Polyether Ether Ketone (PEEK) Market

Polyether Ether Ketone (PEEK) Market Size 2023-2028

polyether ether ketone (PEEK) market is predicted to grow from $ 0.8 billion in 2021 to $ 1.13 billion in 2028, at a compound annual expansion rate (CAGR) of 6.6% during the foreseen period (2023-2028)

The special properties of PEEK, such as its high chemical resistance and greater dimensional stability compared to conventional materials, have driven the call for PEEK in high-end applications, including medical, aerospace, and automotive. The PEEK market is growing at a good pace; however, it still faces some restrictions. The high price of PEEK and escalating competition from hybrid polymers and composites are some of the main inhibitors in the PEEK market.

Polyether Ether Ketone (PEEK) is a semi-crystalline thermoplastic, which is an inert and thermally stable polymer. It has applications in the nuclear interface, aerospace, temperature resistance, medical implants, etc. PEEK produces a small amount of smoke or toxic gas emissions when exposed to a flame. It melts at a relatively high temperature compared to other thermoplastics, and the range of its melting temperature can be addressed by injection molding, extrusion processes, spray forming, or pressing processes.

Polyether Ether Ketone (PEEK) Market Trends:

Physical characteristics such as low moisture absorption, superior mechanical and electrical properties, and the ability to maintain these properties at relatively higher temperatures make the material ideal for a wide range of specialized applications. There has been a strong expansion in the call for polyether ether ketone (PEEK), especially in applications related to the aerospace industry, due to its relatively lightweight, relatively better high-temperature performance, and durability compared to other conventional materials. Growing concern about the damaging effects of pollution and pollutants emanating from automobiles has led industry participants to turn to automotive lightness in which the adoption of alternative lightweight materials for the manufacture of components than other modes made of conventional materials in order to better address efficiency and related pollution, the focus was on the problems. These developments are predicted to drive expansion in the call for polyetheretherketone during the foreseen period.

Polyether Ether Ketone (PEEK) Market Drivers:

PEEK is employed to make different interior and exterior components in the automotive and aerospace businesses. In the aerospace industry, it is important to use materials that are flame retardant and emit less smoke and toxic gases in the event of a fire. The last decade has seen a rapid increase in the implementation of strict emissions regulations, particularly in the North American and European regions. To achieve greater fuel efficiency and comply with these stringent emissions regulations, the automotive industry continually searches for materials that can help reduce vehicle weight. Although engineering plastics meet the weight reduction requirements, escalating the compactness of components under the hood requires high thermal resistance, which is provided by PEEK. Since PEEK meets all these requirements, its call is escalating rapidly in the automotive industry.

Polyether Ether Ketone (PEEK) Market Restraints:

The maker of PEEK needs a considerably high fund because the manufacturing procedure is very complicated than that of any other group of polymers. Due to these factors, the production of PEEK is expensive, and therefore the cost of finished products is also very high. The high price of PEEK limits its applicability and thus slows market expansion. The high cost of production also prevents the entry of small and medium market players, which in turn reduces the size of the PEEK market.

Opportunities in the Polyether Ether Ketone (PEEK) Market:

Owing to the features of PEEK polymers, they are becoming the material of choice to replace conventional materials. They also offer greater design flexibility. Therefore, the market for high-performance polymers is predicted to be extremely strong and grow at a high rate for the next five years and beyond. These polymers are predicted to have many emerging applications in the aerospace, automotive, oil and gas, medical, and electronics industries in the near future, further enhancing PEEK's expansion prospects worldwide. The unique properties of PEEK are also predicted to drive calls for PEEK products in various industries in the coming years. Therefore, PEEK is predicted to be in great call around the world for years to come.

Challenges in the Polyether Ether Ketone (PEEK) Market:

The main challenge faced by the main players in the PEEK market is the lack of availability of quality preparers and distributors, due to the high level of technical competence involved in the composition or processing of PEEK. Mixing PEEK is much more complex than mixing high-performance polymers and requires specialized equipment and systems. Another problem that PEEK mixers encounter is the high temperature required for processing. These high temperatures are difficult to maintain during the mixing process and fluctuations affect the quality of the final product.

POLYETHER ETHER KETONE (PEEK) MARKET REPORT COVERAGE:

Market Segmentation:

By Type:

• Glass-filled

• Carbon filled

• Unfilled

On the basis of type, the glass-filling sector held the highest share of the worldwide PEEK industry in the year 2019 and is predicted to raise at the highest CAGR.

By End-Use Industry:

• Electrical & electronics
• Aerospace
• Automotive
• Oil & gas
• Medical

Polyether Ether Ketone (PEEK) Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The Asia-Pacific region is emerging as the number one consumer of PEEK due to escalating calls from domestic markets. In addition, countries like China and South Korea are known as the main production centers for electronic components. In addition, a high rate of economic expansion, growing manufacturing industries, cheap labor, a growing electronics market, and the worldwide shift of consumer and production capabilities from developed markets to markets. Emerging markets are some of the factors driving the expansion in the call for PEEK in the Asia-Pacific region. Europe and North America together held the majority of the world's PEEK market. The market is predicted to register substantial expansion in the near future due to its rapid expansion and escalated technological innovations to develop new applications. A strong customer base in Europe is also driving the expansion of the PEEK market. However, factors such as PEEK's high price contradict its cost-based competitiveness, which is predicted to limit expansion.

Recent Developments in the Polyether Ether Ketone (PEEK) Market:

• Evonik launches PEEK implant filament for medical 3D printing applications. Evonik is the first firm in the world to introduce a 3D printable PEEK (Polyether Ether Ketone) filament as an implant suitable composite for medical uses.
• Solvay has introduced two latest lubricated grades of polyetheretherketone (PEEK) Zeniva to its variety of biocompatible polymers for employment in implantable devices.

Polyether Ether Ketone (PEEK) Market Key Players:

Comprehensive competitive analysis and profiles of major market players such as Victrex PLC, Solvay, Jida Evonik High-Performance Polymers (Changchun) Co. Ltd., Parkway Products Inc., Stern Industries Inc., A. Schulman AG, Caledonian Ferguson Timpson Ltd, Darter Plastics Inc., J K Overseas, Jrlon Inc., PanjinZhongrun High-Performance Polymers Co. Ltd, and Prototype & Plastic Mold Co. Inc. is also provided in this report.