USD 2.04 Billion
Report ID:
SQMIG15E2143 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
92
|Figures:
75
Polyether Ether Ketone (PEEK) Market size was valued at around USD 2.04 Billion in 2019 and is expected to reach a value of USD 3.72 Billion by 2031, at a CAGR of 7.8% over the forecast period (2024-2031).
Growing environmental concerns, such as huge carbon emissions, have prompted an invitation for reduced fuel consumption. This pressing issue has compelled automakers to focus on increasing fuel efficiency by reducing overall car weights. One way to reduce vehicle weight is to replace metals used in vehicles with much more effective and environmentally friendly options. As a result, PEEK has emerged as a potential metal substitute in the automotive sector.
The unique characteristics of PEEK are widening the application scope and product lines in transportation, semiconductors, industrial, food, and clinical areas. PEEK is expected to enter a diverse market and explore opportunities in untapped markets during the forecast period due to its environmentally friendly characteristics, such as lower harmful emissions. The overall market is projected to attract a wide range of applications in the medical field during in the forecast period. It is currently used for spinal surgery, but it is expected to be used for more clinical applications and commercial medical products in the upcoming years.
In the medical industry, there is a need for research and development to start investigating untapped clinical applications. PEEK product currently has limited application in the field due to a lack of long-term clinical data, but it is expected to increase over the forecast period due to its huge potential as a replacement. Pricing exists as a major restraint for the Polyether Ether Ketone (PEEK) market. It is one of the most expensive polymer products on the market. The high cost is expected to have a negative impact on the global market during the forecast period.
US Polyether Ether Ketone Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.04 Billion
Largest Segment
Unfilled
Fastest Growth
Unfilled
Growth Rate
7.8% CAGR
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Global Polyether Ether Ketone (PEEK) Market is segmented based on Product, Technology, Application and region. Based on Product the Polyether Ether Ketone (PEEK) Market is segmented into Unfilled, Carbon Filled, Glass Filled. Based on Technology the Polyether Ether Ketone (PEEK) Market is segmented into 3D Printing, Extrusion, Injection Molding. Based on Application the Polyether Ether Ketone (PEEK) Market is segmented into Medical, Automotive, Aerospace, Industrial & General Engineering, Electricals & Electronics. Based on region the global Polyether Ether Ketone (PEEK) Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Polyether Ether Ketone Market Analysis by Product
The market is categorized based on product: unfilled, carbon filled, and glass-filled. Glass-filled PEEK is projected to keep its market lead over the forecast period, followed by carbon-filled PEEK. Electronic and electrical applications, as well as industrial uses, are expected to drive growth.
Carbon filled is expected to grow at the fastest rate due to its increasing use in automotive, aerospace, and medical applications. Unfilled is the purest form, which is used for highly specialized applications in a variety of industries.
Polyether Ether Ketone Market Analysis by Application
In 2021, the market is dominated by automotive, industrial, and general engineering application areas. Increase economic activity concerns combined with strict environmental laws are expected to drive market growth from the various industrial segment over the forecast period.
Automobile manufacturers, on the other hand, are focusing on increasing fuel efficiency by reducing vehicle weight. In order to accomplish this, PEEK has surfaced as an effective and environmentally solvent by having to replace metals. Aerospace has emerged as a significant application area, and its increasing demand in new-generation passenger aircraft is expected to drive overall demand. These passenger planes are mostly made of carbon-filled PEEK. The rising demand for clinical applications is expected to be a major market driver as well. Polyether ether ketone is emerging as an efficient product for implantable devices, primarily for spinal surgery, and is gradually replacing titanium, which was previously used for such purposes. For such medical applications, PEEK with carbon filling is preferred.
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The Asia-Pacific region dominated the majority of the global market. China has the region's largest polyether ether ketone (PEEK) market. According to industry experts, as global chip shortages are resolved, car sales in China are expected to increase in 2022. According to the State Information Center's senior economist, the global chip crisis is expected to be mostly resolved by 2022. The Chinese government plans to have at least 5,000 fuel cell electric vehicles by 2025, with a total of one million by 2030. During the forecast period, the government's marketing of electric, hybrid, and fuel cell electric vehicles is expected to drive the market.
