PEKK Market Likely to Showcase Increased Demand Motivated by Major Players during Assessment Period 2018-2028
July 17, 2019 by Steve Blade
The rapid growth of the automotive industry has been creating upsurge in demand for PEKK. These are used for the manufacturing of automotive coatings, composites and other parts as well as electronic products, such as high voltage equipment, semiconductors, wire and cables. High growth in aircraft demand due to increasing population and rising spending power of the population is projected to support the demand for PEKK over the forecast period. There has been significant increase in demand of high performance materials, which have been driving the business growth of PEKK Market. Increasing disposable income in the developing countries is pushing the automotive market.
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Rising demand for plastics from the aerospace, automotive and electronics industries will create ample opportunities for the PEKK (Polyetherketoneketone) manufacturers during the forecast period. PEKK offers high strength, toughness, stiffness and heat resistance and thus, PEKK is considered to be an important industrial plastic. PEKK is a thermoplastic polymer whose shape can be changed with the application of heat. These polymers find a wide range of applications in aerospace and automotive industries. PEKK is used in aircraft structural parts, automotive structural parts and parts of industrial machinery and equipment. PEKK is also used in various electronics and electrical parts. Toughness and heat resistance are some of its important characteristics which are favored in the aerospace and automotive industries. The major industrial applications of PEKK include cable, coating, circuit boards, composites, fibers, gaskets, machine
PEKK Market Restraints
One of the major challenges faced by the global PEKK market is its high cost. Large players in the market are continuously focusing on bringing innovations and developing processes to produce low-cost PEKK products. The large players can rip out the benefits of economies of scale and thus, sustainable growth for small players in the PEKK market is one of the big challenges in this market.
Additionally, presence of various alternative materials, including light weight metals and other polymers and plastics, is another restraining factor for this market. Environmental regulations to recycle plastics is another restraining factor for the PEKK market.
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PEKK Market Trends
Automotive manufacturers are focusing on creating lightweight materials for component manufacturing. PEKK is a material of choice in various automotive and automotive electronic component manufacturing processes. Growth in automotive industry in emerging economies is therefore pushing the demand for PEKK.
As per the Boeing outlook, some of the new aircrafts use a considerable amount of advanced composites. PEKK is also used in the manufacturing of various composites. High demand for these composites is expected to further push the demand for PEKK from the aerospace industry.
Global PEKK Market: Regional Outlook
Automotive manufacturers are shifting from mature regions to emerging countries, such as India and China. The global PEKK market is anticipated to be dominated by the Asia Pacific region, with China leading the market, both in terms of production and consumption. India is also anticipated to witness sound growth in demand for PEKK owing to the rapid growth in the automotive industry in the country. North America and Europe are collectively anticipated to hold significant share in the PEKK market and the growth in aerospace industry in the region is anticipated to further drive the demand for PEKK in the coming years. Significant investments and recovering economy in Brazil and Argentina are projected to drive the Latin America PEKK market. Middle East and Africa is projected to witness moderate growth in demand for PEKK over the forecast period, due to initiatives being taken by various Middle East countries towards making of a diversified economy.
Global PEKK Market Participants
Some of the market participants identified across the value chain of global PEKK market are Arkema Group, Gharda Plastics, TenCate Advanced Materials, Solvay, Hexcel Corporation, APEXCO-PPSi, miniFactory Oy LTD, EVONIK, Zyex Ltd, RTP Company
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