Discover the Polyether Ketone (PEK) Market Size Research Report 2021-2031

COVID-19 Impact on Polyether Ketone (PEK) Market

On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
Manufacturing of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the polyether ketone (PEK) market.

Growth in urbanization and rise in disposable income of consumers have contributed to the rise in sales of automobiles. Polyether ketone (PEK) has major applications in automotive and aerospace sectors, due to superior protection that it offers. Polyether ketone (PEK) retains its strength as temperatures rise. It is often used in applications with vibrational or cyclic loading conditions and where components must withstand high mechanical loads at high temperatures for extended periods of time, such as gears, shafts, bushes, bearings, and miniature rotational precision parts in aerospace and automotive industries.
Increasing demand for PEK in the electrical & electronics industry is expected to fuel the global polyether ketone (PEK) market in the next few years. High investments have been witnessed in various end-use industries in the last few years. Improving economic conditions in developing economies is anticipated to boost the global polyether ketone (PEK) market in the near future.
High cost of PEK is expected to hamper the polyether ketone (PEK) market in the near future

Based on end-use, the global polyether ketone (PEK) market can be segmented into automotive, aerospace, electrical & electronics, industrial, and others
Automotive and aerospace segments are projected to gain higher share of the global market during the forecast period. Polyether ketone (PEK) is increasingly used in automotive and aerospace sectors. This is projected to boost the global market for polyether ketone (PEK) in the next few years.
The electrical & electronics segment is also projected to hold key share of the global polyether ketone (PEK) market in the near future. PEK is often used as the body for electrical connectors to minimize thermal expansion, provide chemical resistance, and promote effective sealing. This is projected to propel the global polyether ketone (PEK) market during the forecast period.

In terms of region, the polyether ketone (PEK) market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
The global market has expanded significantly in the past two decades. This trend is estimated to continue during the forecast period.
Asia Pacific holds significant share of the global market. Rise in population, growth in the automotive sector, technological advancements, and changes in lifestyle are projected to boost the market in Asia Pacific during the forecast period. Growth in the chemical industry in China and India is likely to create lucrative opportunities for the polyether ketone (PEK) market in the region.
The market for polyether ketone (PEK) in North America and Europe is driven by increase in the demand for PEK in automotive & aerospace applications in these regions
The polyether ketone (PEK) market in Latin America and Middle East & Africa is estimated to expand at a significant pace during the forecast period owing to the recent economic growth in these regions. Growth in demand for polyether ketone (PEK) in the electrical & electronics industry is likely to fuel the demand for polyether ketone (PEK) in Middle East & Africa.