USD 2.04 Billion
Global Polyether Ether Ketone (PEEK) Market Size, Share, Growth Analysis, By Product(Unfilled, Carbon Filled), By Technology(3D Printing, Extrusion), By Application(Medical, Automotive) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2143 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
92 |
Figures:
75
Global Polyether Ether Ketone (PEEK) Market Insights
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Unfilled
Fastest Growth
Unfilled
Growth Rate
7.8% CAGR
Global Polyether Ether Ketone (PEEK) Market ($ Bn)
Country Share for North America Region (%)
Global Polyether Ether Ketone (PEEK) Market By Type ($ Bn)
Global Polyether Ether Ketone (PEEK) Market By Type (%)
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Global Polyether Ether Ketone (PEEK) Market Segmental Analysis
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.
Global Polyether Ether Ketone (PEEK) Market By Type, 2023 (%)
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Global Polyether Ether Ketone (PEEK) Market Regional Insights
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.
Global Polyether Ether Ketone (PEEK) Market By Region, 2024-2031
- Largest
- Fastest
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Global Polyether Ether Ketone (PEEK) Market Dynamics
Polyether Ether Ketone Market Drivers
The demand from end - user is high
- 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.
Increasing Use of PEEK automotive
- PEEK is increasingly used in the automotive, electrical and electronic, and medical industries due to its high-temperature feasibility, cost-effectiveness, high performance in corrosive and extreme weather conditions, and lightweight properties. This is one of the factors that will propel the polyether ether ketone (PEEK) market forward. Polyether ether ketone is used to reduce overall product weight and is a better metal replacement in automotive and medical applications such as artificial bone and surgical instruments.
Polyether Ether Ketone Market Restraints
High Price
- On the other hand, an increase in the cost of Polyether Ether Ketone (PEEK) will impede the growth of the polyetheretherketone (PEEK) market.
Advice for Substitutes
- Other factors anticipated to impede the growth of the PEEK market over the forecast period include greater competition from hybrid polymers and composites, as well as the availability of cheaper substitutes. As a result, the polyetheretherketone (PEEK) market growth rate will be challenged.
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Global Polyether Ether Ketone (PEEK) Market Competitive Landscape
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
- 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
Polyether Ether Ketone MarketRecent Developments
- In February 2022, Solvay collaborated with Mitsubishi Chemical Advanced Materials to recycle and reclaim other high-performance polymers, including Keta Spire polyetheretherketone (PEEK).
- In March 2022, PEEK INFINAM PEEK utilized to create a new 3D printable filament by Evonik. INFINAM PEEK is compatible with extrusion-based 3D printing technologies (FFF/FDM).
Global Polyether Ether Ketone (PEEK) Key Market Trends
- 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.
- PEEK does have superior performance features compared to metals and other polymers. Many essential chemicals used in aircraft, such as jet fuel, de-icing solutions, fire-extinguishing compounds, hydraulic fluids, cleaning agents, and insecticides, are resistant to it. PEEK, unlike metals, does not require anti-corrosion treatments. It can even withstand temperatures of up to 260°C for 5,000 hours or more without losing performance. In terms of emission rates, PEEK generates the least number of harmful emissions and smoke of any polymer. All of these characteristics have led to the emergence of PEEK as the ideal metal replacement.
- PEEK is emerging as an eco-friendly solution in a variety of applications. Its use produces fewer carbon emissions than other polymers such as ABS, polyester laminate, polyvinyl chloride, polystyrene, and polyclone. By providing excellent corrosion resistance, PEEK extends the service life of the products in which it is used. It can also withstand high temperatures for a longer period of time than other polymers. It is one of the most versatile products in terms of manufacturing design freedom, likely to result in less relying on workers.
Global Polyether Ether Ketone (PEEK) Market SkyQuest Analysis
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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Polyether Ether Ketone (PEEK) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Polyether Ether Ketone (PEEK) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global 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 Global 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Polyether Ether Ketone (PEEK) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Polyether Ether Ketone (PEEK) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
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.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Polyether Ether Ketone (PEEK) Market Report Snapshots
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