Report ID: SQMIG15E2143
Report ID:
SQMIG15E2143 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
92 |
Figures:
75
Polyether Ether Ketone (PEEK) Market size was valued at USD 0 Billion in 2023 and is poised to grow from USD 0 Billion in 2024 to USD 4.01 Billion by 2032, growing at a CAGR of 7.8% during the forecast period (2025-2032).
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.
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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