Polyether Ether Ketone Market Trends, Drivers and Growth Projection Up to 2023
Market Overview Polyether ether ketone (PPEK) is a partially crystalline polyaromatic liner thermoplastic with high chemical and mechanical resistance properties. It finds application in various end-use industries such as electronics, medical, automotive, aerospace, and others. It is widely used in the manufacturing of electronic components due to enhanced durability, strong wear, and abrasion resistance properties. Polyether ether ketone utilization in the electrical industry is rising due to its strong mechanical properties and extreme temperature resistance. Rising demand for miniaturization in the electronic devices is propelling the market growth globally. Growing digitalization coupled with increasing purchasing power among consumers is fuelling the product demand. Initiatives such as the Internet of things (IoT) and automation are major driving factors for polyether ether ketone market. The product demand from healthcare sector is booming as a result of biocompatibility. PEEK is widely used in dental implants in place of titanium metal owing to less stress shielding and similar mechanical properties of PEEK and bone. Solvay S.A., a key player in the PEEK market, introduced two products under the brand name Zeniva ZA- 500L and ZA- 600L for use in implantable devices. Flourishing automotive and aerospace industries across the regions are augmenting the market growth. For instance, in 2016, Victrex PLC introduced new product under the brand name VICTREX AE 250 composites for the aerospace industry to increase the efficiency of aircraft. The company also entered into a joint venture with Tri-Mack plastics in 2017 to accelerate adoption of polyketone composite for the aerospace industry. The steps taken by the company are in tune with the increasing demand for the aircraft worldwide.