In Q1 2024, the global Polyether Ether Ketone (PEEK) market saw a stabilizing trend in India, with prices reported at INR 7,389,604 per metric ton, showing a decrease of 4.5% from the previous quarter. This decline was largely driven by a reduction in demand from key sectors such as aerospace, automotive, and electronics. Despite steady growth in the Indian manufacturing sector, the lower demand for PEEK in high-performance applications, coupled with global economic uncertainties, put downward pressure on prices. However, the long-term outlook remained optimistic due to the increasing use of PEEK in emerging industries like medical devices and renewable energy.
In Q2 2024, PEEK prices in India continued their downward trend, reported at INR 7,220,790 per metric ton, reflecting a further decrease of 2.2% from Q1. The dip in prices was attributed to weaker demand in the automotive and aerospace sectors, where PEEK is widely used for its lightweight and high-temperature resistance properties. Other contributing factors included a slowdown in global manufacturing and logistical challenges, such as higher freight costs and supply chain disruptions. The reduced demand for high-performance polymers in sectors like oil and gas also played a role in the declining prices during this period.
By September 2024, in Q3, the PEEK market in India experienced a price recovery, with prices rising to INR 7,561,090 per metric ton, marking an increase of 4.7% from Q2. This price surge was driven by stronger demand from sectors such as healthcare and renewable energy, where PEEK’s exceptional properties are highly valued. On a global scale, increased industrial activity, improved supply chains, and a rebound in manufacturing contributed to the upward trend. Additionally, the gradual recovery of the global economy and the easing of port congestion in key markets like Asia supported this price rise.
Looking ahead to Q4 2024, the PEEK market is expected to remain stable, with potential upward pressure on prices. The festive season, along with growing demand from the packaging sector, may contribute to increased consumption of PEEK in applications requiring high performance and durability. Moreover, continued improvements in global logistics and supply chains could further tighten supply. However, any significant shifts in the global economy or energy markets could influence the market’s direction, making Q4 a period to watch for both stabilization and potential price fluctuations.