Global Polyether Ether Ketone (PEEK) Market

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 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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FAQs

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 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.

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