Polyetheretherketone (PEEK) Market Forecasts to 2028 – Global Analysis By Type (Glass Filled, Carbon Filled), Form (Particle, Powder), Application, End User, and By Geography

Polyetheretherketone (PEEK) Market Forecasts to 2028 – Global Analysis By Type (Glass Filled, Carbon Filled), Form (Particle, Powder), Application, End User, and By Geography

According to Stratistics MRC, the Global Polyetheretherketone (PEEK) Market is accounted for $0.71 billion in 2021 and is expected to reach $1.24 billion by 2028 growing at a CAGR of 8.3% during the forecast period. Polyether ether ketone (PEEK) is a colorless, high-strength, and chemical resistance thermoplastic in the poly aryl ether ketone (PAEK) family and is prepared by polymerization of bisphinolate salts. It softens at a moderately high temperature compared to different thermoplastics and the range of its melting temperature can be processed easily.

Thermoplastics have been extensively used in numerous automotive and transportation applications. According to the International Organization of Motor Vehicle Manufacturers, global vehicle sales grew to around 82.68 million automobiles in 2021, up from around 78.77 million units in 2020. The growing demand for lightweight materials with improved properties in the automotive industry to provide increased efficiency along with design flexibility and a rise in plastic consumption is primarily responsible for the growth of the thermoplastics polymers industry.

Market Dynamics:

Driver:

Increasing demand from health care industries

Polyether ether ketone has been emerging as an effective product for implantable devices fundamentally for spinal surgery and is replacing titanium, which was utilized for such purposes. PEEK is flexible, durable, and strong and does not harm the human body or skin, thus it is additionally useful to repair soft tissues. PEEK is a suitable choice for dialysis pump filters. Increasing health concerns and an increase in health care spending further helps the growth of the market.

Restraint:

High price of PEEK

The manufacturer of PEEK needs significantly high investment, as the manufacturing system is highly complicated. Furthermore, manufacturing PEEK products that can endure high temperatures requires a high level of technical competency. Because of these factors, the production of PEEK is expensive, and thus the cost of end-products is also very high. The high price of PEEK limits its applicability, and thus restrains the growth of the market. The high cost of production also bars the entry of mid and small-level market players, which, in turn, reduces the size of the PEEK market.

Opportunity:

Increasing applications for PEEK

Because of the properties of PEEK polymers, they are turning into the material of choice to replace conventional materials. In comparison to other conventional materials, they have higher chemical and impact resistance, as well as higher strength-to-weight ratios. They also offer greater design flexibility. Thus, the market for high-performance polymers is supposed to be extremely strong and develop at a high rate in the future. These polymers are expected to have many arising applications in aerospace, automotive, oil & gas, medical, and electronics industry in the upcoming years, which will additionally improve the growth prospects of PEEK. The unique properties of PEEK are also likely to drive the demand for PEEK products across different industries in the coming years.

Threat:

Issues from processing conditions

The key challenge faced by key players in the market is the absence of availability of quality compounders and distributors, because of the high level of technical competency that is associated with compounding or processing PEEK. The compounding of PEEK is considerably more complex than that of high-performance polymers and requires particular equipment and systems. One more issue faced by PEEK compounders is the necessity of high temperatures for processing. These high temperatures are challenging to maintain during the compounding process, and fluctuations affect the quality of the end product.

The glass filled segment is expected to be the largest during the forecast period

The glass filled segment is estimated to have a lucrative growth owing to the growing demand for PEEK products with a more prominent strength and stiffness from key end-use industries. The addition of glass fibers significantly lessens the expansion rate and increases the flexural modulus of PEEK. Because of the high chemical resistance to a large number of solvents, organics, salts, and bases, glass-filled PEEK is utilized in the oil and gas industries where steam and chemicals are encountered.

The automotive & transportation segment is expected to have the highest CAGR during the forecast period

The automotive & transportation segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the growing trend of miniatured engine compartments with light-weighted vehicles. Polyether ether ketone offers enhanced dry and lubricated surface interaction, outstanding mechanical performance, ease of processing, and excellent fatigue properties.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to the increasing demand from domestic markets. Furthermore, countries such as China and South Korea are known as the major hubs for the development of electronic components. Moreover, the high economic growth rate, growing manufacturing industries, cheap labor, the growing electronics market, and the global shift of consumption and production capacities from the developed markets to emerging markets are a few factors leading to the growth in demand for PEEK in the Asia-Pacific region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period owing to the stringent regulatory framework and owing to the increasing automotive, aerospace & defense sectors in the region. The strict guidelines mainly about environment and fuel consumption reduction increased the demand in the transportation sector which in turn resulted in regional dominance. PEEK polymers and their composites are used as a replacement for aluminum and other metals in several aircraft parts.

Key players in the market

Some of the key players profiled in the Polyetheretherketone (PEEK) Market include Zyex Ltd, Victrex plc, Solvay S.A., Celanese Corporation, Quadrant Epp Surlon India Ltd, Prototype & Plastic Mold Co. Inc., J. K. Overseas, Evonik Industries AG, Darter Plastics Inc., Panjin Zhongrun High Performance Polymers Co. Ltd., Caledonian Ferguson Timpson Ltd, Saudi Basic Industries Corporation (SABIC), Jrlon Inc and Yingkou Xingfu Chemical Company Limited.

Key Developments:

In May 2020, Evonik launched implant-grade PEEK filament for medical applications in 3D printing. VESTAKEEP® i4 3DF is a highly viscous, high-performance implant-grade polymer. The filament is produced under cleanroom conditions and then subjected to stringent quality management standards for medical materials.

In January 2020, Yingkou Xingfu Chemical Company Limited entered into a joint venture with Victrex Hong Kong Limited to build a manufacturing facility for a new PEEK polymer in Liaoning, China. This agreement will help both companies to fulfill consumer needs.

Types Covered:
• Unfilled
• Glass Filled
• Carbon Filled

Forms Covered:
• Particle
• Powder

Applications Covered:
• Wire & Cable Jacket
• Valve
• Anti-Wear Tape
• Transformer
• Battery Separator
• Subsea Connector
• Clamp
• Bearings
• Semiconductors
• Critical Engine Parts
• Screw
• Rotor Arms
• Dental Implant
• Seals & Compressors
• Metal Tubing
• Gears, Brakes and Clutch
• Piston Parts
• Dialysis Pump Filters
• Computer Machinery
• Spinal Cage
• Cable Sheath/Cable insulation
• Pipe & Liner
• Steering
• Back-Up Ring
• Thrust Washers & Seals
• Acoustic Blanket
• Vacuum Belt Filters

Sales Channels Covered:
• Indirect Sale
• Direct Sale

End Users Covered:
• Electrical & Electronics
• Oil & Gas
• Automotive & Transportation
• Aerospace & Defense
• Building & Construction
• Nuclear Power Generation
• Mechanical and Chemical
• Food & Beverage
• Energy
• Medical & Healthcare

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances