconductor packaging.
There is also a rising adoption of PEEK in 3D printing applications. PEEK filaments offer attributes like lightweight, high strength and X-ray compatibility which expands 3D printing capabilities for industries like automotive, aerospace, medical, and defense. Suppliers are exploring advanced PEEK materials and filaments tailored for 3D printing processes. This opens up new growth avenues going forward.
Greater Focus on Nanocomposites Offers Huge Potential
Another high-growth opportunity for the PEEK industry lies in nanocomposites. Supplementing standard PEEK with nanoparticle fillers allows enhancing mechanical, thermal, and chemical resistant properties further without compromising processability. Various nano-fillers such as graphene, carbon nanotubes, silica, and nanoclays are being researched.
Development of specialized PEEK nanocomposites opens up diverse applications across industries. Automakers are evaluating new types of reinforced PEEK for under-hood components.
Link: https://www.coherentmarketinsights.com/market-insight/polyether-ether-ketone-market-1005
Key Developments
- In February 2023, Victrex PLC's strategic decision to invest in the expansion of its medical division, Invibio Biomaterial Solutions, by setting up a new product development facility in Leeds, U.K., signifies a significant commitment to advancing the field of biomaterials and medical technology. This expansion initiative is poised to enhance Victrex PLC's capabilities in research, innovation, and product development, enabling the company to further strengthen its position as a leading provider of high-performance biomaterial solutions for medical applications.
- In March 2023, Victrex PLC's introduction of a new type of implantable PEEK-OPTIMA polymer tailored for use in the production of medical device additives, including fused deposition modeling (FDM) and fused filament fabrication (FFF), marks a significant advancement in the field of medical technology. This specialized polymer offers enhanced properties that make it ideal for applications requiring biocompatibility, durability, and precision. By leveraging this innovative material in manufacturing processes, medical device producers can achieve higher quality, more reliable products that meet stringent regulatory standards and improve patient outcomes.
- In March 2021, Evonik Industries, a Germany-based specialty chemicals company, launched INFINAM PEEK, a new 3D printable filament based on Polyether Ether Ketone (PEEK). The new ready-to-use polymer filament is ideal for metal replacement in infinite 3D applications and helped the company to expand its product portfolio.
- In January 2020, Yingkou Xingfu Chemical Company Limited, a chemical company in China, and Victrex Hong Kong Limited, a leader in PEEK and PAEK-based polymer solutions, entered into an agreement, to build a manufacturing facility of a new PEEK polymer in Liaoning, China. With this agreement, both companies will be able to cater to their customer demands.
Key Players
Zyex Ltd., Solvay S.A., Victrex plc, Panjin Zhongrun High Performance Polymers Co. Ltd., Caledonian Industries Ltd., Quadrant EPP Surlon India Ltd., Evonik Industries AG, Jrlon Inc., Celanese Corporation, Saudi Basic Industries Corporation (SABIC), Parkway Products, LLC, Shulman, Inc., J.K. Overseas, Cytec Solvay Group, Ensinger GmbH, Perfect polymers, Jilin Joinature Polymer Co., Ltd., Zhejiang Pengfulong Technology Co., Ltd., Zibo Bainaisi Chemical Co., Ltd, and BARLOG Plastics GmbH
