Polyether Ether Ketone (PEEK) Market Size 2022 Global Status Report, Industry Valuation, Primary and Secondary Research, Detailed Study, Growth Orientation, Statistics and Forecast 2031

Kenneth Research recently added a report on the Polyether Ether Ketone (PEEK) Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.

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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.

Polyether ether ketone (PEEK) provides various combinations of exclusive performance features and comprises of thermoplastic material which is of high temperature. PEEK comprises of aromatic polymer backbone which is comparatively rigid and is suitable for rapid thermal conversions and has congenial chemical resistance and mechanical properties.

The global polyether ether ketone (PEEK) market was valued at $690.2 million. The extensive acceptance and adoption of PEEK in automotive, medical, aerospace and electrical applications is thereby extending the growth of global PEEK market.

Furthermore, the popularity and extensive acceptance of PEEK material are attributed towards its strength, longevity, lightweight, recyclable plastic and ability to thrive in any environment. As a result of all these properties PEEK are witnessing increased demand from various industry domains. Moreover, due to its strength PEEK is used in various industries to fabricate products such as pumps, bearings, cable insulation, bearings and compressor plate valves. The increasing benefits provided by PEEK are thereby significantly contributing towards the growth of the global PEEK market.

The global PEEK market is witnessing rampant growth owing to rapid demand for PEEK from various industries such as aerospace and automotive. These industries are adopting PEEK and are using it in braking, transmission and air-conditioning systems. It has been observed that in the aerospace industry various parts of aircrafts are being made with PEEK and is rapidly replacing use of other metals and aluminum. Additionally, use of PEEK material is the most cost effective method, used in the exterior parts of an aircraft since it helps the aircraft from erosion that might occur due to rains and further it works as an aid for protecting wires and fiber filaments for electrical systems in an aircraft.

Furthermore, alternative use of PEEK in comparison to that of metals and other materials is another factor driving the growth of the global PEEK market. The PEEK materials are anticipated to provide extensive benefits over metals and various industry domains such as chemical and oil & gas are rapidly utilising these materials in its processing. Additionally, PEEK is helping the industries to replace stainless steel used for reformative pumps that is ultimately helping the industries in reducing noise, deduction in wear and constantly performing properties.
However, the high cost associated with this material is thereby making it difficult for various prospective customers to adopt it thus this is the major factor that is hindering the growth of global PEEK market.

PEEK market forecast 2019 – 2029 estimates the historical market size in terms of consumption as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the PEEK manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. Automotive, electricals & electronics, medical, oil & gas, and aerospace industry players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.
The reports provide the analysis based on product and end user segment. Based on the product, the global PEEK market is categorized into carbon filled, unfilled and glass filled. Among all these segments, the glass filled product of PEEK is projected to generate largest revenue throughout the estimated period. The widespread increase in revenue in this segment is attributed towards extensive adoption of glass filled PEEK materials in industrial and electronic domain.

On the basis of end user, the global PEEK market is segmented into automotive, electricals & electronics, medical, oil & gas, and aerospace. Among all these industry domain, automotive domain is anticipated to generate largest revenue and is further estimated to account for the largest share in the global PEEK market by 2024.

The manufacturers in automotive domain are thereby enhancing the fuel efficiency that would further help the automobile manufacturers in decreasing the weight of the automobile. Furthermore, aerospace industry is estimated to generate highest CAGR during the forecast period. Aerospace industry is witnessing increased demand due to increasing usage of carbon filled PEEK. Moreover, the use of PEEK in aerospace domain PEEK is used for additive manufacturing that has the ability to create new designs and amalgamation portions in a single design.
Europe is anticipated to generate largest revenue throughout the estimated period due to increasing impedance of stringent regulations on efficient consumption of fuel that has further enhanced the demand for PEEK in this country. The increasing demand for PEEK from automotive and aerospace domain is thereby exaggerating the growth of PEEK market in Europe.

Moreover, the increasing growth in developing countries, increasing disposable income and prompt enhancement in the economic conditions of the developing such as China, India and South Korea are further anticipated to contribute towards the highest CAGR in PEEK market in Asia-Pacific. Furthermore, improved standard of living of the population in this region along with prospective opportunities for PEEK witnessed in electronics and electrical domain is thereby propelling the growth of PEEK market in Asia-Pacific. PEEK is witnessed to have exceptional properties of electrical that thereby makes it superlative conductor of electricity.

The report also offers the insights for the North American, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.

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The eminent key players in the global PEEK market are undertaking mergers and acquisitions and collaborations in order to expand their product offerings and gaining competitive advantage. Some of the players having prominent presence in the global PEEK market include Prototype & Plastic Mold Co. Inc., Evonik Industries AG, Quadrant Epp Surlon India Ltd, Victrex PLC, Panjin Zhongrun High Performance Polymers Co. Ltd, Caledonian Ferguson Timpson Ltd, Saudi Basic Industries Corporation (SABIC), J. K. Overseas, Celanese Corporation, Solvay S.A., Darter Plastics Inc., Zyex Ltd, Jrlon Inc., Parkway Products, LLC, A. Shulman, Inc., and Ensinger GmbH.

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