PEKK (PEKK) Market: Information by Type (Electrophilic Substitution, Nucleophilic Substitution), Application (Aerospace, Automotive, Medical, Others), and Region (North America, Europe, Latin America, Asia-Pacific)—Forecast till 2024

Key Players:

Arkema (France), Rallis (India), RTP Company (US), Shandong Kaisheng New Materials Co., Ltd (China), Polymics, Ltd (US), Solvay (Belgium), and Oxford Performance Materials (US).

Market Synopsis:

PEKK (PEKK) Market Size was valued at USD 35.8 million in 2018 and expected to register a CAGR of 10.7% during the forecast period. It offers excellent resistance to chemical and abrasion.

Among high-performance polymers, PEKK can resist extreme environments making it an ideal for use in the aerospace and oil exploration industries. In addition, when PEKK is reinforced with carbon fibers, it becomes as rigid as metal and exhibits significant lightweight properties. In the aerospace industry, PEKK is used as a high-performance alternative in motor and engine owing to its capability to withstand extreme conditions.

According to the Aerospace Industries Association, the global aerospace and defense industry grew by 3.0% in 2016. The US aerospace and defense industry contributes major share towards revenue generation of the global aerospace industry, which was USD 865 billion in 2017. Thus, the growing aerospace industry is positively expected to influence the demand for PEKK during the forecast period.

The increasing applications of PEKK in gas & water injection lines, offshore oil & gas production, and gas lift lines is expected to drive the global market growth. Increasing investments in oil & gas exploration and production due to rising concern regarding depleting conventional resources is expected to boost the growth of the oil & gas industry, which consequently is expected to favor the demand for PEKK.

According to the organization of the petroleum exporting countries (OPEC), the oil and gas collectively are expected to continue to cater to more than half of the global energy needs by 2040. The growth of the end-use industries including automotive, aerospace, and petrochemicals is likely to support the growth of the global PEKK (PEKK) market.

Further, the global production of unconventional oil increased from 1 million cubic meters to around 3 million cubic meters in 2017, and that of natural gas increased from 4.3 billion cubic meters in 2014 to nearly 11 billion cubic meters in 2017. Thus, the increase in oil & gas exploration activities is a key factor expected to drive the growth of the global PEKK (PEKK) market during the review period.

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Market Overview:

PEKK (PEKK) is reinforced with carbon fiber to manufacture aircraft and automobile components. It is majorly used in the manufacturing of transportation and structural engineering components. In the automotive industry, it is used in brake fluid tank and interior components of the vehicles. The increasing adoption of PEKK in the automotive industry is expected to accelerate the global market growth. The America Automotive Policy Council reported that the US automobile production is expected to exceed to 11 million in 2021 and estimated to reach 12 million in 2025.

Market Segmentation:

The global PEKK (PEKK) market has been segmented on the basis of type, application, and region. By type, the global PEKK (PEKK) market has been divided into nucleophilic substitution and electrophilic substitution. The electrophilic substitution segment held significant market share in 2017 and is projected to dominate in the coming years owing to the rise in the application of PEKK in oil & gas extraction. The global market has been segmented based on application into aerospace, automotive, medical, oil & gas, and others. The high demand for lightweight components in the automotive industry to manufacture lightweight vehicles and curb CO2 emissions is expected to boost the growth of the segment in the coming years.

Regional Analysis:

The Asia-Pacific market is expected to register a healthy CAGR during the forecast period owing to the expanding electric vehicles industry. The increasing demand for electric vehicles has surged the application of PEKK in the region in the manufacturing of lightweight components. Furthermore, the rise in disposable income, cheap airfares, and growth in the tourism sector are factors expected to fuel the growth of the aerospace industry, which consequently is expected to boost the demand for PEKK in the manufacturing of aircraft.

PEKK (PEKK) offers anti-bacterial benefit to the medical devices, which is increasing its application in medical devices. The North American market is estimated to witness substantial growth in terms of CAGR due to the growing healthcare industry.