(MENAFN- America News Hour) The Global Polyether Ether Ketone (PEEK) market is projected to register a CAGR of more than 8% in revenue terms during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led to shutdown of manufacturing facilities of almost every industry worldwide for a specified time. Aerospace and automotive industries which are the major consumers of PEEK suffered hugely due to the pandemic. Disruption in Chinese parts exports, large scale manufacturing interruptions across Europe, and the closure of assembly plants in the United States hugely impacted the automotive industry. Further, according to various industry experts, sales in Europe and United States is not expected to rebound to pre-COVID levels until 2023. However, on a positive note, China's rebound continues to accelerate, with the potential to approach 30 million new vehicles sold by 2025, thereby accelerating production. The aerospace and defense sector has also been affected by the pandemic with the companies involved in the sector experiencing disruption in production. Demand for spare parts has also been down due to limited requirement for maintenance. Moreover, restricted air travel restrictions have resulted in declining passenger traffic thereby further impacting the market. However, these industries have the potential to recover in the coming years.
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– Over the long run, the increasing usage of lightweight materials and growing usage of PEEK in electricals and electronics industry are expected to drive the market growth.
– Availability of cheaper alternatives is expected to hinder the market growth during the forecast period.
– The rising number of applications in the healthcare industry is likely to act as an opportunity for the market studied, over the forecast period.
– Europe is expected to dominate the global polyether ether ketone (PEEK) market; while North America is expected to register the fastest growth through the forecast period.
Key Market Trends
Aerospace and Defense Industry to Dominate the Market Demand
– PEEK owing to its excellent processability and workability is widely used in aerospace and defense sector. Moreover, the use of polyether ether ketone (PEEK) facilitates weight reduction, maximum strength, lower fuel consumption and carbon dioxide emission which further incentivizes their usage in the aerospace and defense industry.
– Polyether ether ketone (PEEK) further offers highest strength-to-weight ratio, which allows it to replace heavy metal parts in the aerospace industry. Overall, increasing production of aircrafts and defense vehicles is expected to drive the market growth.
– As per Japan Aircraft Development Corporation (JADC), the in-service passenger jet fleet will increase from 24,015 units in 2019 to 41,274 units in 2039.
– Large demand of passenger jets is estimated to be generated; with North America (22%), Europe (21%), and China (17%), accounting for 60% of deliveries in the global market.
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– The increasing applications of PEEK in the aerospace and defense industry are further projected to drive the market demand during the forecast period.
– Additionally, according to Aerospace Industries Association (AIA), the total aerospace and defense industry generated USD 909 billion in 2019, which however declined in 2020. Nonetheless, the market is estimated to rise through the forecast period.
North America to Dominate the Market
– North America dominated the global market with United States accounting for the largest consumption market amongst other countries in North America in 2020.
– The United States market is expected to register a steady rate owing to steady demand from various end-user industries, such as aerospace, electrical and electronics, amongst others; which in turn is expected to drive the PEEK market.
– According to International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehicles in Canada declined by 28%, in Mexico by 21% and in United States by 19% in 2020; however, the automotive industry still constitutes to be one of the major industries in United States. The automotive industry is also at the forefront of innovation in the country and has been on the receiving end of a series of investments through the years. This is expected to positively impact the PEEK demand in the country through the coming years.
– Furthermore, the electrical and electronics market in the United States is driven by continuous R&D and investment for innovative products. Furthermore, in the United States, consumer electronics has a huge market, and it is expected to register a good growth rate, because of increasing demand for tablets, smartphone, smart drones, and headsets, which in turn is expected to drive the PEEK market.
– In the aerospace sector, a series of investments is expected to propel the demand for PEEK in the country. For instance, in Jan 2020, Airbus company announced an increase in investment and expansion of aircraft manufacturing in the United States. Airbus company has further announced its plan to produce about 63 A320 Family aircraft per month in 2021.
– Overall, such factors are expected to drive the market growth through the forecast period.
Competitive Landscape
The global polyether ether ketone (PEEK) market is partially consolidated in nature. The major companies include Victrex plc., Solvay, Evonik Industries AG, Mitsubishi Chemical Corporation, and Greene Tweed.
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