Polyether Ether Ketone (PEEK) market at US$0.68 bln in 2018, is expected to witness a CAGR of 6.9%, to reach US$1.16 bln by 2026, according to a new report by Reports and Data.The rising concern for fuel efficiency globally is fuelling the market growth amid increasing demand from automotive as well as healthcare industry being a prime factor driving the market growth
PEEK is a high-performance manufacturing, semi-crystalline thermoplastic. This hard opaque (grey) substance offers a unique mixture of immunity to chemicals, mechanical characteristics, exhaust, fatigue and as well as exceptionally high-temperature resistance, up to 480°F (260°C). The polymer refers to polyketone family of polymers (PEEK, PEK, PEKK, PEEKK, and PEKEKK), PEEK is the most extensively used and is produced in large scale amongst them.
Growing demand for high-performance plastics as a replacement to metals in automotive due to the increasing need for high performance and low weight materials is anticipated to drive the market. The stringent environmental administrative structure in advanced markets of Europe and the U.S has pushed the automotive business associates to use alternatives which help reduce fuel consumption by improving overall fuel efficiency. Such regional inclinations are expected to impact global volumes over the forecast period positively.
Several performance features of PEEK, including excellent strength and heat resistance, are anticipated to drive product preference in end-use industries. Despite the polymer being expensive, the market value of the material is increasing as it offers properties such as lightweight, toughness, and able to endure longer in severe environments.
North America and the Asia Pacific region followed by Europe are expected to witness steady growth during the forecast period. Developing economies of India, China, and South Korea are also likely to contribute significantly to regional growth due to the developing manufacturing and consumer packaging manufacturers. The market in North America is anticipated to grow at the highest rate of 7.5% during the forecast period.
Further key findings from the report suggest
Due to its persuasive crystalline composition, it is intrinsically opaque grey in color.
The material is used widely for its high durability, hardness, and rigidity to high temperature
Based on Technology the market is segmented as 3D printing, Extrusion and Injection Molding.
3D printing accounts for the largest share of the market in 2018. This Technology is expected to dominate the market in the coming years. PEEK can be 3D printed in temperatures between 370 to 450 degrees. The bed temperature for this technology should continuously be at a minimum of 120 degrees. The slower the 3D printing rate, the more specific the result will be. Due to its unique features, 3D printing PEEK supports the development of nearly any complex pattern geometry, which cannot be produced using other technologies. For 3D printing with PEEK filaments, FDM (Fused deposition modeling) or FFF (fused filament fabrication) methods are used. It is anticipated to grow at a CAGR of 6.9% during the forecast period. Light-weight components and designs have become an essential feature for designing and manufacturing automobiles. The application in the automotive segment accounts for the largest share in 2018. As it decreases overall vehicular weight, manufacturers are adopting it for substituting metal components. The material also helps in lowering emissions from automobiles. The application in healthcare is expected to grow at the highest rate of 7.3% during the forecast period. The material has been developing as a useful product for implantable machines mainly for spinal surgery.
It is substituting titanium, which was used for such purposes initially. Carbon-filled PEEK is favored more for such pharmaceutical uses. The market in Europe region is anticipated to grow at a rate of 7% during the forecast period.