Aromatic Ketone Polymer Market by Functional Type, Application, End-use Industry & Region - Analysis & Forecast to 2027
Market Overview:
Aromatic ketone polymers are high-performance thermoplastic polymers due to properties such as compatibility with harsh temperature, processability, corrosion resistance, and excellent combustion resistance property among others. It is classified into three types namely poly ether ether ketone (PEEK), poly ether ketone ketone (PEKK), and poly ether ketone (PEK) among which PEEK is the most preferred polymer for engineering applications. These polymers are widely used in the manufacturing of electronic equipment due to excellent chemical resistance properties. Increasing technological advancement in various applications namely watches, vehicles, and home appliances is driving the market growth. Rising demand for semiconductors, displays, and other electronic devices is propelling the market growth. Usage of advanced technology and high-quality products coupled with rising disposable income is fuelling the demand for the product in the North American and European region. Few initiatives like the Internet of things (IoT), automation, and artificial intelligence (AI) are expected to augment the market growth for PEEK. Major industry participants are focusing on developing application-specific products to widen the spectrum of applications. For instance, Evonik Industries under the brand RESOMER is widely used for medical implants. Also, it has developed PEEK powder under the brand VESTAKEEP, which is used for tribological coatings. Growing use of PEEK in aerospace and automotive industry due to corrosion resistance, high temperature resistance and light weight is expected to drive the market growth.
Market Segmentation
The global aromatic ketone polymers market has been segmented on the basis of product, application, and region.
Based on the type, the market is divided into pol yether ether ketone (PEEK), poly ether ketone ketone (PEKK), and poly ether ketone (PEK).
On the basis of the application, the market is segmented into electronics, automotive, aerospace, medical, and others.
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Regional Analysis
The global aromatic ketone polymers market is geographically divided into five regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America emerged as the leading regional market due to increasing technological advancements in the electrical industry coupled with strong economic growth in Southeast Asian countries. Europe is another prominent market due to the introduction of high-quality electronic devices coupled with rising focus on R&D and innovation. Asia Pacific is the fastest growing region in this market due to emerging industrial base in the developing nations such as India and China.
Competitive Analysis
Some of the key players in the global aromatic ketone polymers market are Solvay S.A. (Belgium), Victrex plc (UK),) Evonik Industries (Germany), A.Schulman Inc (U.S.), DSM Engineering Plastics (Netherlands), EMS-CHEMIE HOLDING AG (Switzerland), Kuraray Co., Ltd (Japan), Gharda plastics (India), Darter Plastics (U.S.), and Ismat (India).
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