February 24, 2024
Polyether Ether Ketone Market

Rising Demand From Medical Industry To Fuel Growth Of The Global Polyether Ether Ketone Market

The global Polyether Ether Ketone Market is estimated to be valued at US$ 729.34 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Polyether ether ketone (PEEK) is a semi-crystalline thermoplastic polymer belonging to polyaryletherketone (PAEK) family. It is known for its excellent properties such as heat resistance, chemical resistance, outstanding mechanical properties and biocompatibility. These advantages make PEEK suitable for various applications in aerospace, automotive, oil & gas, medical and electrical industries. In medical industry, PEEK is widely used for implants, spinal cages and other load-bearing medical devices as it is lightweight, durable and compatible with body tissues.

Market key trends:

One of the key trends in the global PEEK market is increasing usage in medical implants. Due to excellent biocompatibility of PEEK, it is replacing metals like titanium and stainless steel in applications such as spinal implants, knee and hip replacements. PEEK offers flexural and compressive strength similar to bone while being radiolucent, allowing better visualization during surgeries. Also, PEEK interacts well with human tissues, resisting corrosion and rejection. Leading implant manufacturers are using customized PEEK offerings to develop innovative and minimally invasive medical devices. This growing demand from the medical sector is expected to drive the demand for PEEK over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as significant capital investments are required for raw material procurement and production facility set up. However, the availability of raw materials curbs new companies from entering this market.

Bargaining power of buyers: The bargaining power of buyers is moderate as PEEK competes with other high-performance polymers, providing buyers with low switching costs. Large volume buyers can negotiate better prices from suppliers.

Bargaining power of suppliers: The bargaining power of suppliers is high as relatively few suppliers have access to advanced production technologies and raw materials required for PEEK production. Suppliers can influence prices.

Threat of new substitutes: The threat of new substitutes is low as PEEK offers uniquely high strength, stiffness, biocompatibility properties. Developing substitutes would require significant R&D investments.

Competitive rivalry: Intense competition exists among existing players to gain market share through product development, capacity expansion and cost reduction strategies.

Key Takeaways

The Global Polyether Ether Ketone Market Share is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing demand from the automotive and aerospace industries. PEEK’s ability to withstand high pressure and temperatures makes it suitable for high-performance applications.

Regionally, North America is expected to dominate the Polyether Ether Ketone market over the forecast period. Presence of leading automotive and aerospace manufacturers and growing R&D investments in the region are stimulating demand. Asia Pacific is projected to be the fastest-growing market for PEEK owing to rising production of automotive and industrial components in China and India.

Key players operating in the Polyether Ether Ketone market are 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, and Jrlon Inc. Players are focusing on launching new grades of PEEK and outsourcing production to meet the rising demand.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it