PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490307
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490307
Polyether Ether Ketone (PEEK) Market size was valued at USD 815.6 Million in 2023, expanding at a CAGR of 8.00% from 2024 to 2032.
Polyetherether ketone (PEEK) is a semi-crystalline thermoplastic polymer that is both inert and thermally stable. Its uses include nuclear, aviation, temperature-resistant interfaces, and medical implants. Its properties include high-temperature resistance, hydrolysis resistance, self-lubrication, ease of processing, and high mechanical strength. When exposed to fire, PEEK emits very little smoke or hazardous gasses. It melts at a higher temperature than conventional thermoplastics.
Polyether Ether Ketone (PEEK) Market- Market Dynamics
PEEK-based Products are in Demand Due to Sustainability, Technological Advancements, Regulatory Compliance, and Suitability for Energy Applications, Driving Market Growth
The increase in metal substitution with PEEK has been a significant industrial driver. PEEK is used to replace a variety of metals, including aluminum, carbon steel, bronze, stainless steel, brass, titanium, and magnesium. Various stringent environmental restrictions drive automakers to improve fuel economy, reduce maintenance requirements, and lower noise levels. PEEK has emerged as a significant improvement over metals in terms of emissions reduction and fuel efficiency. It outperforms metals and other plastics. It is impervious to jet fuel, de-icing solutions, fire-extinguishing compounds, hydraulic fluids, cleaning agents, and insects, among other important aircraft chemicals.
Polyether Ether Ketone (PEEK) Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.00% over the forecast period (2024-2032)
Based on Product segmentation, Glass-filled PEEK was predicted to show largest market share in the year 2023
Based on Application segmentation, aerospace was the majority shareholding application in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Polyether Ether Ketone (PEEK) Market is segmented on the basis of Product, Application and Region.
The market is divided into three categories based on Product: Unfilled, Carbon Filled and Glass Filled. Glass-filled PEEK is expected to dominate the market throughout the projected period. Applications in electronics and electricity, as well as those in industrial settings, are expected to be the key drivers of market growth. The growing number of applications for this material in the automotive, aerospace, and medical industries is expected to fuel market expansion.
The market is divided into five categories based on Application: Medical, Automotive, Aerospace, Industrial and General Engineering and Electricals. The aerospace sector accounted for a considerable portion of the PEEK market value in 2023. Because of its high strength-to-weight ratio, improved thermal stability, and chemical resistance, PEEK is used in aerospace applications. It is an ideal material for aircraft structural components, engine parts, and electrical insulation. Throughout the forecast period, revenue growth in this market segment is expected to be driven by rising demand for lightweight and fuel-efficient aircraft, as well as increased aerospace industry investment.
Polyether Ether Ketone (PEEK) Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia-Pacific region accounted for the majority of the global market. China leads the region's polyether ether ketone (PEEK) market. According to industry experts, if worldwide chip shortages are overcome, automobile sales in China are projected to rise in 2023. According to the State Information Center's senior economist, the worldwide chip crisis should be mostly resolved by 2023. The Chinese government intends to have at least 5,000 fuel cell electric vehicles by 2025, and a total of one million by 2032. During the forecast period, the government's promotion of electric, hybrid, and fuel cell electric vehicles is likely to stimulate demand.
The North American market is expected to have the quickest revenue CAGR over the forecast period. PEEK is increasingly used in the automotive industry for lightweight applications such as gears, bearings, and bushings due to its high strength and stiffness properties. The medical sector is another major user of PEEK due to its biocompatibility and resistance to sterilization. Because of PEEK's tolerance to high pressure and temperatures, the aerospace sector is expected to be a significant demand driver. The electrical and electronics industry is also expected to drive market growth due to increased demand for high-performance plastics in the production of electronic components.
In the competitive landscape of the PEEK market, understanding the fundamental firms, their market shares, strategies, strengths, weaknesses, and competitive factors such as technical advancements and market developments is critical. This complete review enables organizations to make strategic decisions that will improve their competitive position in the ever-changing PEEK market. By keeping a careful watch on those important characteristics, groups may adapt, innovate, and function properly to manage the PEEK enterprise's difficulties and opportunities, eventually aiming for long-term growth and success.
In March 2023, Victrex PLC, a leading manufacturer of high-performance polymer solutions, has introduced a new type of implantable PEEK-OPTIMA polymer specifically designed for use in medical device additive manufacturing processes such as fused deposition modeling (FDM) and fused filament fabrication (FFF).
GLOBAL POLYETHER ETHER KETONE (PEEK) MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
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