The Global Polyether Ether Ketone Market Size accounted for USD 1,367 Million in 2021 and is estimated to achieve a market size of USD 2,529 Million by 2030 growing at a CAGR of 7.3% from 2022 to 2030. The growing demand in the automotive and aerospace industries is expected to propel the polyether ether ketone (PEEK) market growth. Furthermore, a rising number of applications across the healthcare industry provide numerous opportunities for the polyether ether ketone market value throughout the forecast period.
Polyether Ether Ketone Market Report Key Highlights
Polyether ether ketone (PEEK) is a semi-crystalline elastomer comprised of two ethers and a ketone group of repeating monomers. PEEK is a polyaryl ether ketone (PAEK) that is synthesized using step-growth polymerization of bisphenolate salts. PEEK is frequently employed in high-temperature applications which require outstanding thermal, chemical, as well as combustion properties.
Global Polyether Ether Ketone Market Trends
Polyether Ether Ketone Market Report Coverage
|Market||Polyether Ether Ketone Market|
|Polyether Ether Ketone Market Size 2021||USD 1,367 Million|
|Polyether Ether Ketone Market Forecast 2030||USD 2,529 Million|
|Polyether Ether Ketone Market CAGR During 2022 - 2030||7.3%|
|Polyether Ether Ketone Market Analysis Period||2018 - 2030|
|Polyether Ether Ketone Market Base Year||2021|
|Polyether Ether Ketone Market Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Stern Industries Inc., JidaEvonik High-Performance Polymers (Changchun) Co. Ltd, Tri-Mack Plastics Manufacturing Corp., A. Schulman AG, Caledonian Ferguson Timpson Ltd, J.K. Overseas, Prototype & Plastic Mold Co. Inc., Darter Plastics Inc., and Victrex Plc.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Polyether ether ketone has been rising as an effective product for implantable gadgets for the most part for spinal surgery and is supplanting titanium which was basically utilized for such purposes. Carbon-filled PEEK is favored more for such medical uses.
Expanding demand for superior plastics as a substitute to metals in cars by virtue of developing requirements for high productivity and low-weight materials is relied upon to drive the PEEK market size. The stringent environmental regulatory system in created markets of the U.S. furthermore, Europe has constrained the automobile market vendors to utilize choices that help reduce fuel utilization by improving overall fuel efficiency. Such regional patterns are foreseen to decidedly affect worldwide volumes over the coming years. However, the mind-boggling expense is foreseen to contrarily affect the worldwide market over the forecast period. Outstanding performance features of PEEK including unrivaled quality and warmth opposition are relied upon to move product inclination in end-use ventures, for example, medical, food, aerospace, packaging, and semiconductors.
Polyether Ether Ketone Market Segmentation
The worldwide polyether ether ketone market segmentation is based on the product, application, and geography.
Polyether Ether Ketone Market By Product
According to a polyether ether ketone market forecast, glass-filled PEEK is expected to grow significantly in the industry over the projected timeframe. The increased demand for PEEK components with better stiffness and strength from key end-use sectors is the primary driver of this segment's growth. Electronic, electrical, and industrial applications are expected to fuel expansion.
Polyether Ether Ketone Market By Application
According to a polyether ether ketone industry analysis, the automotive, industrial, and general construction application areas will drive the market in 2021. Developing packaging issues along with stringent environmental controls are expected to boost product requirements from modern application segments over the projected period.
On the other side, automakers are focusing on increasing eco-friendliness by reducing vehicle weight. In order to accomplish this, PEEK has emerged as the best and most condition-friendly metal substitute. Aerospace has emerged as a significant application area that is expected to drive general needs due to the growing need for next-generation passenger aircraft. Carbon-filled PEEK is used extensively in these passenger airplanes. The growing demand for clinical applications is also projected to be a major market driver.
Polyether Ether Ketone Market Regional Outlook
The Middle East & Africa
Europe Holds The Lion's Share Of The Global Polyether Ether Ketone Market
Europe was trailed by North America and Asia Pacific. The rising economies of India, China, and South Korea are likewise expected to fundamentally add to the regional growth by virtue of emerging industrial and customer packaging businesses. Europe drove the worldwide market by virtue of the stringent regulatory framework. These strict rules for the most part relating to condition and fuel consumption expanded the need for transportation division which thus brought about regional strength.
Asia Pacific has anticipated observing the utmost CAGR by virtue of industrialization in India and China paired with rising environmental concerns counting harmful VOC emission levels.
Also, developing GDPs combined with government activities to advance FDI in rising economies is foreseen to additionally help the territorial need in not so distant future. The Middle East and Africa are likewise expected to develop at a noteworthy rate by virtue of their rising application in industrial and automotive purposes.
Polyether Ether Ketone Market Players
Some of the top polyether ether ketone market companies offered in the professional report include Stern Industries Inc., JidaEvonik High-Performance Polymers (Changchun) Co. Ltd, Tri-Mack Plastics Manufacturing Corp., A. Schulman AG, Caledonian Ferguson Timpson Ltd, J.K. Overseas, Prototype & Plastic Mold Co. Inc., Darter Plastics Inc., and Victrex Plc.
The estimated value of global polyether ether ketone market in 2021 was accounted to be USD 1,367 Million.
The projected CAGR polyether ether ketone market during the analysis period of 2022 to 2030 is 7.3%.
The prominent players of the global polyether ether ketone market are Stern Industries Inc., JidaEvonik High-Performance Polymers (Changchun) Co. Ltd, Tri-Mack Plastics Manufacturing Corp., A. Schulman AG, Caledonian Ferguson Timpson Ltd, J.K. Overseas, Prototype & Plastic Mold Co. Inc., Darter Plastics Inc., and Victrex Plc.
Europe held the dominating polyether ether ketone during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for polyether ether ketone during the analysis period of 2022 to 2030.
Increased demand in the aerospace and automobile industries and rise in the use of lightweight components in place of metal drives the growth of global polyether ether ketone market.
Based on product, carbon filled segment is expected to hold the maximum share of the polyether ether ketone market.