Westford USA, April 24, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Polyether Ether Ketone (PEEK) Market will attain a value of USD 3.72 billion by 2030, with a CAGR of 7.8% over the forecast period (2022-2030). Market expansion is anticipated to be fueled by the expanding demand for polyether ether ketone in the aerospace and automotive sectors. In addition, the growing demand for high temperature resistance materials, increasing applications of Polyether Ether Ketone (PEEK) in the healthcare sector, and its columnar stiffness, biocompatibility, and torsion strength in very thin walls are some of the factors anticipated to propel the market growth.
According to the SkyQuest, reduced fuel use is encouraged in the light of growing environmental concerns, such as the significant increase of carbon emissions. Automakers are concentrating on enhancing fuel efficiency by lightening overall vehicle weight. The significant use of efficient and sustainable alternatives to the metals currently used in automobiles is one strategy to reduce the vehicle weight. In the automotive industry, PEEK has consequently become a potential metal alternative.
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PEEK is widely used in the automotive, electrical and electronic and medical industries because to its affordability, cost-effectiveness, good performance in corrosive and harsh weather conditions and lightweight characteristics. This is one of the driving forces for the market growth. Polyether ether ketone is a better metal substitute in automotive and medical applications including artificial bone and surgical tools and is used to reduce total product weight.
Prominent Players in Polyether Ether Ketone (PEEK) Market
- Victrex plc
- Corporate. Evonik
- Panjin Zhongrun High Performance Polymers Co. Ltd.
- Dupont
- SOLVAY
- DAIKIN
- Dow
- Freudenberg SE
- The Chemours Company
- Metalubgroup
- M&I Materials Limited
- Lubrilog
- ECCO Gleittechnik GmbH
- Ashland Inc
- Arkem S.A.
- Hexcel Corporation
- BASF SE
- Evonik Industries AG
- Kingfa SCI. & TECH. CO. LTD
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Carbon Filled Segment is Expected to be Grow Due to the Rising General Building Projects
In 2021, carbon filled segment accounted for around 51% of the market's overall revenue, making them the most significant product category. Applications for the device include electric, industrial and gadgetry. The highest CAGR is anticipated for carbon-filled polyether ether ketone between 2022 and 2030. The market is driven by the regional demand for industrial, automotive and general building projects. In the upcoming years, product demand from the current application section is anticipated to be driven by evolving packaging issues mixed with strict condition controls.
North America is anticipated to be driven by the robust automotive, electronics and expanding aerospace sectors. The market is anticipated to grow in the upcoming years as a result of the presence of major automakers in this region including Chrysler, Tesla, Ford, Cadillac and others, as well as government initiatives in the aerospace and defence sectors. It is also anticipated that the country's broad network of free trade agreements will result in low tariffs and production costs, which will support the market expansion.
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Glass Filled Segment Is Expected Is Expected to Witness Significant Growth Due to its Superior Mechanical Properties
The glass filled segment held the largest market share for PEEK globally and it is anticipated that it would expand at the fastest CAGR between 2022 and 2030. The growing demand from end-use industries for PEEK products with increased strength and stiffness is the main factor fueling the expansion of this market.
Asia-Pacific dominated the Polyether Ether Ketone (PEEK) market. According to industry experts, car sales in China are anticipated to rise in 2022. The chief economist at the State Information Center predicts that by 2022, the chip crisis will have mostly passed. By 2030, the Chinese government wants one million fuel cell electric vehicles, starting with at least 5,000 functional units by 2025. The market is anticipated to be driven by the government's promotion of electric, hybrid and fuel cell electric vehicles throughout the forecast period.
A comprehensive analysis of the major players in the Polyether Ether Ketone (PEEK) market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Polyether Ether Ketone (PEEK) Market
- In February 2022, Other high-performance polymers, such as Keta Spire polyetheretherketone, were recycled and reclaimed by Solvay and Mitsubishi Chemical Advanced Materials.
- In March 2022, A new 3D printable filament was produced by Evonik using PEEK INFINAM PEEK. Technologies for extrusion-based 3D printing (FFF/FDM) are compatible with INFINAM PEEK.
Key Questions Answered in Polyether Ether Ketone (PEEK) Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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