Global Polyetheretherketone (PEEK) Market – Industry Trends and Forecast to 2029

Global Polyetheretherketone (PEEK) Market, By Type (Glass Filled, Carbon Filled, Unfilled, Others), End Use Industry (Electrical and Electronics, Aerospace, Automotive, Oil and Gas, Medical, Others) – Industry Trends and Forecast to 2029

Global Polyetheretherketone (PEEK) Market Analysis and Size

Over the last few years, there has been immense growth in the chemical industry. Additionally, polyetheretherketone is gaining popularity in the medical field. MRI compatibility, sterilization resistance and lack of toxicity are among other major characteristics that make polyether ether ketone (PEEK) suitable for various medical applications. Consequently, these factors have significantly contributed to the market, which further increases the overall growth for the market.

• Global Polyetheretherketone (PEEK) Market was valued at USD 0.75 billion in 2021 and is expected to reach USD 1.27 billion by 2029, registering a CAGR of 6.8% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Global Polyetheretherketone (PEEK) Market Definition

Polyether ether ketone (PEEK) is a semi-crystalline thermoplastic composed of two ether and a ketone group of repeated monomers. Polyether ether ketone (PEEK) is a member of the polyaryletherketone (PAEK) family that is produced through step growth polymerization of bisphenolate salts. PEEK (polyetheretheretherketone) is commonly used in high-temperature applications that require a combination of excellent thermal, chemical, and combustion properties.

Report Scope and Market Segmentation

Polyetheretherketone (PEEK) Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

• High Demand Across End Users

The increasing need for polyetheretherketone in the aerospace and automotive industries is estimated to carve a way for the growth of the market. Moreover, the growing applications of Polyether Ether Ketone (PEEK) in the healthcare industry because of its columnar stiffness, biocompatibility, and torsion strength in very thin walls and the increasing demand for high temperature resistance materials are few of the factors further anticipated to propel the growth of the Polyether Ether Ketone (PEEK) market in the timeline period.

The alternative of metals and other conventional materials by peek and the increasing growth in the developing countries will further propelled the growth rate of polyetheretherketone (PEEK) market. Additionally, improving the economic conditions in the advanced nations will also drive market value growth.

Opportunities

Furthermore, various developments by the market players and significant investments in research and development activities which further enhance the applications of product, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the rising awareness about the benefits of polyetheretherketone (PEEK) will further expand the future growth of the polyetheretherketone (PEEK) market.

Restraints/Challenges Global Polyetheretherketone (PEEK) Market

• High Cost

On the other hand, an increase in Polyether Ether Ketone (PEEK) cost will create hindrances for the growth of the polyetheretherketone (PEEK) market.

• Availability of Substitutes

Also, the growing competition from hybrid polymers and composites and the accessibility of cheaper substitutes are some of the other factors estimated to further impede the growth of the PEEK market throughout the forecast period. Therefore, this factor will challenge the polyetheretherketone (PEEK) market growth rate.

Moreover, the difficult processing conditions and the global economic slowdown are also expected to hamper growth of the global polyetheretherketone (PEEK) market.

This polyetheretherketone (PEEK) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the polyetheretherketone (PEEK) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Polyetheretherketone (PEEK) Market

The recent outbreak of coronavirus had a negative impact on the polyetheretherketone (PEEK) market. The severe disruptions in various manufacturing and supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease les to huge financial setbacks for the market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned determinants will weigh the market's revenue trajectory over the forecast period.

On the brighter side, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.

Recent Development

• In March 2021, Evonik has created a new PEEK-based 3D printing filament (polyether ether ketone). The ready-to-use material is ideal for additive manufacture of demanding industrial plastic parts due to its strong temperature and chemical resistance. Extrusion-based 3D printing processes such as fused filament fabrication (FFF) and fused deposition modelling can be utilised to process the high-performance polymer (FDM). INFINAM® PEEK 9359 F is the name given to the new filament by Evonik.

Global Polyetheretherketone (PEEK) Market Scope

The polyetheretherketone (PEEK) market is segmented on the basis of type and end use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Glass Filled
• Carbon Filled
• Unfilled
• Others

On the basis of type, the polyetheretherketone (PEEK) market has been segmented into glass filled, carbon filled, unfilled and others.

End Use Industry

• Electrical and Electronics

• Aerospace
• Automotive
• Oil and Gas
• Medical
• Others

On the basis of end use industry, the polyetheretherketone (PEEK) market is segmented into electrical and electronics, aerospace, automotive, oil and gas, medical and others.

Polyetheretherketone (PEEK) Market Regional Analysis/Insights

The polyetheretherketone (PEEK) market is analysed and market size insights and trends are provided by country, type and end use industry as referenced above.

The countries covered in the polyetheretherketone (PEEK) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the polyetheretherketone (PEEK) market because of the increasing demand in the transportation sector due to the stringent guidelines regarding the environment and fuel consumption reduction within the region.

On the other hand, Asia-Pacific is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the growing demand from domestic markets. Moreover, the rising applications of the Polyether Ether Ketone (PEEK) in the electrical and electronics, aerospace, and automotive applications is further anticipated to further propel the growth of the Polyether Ether Ketone (PEEK) market in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Polyetheretherketone (PEEK) Market Share Analysis

The polyetheretherketone (PEEK) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to polyetheretherketone (PEEK) market.

Some of the major players operating in the polyetheretherketone (PEEK) market are

• 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)