Polyether Ether Ketone Market Size Will Attain USD 2,529 Million by 2030 growing at 7.3% CAGR - Exclusive Report by Acumen Research and Consulting

BEIJING , Nov. 14, 2022 (GLOBE NEWSWIRE) -- 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.

Polyether Ether Ketone Market Statistics

• Global polyether ether ketone (PEEK) market value was USD 1,367 million in 2021 and expected to grow at CAGR of 7.3% from 2022 to 2030
• Europe polyether ether ketone market revenue over 43% market share in 2021
• Asia-Pacific polyether ether ketone (PEEK) market growth will record noteworthy CAGR of over 8% from 2022 to 2030
• Among products, carbon-filled sub-segment gathered more than 51% of the overall market share in 2021
• Based on applications, automotive industry generated over 35% of the total market share
• Increasing funding in research & development is a global polyether ether ketone market trend fueling the industry demand

Polyether Ether Ketone Market Growth Factors

• Growing demand in the aerospace & automobile sector
• Surging adoption in healthcare application
• Increasing application in the electrical and electronics industry
  
  

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Polyether Ether Ketone Market Report Coverage:

Polyether Ether Ketone Market Dynamics

The growing demand for superior plastics as a replacement for metals in automobiles, as a result of the growing demand for high productivity and low weight materials, is expected to drive the PEEK market.

Stringent environmental regulations in developed markets such as the United States and Europe have limited automobile market vendors' ability to use options that help reduce fuel consumption by achieving better fuel efficiency. Such regional patterns are expected to have a significant impact on global volumes in the coming years. However, the staggering expense is expected to have a negative impact on the global market over the forecast period.

PEEK's outstanding performance characteristics, for example, unrivalled quality and warmth resistance, are relied on to move product inclination in end-use ventures like medical, aerospace, food, packaging, and semiconductors.

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Polyether Ether Ketone Market Segmentation

The global polyether ether ketone market is divided into product, application, and region. The global polyether ether ketone market is divided into three categories based on products: unfilled, glass filled, and carbon filled. The global polyether ether ketone market by application includes medical, automotive, industrial & general engineering aerospace, and electrical & electronics. Furthermore, the global polyether ether ketone market is divided into North America, Asia-Pacific Europe, Latin America, and the Middle East & Africa.

Polyether Ether Ketone Market Share

Carbon filled was the most important product segment, accounting for approximately 51% of total market income in 2021. The product finds use in electric, industrial, and gadget applications. Carbon-filled polyether ether ketone is expected to have the highest CAGR between 2022 and 2030.

Regional demand for general construction, automotive, and industrial applications drove the market in 2021. Developing packaging concerns combined with stringent condition controls is expected to drive product demand from the current application section in the coming years.

Automobile manufacturers, on the other hand, 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 critical application area that is expected to drive overall demand due to the growing demand for next-generation passenger aircraft. These passenger planes are primarily made of carbon-filled PEEK. The growing demand for clinical applications is also expected to be a major market driver. Polyether ether ketone has emerged as an effective product for implantable devices, primarily for spinal surgery, and is displacing titanium, which was previously used for such purposes. Carbon-filled PEEK is preferred for such medical applications.

Polyether Ether Ketone Market Regional Growth

Due to strict environmental regulatory guidelines limiting overall automobile weight, Europe was the leading regional market in 2021. Asia Pacific is expected to have the highest CAGR due to industrialization in India and China, as well as rising environmental concerns such as harmful VOC emission levels.

North America and Asia-Pacific trailed Europe. Rising economies such as India, China, and South Korea are also expected to significantly contribute to regional growth through emerging industrial and consumers packaging businesses. Because of its strict regulatory framework, Europe drove the global market. These strict rules, for the most part referring to condition and fuel consumption, increased the need in the transportation division, resulting in regional strength.

Furthermore, growing GDPs combined with government initiatives to promote FDI in emerging economies are expected to help the territorial need in the not-too-distant future. Middle East and Africa are also expected to grow rapidly as a result of its increasing use in industrial and automotive applications.

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Polyether Ether Ketone Market Players

The significant companies operating in the global polyether ether ketone (PEEK) market are A. Schulman AG, Caledonian Ferguson Timpson Ltd, Darter Plastics Inc., Stern Industries Inc., J.K. Overseas, JidaEvonik High-Performance Polymers (Changchun) Co. Ltd, Prototype & Plastic Mold Co. Inc., Tri-Mack Plastics Manufacturing Corp., and Victrex Plc

Questions Answered By This Report

• What was the market size of Polyether Ether Ketone Market in 2021?
• What will be the CAGR of Polyether Ether Ketone Market during the forecast period from 2022 to 2030?
• Who are the major players in Global Polyether Ether Ketone Market?
• Which region held the largest share in Polyether Ether Ketone Market in 2021?
• What are the key market drivers of Polyether Ether Ketone Market?
• Who is the largest end user Polyether Ether Ketone Market?
• What will be the Polyether Ether Ketone Market value in 2030?
  
  

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