Polyether Ether Ketone (PEEK) is an engineering thermoplastic polymer possessing exceptional mechanical and chemical resistance properties. PEEK is used in various demanding applications such as precision parts in aircraft and aerospace components, medical implants, and automobile components. PEEK provides advantages such as high strength, stiffness, durability, heat resistance, and friction properties along with biocompatibility. Rising automobile production and stringent regulatory standards governing fuel efficiency and emissions have increased the demand for lightweight materials like PEEK.
The global Polyether Ether Ketone Market is estimated to be valued at US$ 840.2 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of PEEK in the automotive industry has been steadily growing over the past few years particularly in powertrain, engine, and exhaust components due to its lightweight and heat resistance properties. PEEK aids in reducing vehicle weight without compromising durability and reliability. Lower weight allows improved fuel efficiency and reduced emissions bringing automakers in compliance with tough emissions regulations. The increasing use of PEEK in high-performance cars, electric vehicles, and hybrid vehicles is driving the demand for PEEK in the automotive industry.
Segment Analysis
The global polyether ether ketone market size is dominated by the medical sub-segment. Polyether ether ketone find wide applications in medical implants and medical devices due to their biocompatibility and corrosion resistance properties. They are commonly used to manufacture joints, spinal fusion cages, and dental implants. The non-visibility under diagnostic imaging systems further makes polyether ether ketone a preferred choice for medical applications.
Key Takeaways
The global polyether ether ketone market is expected to witness high growth over the forecast period of 2024 to 2031. The global Polyether Ether Ketone Market is estimated to be valued at US$ 840.2 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
North America holds the major share of the global polyether ether ketone market due to high demand from the healthcare industry. The presence of leading medical device manufacturers and growing healthcare infrastructure are fueling the consumption of polyether ether ketone in the region.
Key players related content comprises
Key players operating in the polyether ether ketone market are Solvay, Evonik, Victrex, Stern Industries Inc., PandA Polymer, and Polymics. Solvay and Evonik are the prominent producers of polyether ether ketone globally.
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