Home Advanced Materials Polyether Ether Ketone (PEEK) Market Size, US$1,581.49 million by 2030

Polyether Ether Ketone (PEEK) Market

Polyether Ether Ketone (PEEK) Market Size, Share & Trends Analysis Report By Product (Unfilled, Carbon Filled, Glass Filled), By Applications (Medical, Automotive, Aerospace, Industrial and General Engineering, Electricals) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Report Code: SRAM2143DR
Study Period 2018-2030 CAGR 7.3%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 679.00 Million
Forecast Year 2030 Forecast Year Market Size USD 1581.49 Million
Largest Market Europe Fastest Growing Market Asia Pacific
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Market Overview

The global polyether ether ketone (PEEK) market size was valued at USD 679.00 million in 2021. It is projected to reach USD 1,581.49 million by 2030, growing at a CAGR of 7.30% during the forecast period (2022–2030). The market is anticipated to experience tremendous growth shortly due to its quick expansion and the emergence of new technology applications. A solid client base in Europe also contributes to the expansion of the PEEK industry. The medical industry requires research and development to uncover new clinical applications. It is one of the most expensive polymer-based goods.

Polyether ether ketone (PEEK) is an inert and thermally stable semi-crystalline thermoplastic polymer. It has nuclear, aeronautical, temperature-resistant interfaces, and medical implant applications. It has qualities such as high-temperature resistance, resistance to hydrolysis, self-lubrication, simple processing, and high mechanical strength. When exposed to fire, PEEK emits a negligible quantity of smoke or harmful gases. It melts at a high temperature compared to other thermoplastics.

Market Dynamics

Polyether Ether Ketone (PEEK) Market Drivers

Increasing Demand in The Aerospace and Automotive Industries to Bolster Market Growth

PEEK is utilized to make a variety of interior and exterior automobile and aerospace components. PEEK's most notable qualities are its excellent resistance to heat, lightweight, good dimensional stability, and high chemical resistance. In the aircraft business, it is essential to employ fire-resistant materials that generate less smoke and harmful gases while burning. PEEK satisfies these essential parameters, contributing to its strong aerospace industry demand.

The implementation of strict emission laws has increased rapidly, particularly in North America and Europe. The automobile industry is constantly looking for materials to help reduce the vehicle's weight, achieve greater fuel efficiency, and comply with these strict emission regulations. Even though engineering polymers meet the requirements for weight reduction, the need for PEEK's robust heat resistance arises from the need to make under-the-hood components more compact. PEEK is becoming more popular in the automotive industry because it complies with these requirements.

Rise in the Substitution of Metals with PEEK to Propel Growth

Growth in the substitution of metals with PEEK has been a significant industry driver. PEEK is replacing numerous metals, including aluminum, carbon steel, bronze, stainless steel, brass, titanium, and magnesium. Various strict environmental regulations are compelling automakers to enhance the fuel economy of their vehicles, minimize maintenance requirements, and reduce noise levels. PEEK has emerged as a considerable improvement over metals for decreasing emissions and enhancing fuel economy. It possesses improved performance characteristics compared to metals and other polymers. It is resistant to jet fuel, de-icing solutions, fire-extinguishing compounds, hydraulic fluids, cleaning agents, and insects, among other vital aircraft chemicals.

Polyether Ether Ketone (PEEK) Market Restraints

Expensive than Traditional Materials to Restrict Market Growth

PEEK production requires a significantly higher initial investment because it is significantly more complex than the production of any other type of polymer. A high level of technical expertise is needed to manufacture PEEK products capable of withstanding high temperatures. The cost of producing PEEK is high due to these different factors. The high cost of PEEK restricts the range of applications for this material and slows the market's expansion. The PEEK industry is out of reach for mid- and small-level market players due to the high cost of production, which lowers the market's overall size.

Polyether Ether Ketone (PEEK) Market Opportunities

Growing Use in Newly Emerging Applications to Boost Market Opportunities

Due to their qualities, PEEK polymers are replacing conventional materials such as steel, aluminum, wood, and others. They have better chemical and impact resistance and strength-to-weight ratios than conventional materials. Additionally, they provide additional design versatility. These polymers are anticipated to have numerous emerging applications in aerospace, automotive, oil and gas, medical, and electronics shortly, enhancing global growth prospects. The distinctive qualities of PEEK are anticipated to increase demand across a range of industries in the upcoming years. As a result, PEEK will have a huge demand in the future.

Regional Analysis

The global PEEK market is divided into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

Europe dominates the global PEEK market due to its rigid regulatory structure. These tight regulations, mainly concerning the environment and reducing fuel use, increased demand in the transportation industry. High-temperature coverings and insulation, such as insulating wires, pressure-sensitive tapes, and FPC used in electronics, automotive, and aerospace, necessitate excellent heat resistance to protect the barcode and other information. The automotive sector makes a significant contribution to the European Union's economy. Europe's automobile and auto component industries are driven by numerous internationally renowned automakers, such as Fiat, BMW, Volkswagen, etc., and a highly developed infrastructure.

