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Global Polyetheretherketone (PEEK) Market Analysis/Forecast Report 2022-2030

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DUBLIN, January 6, 2023 /PRNewswire/ — The report “Polyetheretherketone (PEEK) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030” has been added to from ResearchAndMarkets.com offer.

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The global market for polyetheretherketone (PEEK) is expected to grow at a CAGR by 7% over the forecast period 2022-2030

This research report represents the analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compound annual growth rate (CAGR) for each of the respective segments estimated for the forecast period from 2022 to 2030.

The need to reduce fuel consumption as much as possible has arisen in response to growing concerns about the environment, including massive carbon emissions. Due to the urgency of this issue, automakers have been forced to focus on developing ways to improve fuel efficiency while simultaneously reducing the overall weight of their vehicles.

One strategy to reduce the weight of automobiles is to substitute more energy and resource efficient materials for the metals that are now used in their construction. PEEK has therefore gained ground in the automotive industry as a competitor for the role traditionally played by metals.

The demand for PEEK in high-end applications, such as medical, aerospace, and automotive, has been driven by its unique characteristics of PEEK, which include excellent chemical resistance and greater dimensional stability than traditional materials. .

The PEEK market is growing at a steady pace; however, it is still held back by a number of obstacles. High cost of PEEK along with growing competition from hybrid polymers and composites are two of the most significant factors hindering the growth of the PEEK market.

The growing demand for PEEK in the automotive and aerospace industries is the main driver

In the aerospace and automotive industries, PEEK is used in the production of a variety of components for the interior and exterior of vehicles. The high heat resistance, low weight, high dimensional stability and high chemical resistance of PEEK are the characteristics most valued by manufacturers.

When it comes to the aerospace industry, it is essential to use materials that are not only fire resistant, but also produce less smoke and harmful fumes in the event of a fire. Because PEEK meets these critical specifications, the aerospace industry has a strong need for this material.

Over the past ten years, there has been a noticeable trend towards more stringent regulation and enforcement of emission standards, particularly in regions of North America and Europe. The automotive industry is constantly on the lookout for new materials that can help reduce vehicle weight in order to improve fuel efficiency and comply with the stringent emissions laws that are currently in place.

Even though engineered polymers can meet weight reduction requirements, increasing the compactness of components under the hood requires strong heat resistance. PEEK can provide this for components. Because PEEK satisfies all these characteristics, its demand in the automotive industry is growing rapidly.

High level of demand to drive market growth

The expansion of the market is predicted to be fueled by the growing demand for polyetheretherketone in industries such as aerospace and automotive manufacturing. Additionally, the growing applications of polyether ether ketone (PEEK) in the healthcare industry due to its columnar stiffness, biocompatibility, and torsional resistance in very thin walls, as well as the growing demand for high temperature resistant materials, are some of the factors which are further expected to propel the growth of the polyether ether ketone (PEEK) market during the period.

The polyetheretherketone (PEEK) market is expected to witness a significant acceleration in its growth rate due to the fact that PEEK can replace metals and other conventional materials, as well as continued economic expansion in developing countries. Another factor that will contribute to the expansion of the market value is an improvement in the economic situation in the developed countries.

Significant investment in R&D to offer significant opportunities

In addition, numerous improvements made by market players along with large investments in research and development activities, which further enhance the applications of the products, provide lucrative opportunities for market players during the forecast period. from 2022 to 2030. In addition, the growing awareness about the benefits of Polyetheretherketone (PEEK), will further contribute to the future expansion of the Polyetheretherketone (PEEK) market.

New uses for PEEK materials present an opportunity.

PEEK polymers are quickly becoming the material of choice to replace traditional materials due to the qualities that make them ideal for this purpose. These traditional materials include steel, aluminum and wood, among others. They offer greater chemical and impact resistance than other traditional materials, in addition to having a higher strength-to-weight ratio than these other traditional materials.

Glass-filled PEEK will dominate the market while the carbon-filled segment will lead the growth

The glass-filled PEEK segment dominated in terms of revenue share in 2021. It is further predicted that glass-filled PEEK will maintain its leading position in the market during the forecast period, followed by carbon-filled. The expansion is expected to be driven by electronics and electrical applications, as well as industrial applications. Glass fiber reinforced PEEK polymer has a significantly lower than average expansion rate and a significantly higher than average flex modulus.

North America Remains Revenue Leader, APAC to Lead Growth

North America held the largest revenue share in 2021. Increased demand for PEEK in sectors such as aerospace, automotive, electrical & electronics, medical, and oil & gas has contributed to the dominance of the market held by the North American region, led by the United States. Market demand is driven by the growing need for passenger cars to comply with government rules aimed at reducing greenhouse gas emissions. A

PAC is expected to register the fastest growth over the forecast period. Due to the increasing demand for the product in countries such as China, Indiaand South Koreaanalysts predict that the PEEK market in the Asia Pacific region will grow at the fastest rate over the entire forecast period. The high growth rate of the APAC region is the result of a number of factors, including an increase in the level of disposable income, rapid industrialization, and the expansion of the automotive and healthcare sectors.

Key questions answered by this report

  • What are the key micro and macro environmental factors impacting the growth of the Polyetheretherketone (PEEK) market?

  • What are the major investment pockets with respect to product segments and geographies currently and during the forecast period?

  • Estimated forecasts and market projections till 2030.

  • Which segment represents the fastest CAGR during the forecast period?

  • Which market segment has a larger market share and why?

  • Are low- and middle-income economies investing in the polyetheretherketone (PEEK) market?

  • What is the largest regional market for the Polyetheretherketone (PEEK) market?

  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin Americaand Middle East & Africa?

  • What are the key trends driving the growth of the Polyetheretherketone (PEEK) market?

  • Who are the leading competitors and what are their key strategies to grow their presence in the global Polyetheretherketone (PEEK) market?

Company Profiles

  • Solvay S.A.

  • Oxford Polymers

  • Victrex plc.

  • Jilin Jointing Polymer Co. Ltd.

  • Panjin Zhongrun High-Performance Polymers Co. Ltd.

  • High performance polymers Jida Evonik

  • Daicel-Evonik Ltd.

Market segmentation

Type

  • Empty PEEK

  • Carbon filled PEEK

  • PEEK filled with glass

Application

  • Industrial

  • Electrical and Electronic

  • Automotive and aerospace

  • Medical

  • Others

Distribution channel

For more information about this report visit https://www.researchandmarkets.com/r/o53mll

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Research and Markets
Laura Woodsenior
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