Market Overview
Polyetherketoneketone (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 35 million in 2021 and estimated to reach 46.51 million in 2030.
Market Segmentation
The global Polyetherketoneketone (PEKK) Market has been segmented on the basis of type, application, and region. By type, the global polyetherketoneketone (PEKK) market has been divided into nucleophilic substitution and electrophilic substitution. The electrophilic substitution segment held significant market share in 2022 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.
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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.
Polyetherketoneketone (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.
Competitive Analysis
Some of the leading players in the global Polyetherketoneketone (PEKK) Market Share by Company are Arkema (France), Rallis (India), RTP Company (US), Shandong Kaisheng New Materials Co., Ltd (China), Polymics, Ltd (US), Solvay (Belgium), and Oxford Performance Materials (US).