North America's developed automotive, electronics, and growing aerospace industries are expected to drive strong growth in the PEEK market. The presence of major automobile manufacturers such as Chrysler, Tesla, Ford, Cadillac, and others in this region, as well as government initiatives in the defense and aircraft manufacturing industries, are expected to propel the market in the coming years. Low tariffs and production costs as a result of the country's extensive reach of free trade agreements are also expected to contribute to market growth.
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Polyether Ether Ketone Market Drivers
The demand from end - user is high
Increasing Use of PEEK automotive
Polyether Ether Ketone Market Restraints
High Price
Advice for Substitutes
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The market is expected to attract new players as the product application scope continues to expand in a variety of industries such as medical, aerospace, electronics, packaging, and automotive. End-use industries are patenting their unique PEEK-based technologies in order to gain a competitive advantage over others.
Polyether Ether Ketone Market Top Player’s Company Profiles
Polyether Ether Ketone MarketRecent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Polyether Ether Ketone (PEEK) market is the alteration of metals and other conventional materials by peek, as well as the increasing growth in developing countries, will accelerate the growth rate of the polyetheretherketone (PEEK) market. Moreover, improving economic conditions in developed economies will drive market value growth. the chemical industry has seen enormous developments in recent years. Polyetheretherketone is also gaining favour in the medical community. Other important characteristics that make polyether ether ketone (PEEK) suitable for various medical applications involve MRI compatibility, sanitization resistance, and lack of toxicity. As a consequence, these factors have significantly contributed to the market, increasing overall market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.04 Billion |
Market size value in 2031 | USD 3.72 Billion |
Growth Rate | 7.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Polyether Ether Ketone (PEEK) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Polyether Ether Ketone (PEEK) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Polyether Ether Ketone (PEEK) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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REQUEST FREE CUSTOMIZATIONPolyether Ether Ketone (PEEK) Market size was valued at around USD 2.04 Billion in 2019 and is expected to reach a value of USD 3.72 Billion by 2031, at a CAGR of 7.8% over the forecast period (2024-2031).
The market is expected to attract new players as the product application scope continues to expand in a variety of industries such as medical, aerospace, electronics, packaging, and automotive. End-use industries are patenting their unique PEEK-based technologies in order to gain a competitive advantage over others. 'Victrex plc (U.K.)', 'Corporate. Evonik (Germany)', 'Panjin Zhongrun High Performance Polymers Co. Ltd., (China)', 'Dupont (U.S.)', 'SOLVAY (Belgium)', 'DAIKIN (Japan)', 'Dow (U.S.)', 'Freudenberg SE (Germany)', 'The Chemours Company (U.S.)', 'Metalubgroup (Israel)', 'M&I Materials Limited (U.K)', 'Lubrilog (France)', 'ECCO Gleittechnik GmbH (Germany)', 'Ashland Inc (U.S.)', 'Arkem S.A. (France)', 'Hexcel Corporation (U.S.)', 'BASF SE (Germany)', 'Evonik Industries AG', 'Kingfa SCI. & TECH. CO. LTD'
The growing demand for polyetheretherketone in the aerospace and automotive industries is expected to drive market growth. Moreover, the increasing applications of Polyether Ether Ketone (PEEK) in the healthcare industry due to its columnar stiffness, biocompatibility, and torsion strength in very thin walls, as well as the increasing demand for high temperature resistance materials, are a few of the factors expected to drive the growth of the Polyether Ether Ketone (PEEK) market over the forecast period.
Increased metal replacement with PEEK has been a major driving factor in the PEEK market. Aluminum, carbon steel, bronze, stainless steel, brass, titanium, and magnesium are just a few of the metals that PEEK is replacing. Various stringent environmental regulations are requiring automotive manufacturers to improve vehicle fuel efficiency, reduce maintenance requirements, and reduce noise levels. Because automotive light-weighting helps achieve the three aforementioned objectives, these regulations are driving the preference for lighter vehicles. PEEK has emerged as a significant improvement over metals in terms of not only lowering emissions but also increasing fuel economy.
The Asia-Pacific region dominated the majority of the market. China has the region's largest polyether ether ketone (PEEK) market. According to industry experts, as chip shortages are resolved, car sales in China are expected to increase in 2022. According to the State Information Center's senior economist, the chip crisis is expected to be mostly resolved by 2022. The Chinese government plans to have at least 5,000 fuel cell electric vehicles by 2025, with a total of one million by 2030. During the forecast period, the government's marketing of electric, hybrid, and fuel cell electric vehicles is expected to drive the market.
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Report ID: SQMIG15E2143