Polyether Ether Ketone (PEEK) Market Size, Share, Growth Analysis, By Product(Unfilled, Carbon Filled, Glass Filled), By Technology(3D Printing, Extrusion, Injection Molding), By Application(Medical, Automotive, Aerospace, Industrial & General Engineering), By Region - Industry Forecast 2024-2031

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).

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.