19-Jan-2023 | Facts and Factors
According to Facts and Factors, the global polyether ether ketone (PEEK) market size was worth around USD 0.8 billion in 2021 and is predicted to grow to around USD 1.3 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.83% between 2022 and 2030.
In the plastic industry, polyether ether ketone (PEEK) is one of the leading polymers exhibiting high performance. For years, the most commonly used material in the aerospace, automotive, medical, and oil & gas sector, has always been metal but PEEK is regarded as one of the few materials that can effectively substitute metals in these industries. PEEK belongs to the family of aromatic polyketones also known as polyaryletherketones or PAEKs which means that the building blocks of PEEK are aryl, ether, and ketone. It was first developed in 1960 and the first commercial production of the polymer began in 1981.
Browse the full “Polyether Ether Ketone (PEEK) Market Size, Share, Growth Analysis Report By End-User (Aerospace, Electrical & Electronics, Oil & Gas, Automotive, Medical, and Others), By Type (Carbon-Filled, Glass-Filled, Unfilled, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/polyether-ether-ketone-peek-market
PEEK is created by using the step-growth polymerization process through which a polymer can double up in each polymerization step. PEEK is extremely resistant to electricity along with heat, fatigue, and wear. Since polyether ether ketone is also resistant to creep, it can manage to retain its shape even in high temperatures or extreme weather along with placement under high mechanical stress. The property that makes PEEK one of the most sought-after polymers is its property to limit corrosion. Although unfilled PEEK can also be used as a standalone compound, in most cases it is reinforced with other compounds like glass.
The global polyether ether ketone (PEEK) market is projected to grow owing to the growing demand for lightweight and high-performance materials in the aerospace industry. Since PEEK offers these aspects while also providing excellent chemical resistance along with high tensile strength, the global market is witnessing a surge in investments from aviation, military, and other airways-related sectors. The main factor that is influencing the demand for lightweight materials is the overall economical and operational benefits associated with the use of PEEK. Longer flight duration can be covered with lightweight aircraft. It is also a necessary factor considered during rocket design.
The key principle that drives product penetration in the aerospace segment is that lower-density material should be used without affecting the technical performance of the aircraft. As the investments in the aerospace industry grow, the demand for PEEP may grow simultaneously. For instance, in July 2022, Boeing invested USD 50 million to support a series of defense & aerospace startups.
The global market is projected to face challenges due to the restricted application of PEEK in bioscience owing to the hydrophobic property of the polymer. PEEK has shown excellent potential related to its application in biomedicine but the major limiting factor during operational procedures it may not bond well with bones unlike titanium, which means that the medical professional may prefer substitutes over PEEP. To use polyether ether ketone, additional assistance may have to be taken using a filler.
The growing applications in biomedicine may provide expansion opportunities while manufacturing complexities are expected to challenge market growth.
Segmental Overview
The global polyether ether ketone (PEEK) market is segmented based on end-user, type, and region
Based on end-user, the global market divisions are aerospace, electrical & electronics, oil & gas, automotive, medical, and others. The global market witnessed the highest adoption in the automotive segment in 2021 because it acts as a solution for some of the main problems in the industry including noise reduction, and weight reduction alongside functional integration.
The outstanding mechanical performance delivered by PEEK is what makes it desirable amongst the producers of automobiles and automotive parts. In Japan, around 4448340 units of vehicles were sold in 2021 as per official data from the Japan Mini Vehicles Association and Japan Automobile Dealers Association.
Based on type, the global market divisions are carbon-filled, glass-filled, unfilled, and others. In 2021, the most dominating segment was the glass-filled segment owing to various advantages associated with this type. The compound mixture offers good resistance to abrasion. It also imparts excellent tensile and flexural characteristics while offering a low moisture absorption rate. The tensile strength of PEEK is around 170 Mega Pascal.
Regional Overview
Asia-Pacific is projected to register the highest growth in the polyether ether ketone (PEEK) market during the growing investments in the new set-up for the manufacturing of chemical compounds. For instance, in September 2022, BASF, a leading player in the chemical industry invested USD 10 billion to build a new petrochemical manufacturing plant in China. India is currently ranked amongst the top importers of PEEK while China tops the list of largest exports of the polymer.
Growth In North America is anticipated to be driven by the growing applications of PEEP in the automobile and aerospace segment as well as increasing investment in 3D printing technology. In July 2022, AM ventures registered an investment of USD 100 to encourage businesses in the 3D printing market.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 0.8 Billion |
Projected Market Size in 2030 |
USD 1.3 Billion |
CAGR Growth Rate |
6.83% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2030 |
Key Market Players |
Arkem S.A, Victrex plc, Panjin Zhongrun High Performance Polymers Co. Ltd., The Chemours Company, Evonik, Freudenberg SE, BASF SE, Dow , and others. |
Key Segment |
By End-User, Type, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Competitive Landscape
The global polyether ether ketone (PEEK) market is led by players like Arkem S.A, Victrex plc, Panjin Zhongrun High Performance Polymers Co. Ltd., The Chemours Company, Evonik, Freudenberg SE, BASF SE, and Dow to name a few.
Recent Developments:
- In September 2020, Evonik expanded its product portfolio by launching a new PEEK material that can be used as a titanium substitute. The new material can either be extruded, milled, or injection molded
- In April 2020, researchers at the National University of Science and Technology MISIS made a complete skull polymer implant using PEEK which is estimated to improve the survival percentage during skull implant processes by 600%
The global polyether ether ketone (PEEK) market is segmented as follows:
By End-User
- Aerospace
- Electrical & Electronics
- Oil & Gas
- Automotive
- Medical
- Others
By Type
- Carbon-Filled
- Glass-Filled
- Unfilled
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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