As industrial and consumer packaging sectors develop in China, India, and South Korea, these emerging economies are anticipated to contribute considerably to regional growth. In the coming years, notable vehicle manufacturers such as Chrysler, Tesla, Ford, Cadillac, and others, as well as government initiatives in the defense and aircraft production industries, are anticipated to boost the industry. As a result of the vast reach of the country's free trade agreements, low tariffs and production costs are anticipated to contribute to the expansion of the market.

As industrial and consumer packaging sectors develop in China, India, and South Korea, these emerging economies are anticipated to contribute considerably to regional growth. In the coming years, notable vehicle manufacturers such as Chrysler, Tesla, Ford, Cadillac, and others, as well as government initiatives in the defense and aircraft production industries, are anticipated to boost the industry. As a result of the vast reach of the country's free trade agreements, low tariffs, and production costs are anticipated to contribute to the expansion of the market.
The established automotive, electronics, and expanding aerospace sectors are expected to drive significant growth in the North American PEEK market. In the years to come, the market is anticipated to grow because of the presence of well-known automakers in this area, including Chrysler, Tesla, Ford, Cadillac, and others, as well as government initiatives in the aerospace and defense sectors. Due to the vast reach of the nation's free trade agreements, low tariffs, and production costs are also anticipated to support market expansion.
Shortly, it is projected that rising GDPs and government attempts to promote FDI in emerging economies will further enhance regional demand. Due to its expanding use in industrial and automotive applications, the Middle East and Africa are also anticipated to rise rapidly.

In recent years, MEA's PEEK market has experienced a recovery. With the removal of economic sanctions on Iran and the push for economic diversification among the oil-exporting nations of the Gulf Cooperation Council, it is anticipated that the area will continue to have positive development in terms of PEEK demand.

Report Scope

Report Metric Details
Segmentations
By Product
  1. Unfilled
  2. Carbon Filled
  3. Glass Filled
By Applications
  1. Medical
  2. Automotive
  3. Aerospace
  4. Industrial and General Engineering
  5. Electricals
Company Profiles Victrex PLC Solvay Jida Evonik High-Performance Polymers (Changchun) Co. Ltd. Parkway Products, Inc. Stern Industries, Inc. Schulman AG Caledonian Ferguson Timpson Ltd Darter Plastics, Inc. J K Overseas Jrlon Inc. Panjin Zhongrun High-Performance Polymers Co. Ltd Prototype & Plastic Mold Co., Inc.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The polyether ether ketone (PEEK) market is segmented by product and application.

On the Basis of Product

Based on product, the market is divided into unfilled, carbon-filled, and glass-filled.

It is anticipated that glass-filled PEEK will dominate the market during the forecast period. Applications in the sectors of electronics and power, in addition to applications in industrial settings, are anticipated to be the primary drivers of market advancement. The expanding number of uses for this material in the automotive, aerospace, and medical industries is anticipated to drive market growth.

On the Basis of Application

Based on application, the market is divided into medical, automotive, aerospace, industrial and general engineering, and electrical.

The market is led by automotive, industrial, and general engineering application categories during the forecast period. Rising concerns about packaging, along with increasingly rigorous rules regarding the environment, are anticipated to boost product demand from the industrial application segment. On the other side, automakers are concentrating on developing vehicles that consume less fuel while reducing their overall weight.

The aerospace segment has emerged as a prominent application area and is likely to boost overall demand. Most of these passenger airplanes are constructed out of carbon-filled PEEK. It is also anticipated that the rising demand for clinical applications will emerge as the primary force driving the market. Polyether ether ketone has recently emerged as a viable alternative to titanium as the material of choice for implantable devices, particularly those utilized in spinal surgery.

Market Size By Product

Recent Developments

  • In February 2023, to improve its position in the biotech industry, Solvay joins the Genesis Consortium and SOSV's IndieBio.
  • In January 2023, with intentions to expand in North America, Solvay introduced bio-circular silica throughout Europe.
  • In February 2023, another long-term contract for the procurement of electricity from the "He Dreiht" offshore wind farm was signed by Evonik and EnBW.

Top Key Players

Victrex PLC Solvay Jida Evonik High-Performance Polymers (Changchun) Co. Ltd. Parkway Products, Inc. Stern Industries, Inc. Schulman AG Caledonian Ferguson Timpson Ltd Darter Plastics, Inc. J K Overseas Jrlon Inc. Panjin Zhongrun High-Performance Polymers Co. Ltd Prototype & Plastic Mold Co., Inc. Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Polyether Ether Ketone (PEEK) Market?
Polyether Ether Ketone (PEEK) Market size will grow at approx. CAGR of 7.3% during the forecast period.
Some of the top prominent players in Polyether Ether Ketone (PEEK) Market are, Victrex PLC, Solvay, Jida Evonik High-Performance Polymers (Changchun) Co. Ltd., Parkway Products Inc., Stern Industries Inc., Schulman AG, Caledonian Ferguson Timpson Ltd, Darter Plastics Inc., J K Overseas, Jrlon Inc., Panjin Zhongrun High-Performance Polymers Co. Ltd, Prototype & Plastic Mold Co. Inc., etc.
Europe has been dominating the Polyether Ether Ketone (PEEK) Market, accounting for the largest share of the market.
The Asia Pacific region is projected to exhibit the highest rate of growth in the Polyether Ether Ketone (PEEK) Market.
The global Polyether Ether Ketone (PEEK) Market report is segmented as follows: By Product, By Applications


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