Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "North America Polyether Ether Ketone (peek) - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2017 - 2029" report has been added to ResearchAndMarkets.com's offering.
The North America Polyether Ether Ketone Market size is estimated at USD 154.60 million in 2024, and is expected to reach USD 222.53 million by 2029, growing at a CAGR of 7.56% during the forecast period (2024-2029).
Growing aerospace industry and demand for high-quality aircraft components to drive market growth during the forecast period
- PEEK resin is popular across various industries for its lightweight, high strength, low fatigue, and low flammability characteristics. It can resist combustion up to nearly 600C due to its low flammability properties. The United States accounted for 85.2% of the North American PEEK market in 2022.
- The PEEK market in North America experienced a decline in 2020 due to the impact of the COVID-19 pandemic, with the market volume falling by 6.60% compared to 2019. Factors such as supply chain disruptions, a shortage of raw materials, and nationwide lockdowns in numerous countries in the region, including the United States, contributed to the market's decline. However, in subsequent years, demand for PEEK resin rebounded, with a growth rate of 7.68% in 2022, attributed to a steady supply of raw materials.
- PEEK material is extensively used in North America's aerospace industry for producing aircraft interior parts, flight control components, and many other items. The escalating production of aerospace components in North America is expected to drive the demand for PEEK resin over the coming years. Revenue from aircraft component production is projected to increase from USD 193.2 billion in 2022 to USD 300.2 billion by 2029.
- The electrical and electronics industry represents the fastest-growing end-user segment for PEEK resin in North America, with a CAGR of 9.47% in terms of value during the forecast period (2023-2029). The industry's consumption of PEEK resin is anticipated to reach approximately 100 tons by 2029. This trend is driven by the growing semiconductor production in North America, particularly in the United States, which accounts for 12% of global semiconductor production. To further boost US semiconductor manufacturing, the government invested USD 52 billion in 2022.
Strong growth of technological innovations to augment the overall growth of the industry
- By 2027, North America is projected to be the third-largest region for electrical and electronics production and account for a share of around 10.5% of the global market.? The emergence of advanced technologies such as virtual reality, IoT solutions, and robotics into consumer electronic products to achieve efficiency and low cost has provided a significant advantage to the consumer electronics industry. The consumer electronics industry in the region is projected to reach a market volume of around USD 161.8 billion by 2027 from USD 127.6 billion in 2023. As a result, the demand for electrical and electronic products in the region is projected to increase.
North America Polyether Ether Ketone (peek) Industry Overview
The North America Polyether Ether Ketone (peek) Market is fairly consolidated, with the top five companies occupying 100%. The major players in this market are Evonik Industries AG, RTP Company, Solvay, Victrex and Zhejiang Pengfulong Technology Co., Ltd. (sorted alphabetically).
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