Polyetheretherketone (PEEK) Market to Grow at an Estimated CAGR of 7% During the Forecast Period 2022-2030

03 Nov 2022

The global Polyetheretherketone PEEK market is expected to expand at a CAGE of 7% during the forecast period of 2022-2030. Massive carbon emissions have raised environmental concerns, including the need to minimize fuel use. Automakers are under pressure to improve fuel efficiency while reducing vehicle weight because of this dilemma. Substituting energy- and resource-efficient materials for metals used in car production can reduce weight. PEEK has become a metal alternative in the automobile industry. PEEK's better chemical resistance and greater dimensional stability than standard materials drive its demand in high-end applications like medical, aerospace, and automotive. PEEK's market is rising, but it faces a variety of difficulties. PEEK's high cost and competition from hybrid polymers and composites hinder its market growth.

PEEK is used in aerospace and automobile to make interior and exterior components. Manufacturers value PEEK's heat resistance, low weight, dimensional stability, and chemical resistance. Aerospace companies must employ fire-resistant materials that emit less smoke and odors in a fire. In the past decade, North America and Europe have tightened emission regulations and enforcement. The auto industry is always looking for innovative materials to reduce vehicle weight, enhance fuel efficiency, and comply with strict pollution standards. Even though engineered polymers can reduce weight, under-the-hood components require heat resistance. PEEK's increased demand in the car industry is due to its many benefits.

Rising demand for polyetheretherketone in aerospace and automotive should propel market growth. Growing applications of Polyether Ether Ketone (PEEK) in the healthcare industry due to its columnar stiffness, biocompatibility, and torsion strength in very thin walls, as well as the increasing demand for high-temperature resistance materials, are expected to propel the growth of the PEEK market during the forecast period. The polyetheretherketone (PEEK) market is predicted to increase rapidly because to its ability to replace metals and other conventional materials and the continuous economic growth in developing nations. An improvement in wealthy nations' economies will also boost market value.

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PEEK is superior to other polymers. It's chemically inert and insoluble in every solvent, resistant to high temperatures, lightweight, creep-resistant, creates minimal quantities of hazardous gas and smoke, is biocompatible, and bioresorbable. Because PEEK is stable in its native state, it can be reprocessed with few changes. This reduces environmental impact and allows for profitable reuse of manufacturing waste. Extreme environments and demanding applications do not impact PEEK polymers. This lightweight thermoplastic polymer can suit multiple application needs. It replaces metals. Polyether ether ketone is the primary HPP in the plastics industry. PEEK polymer is replacing metals in the automotive, aerospace, and medical device manufacturing industries, among others. PEEK polymer conforms to global emission limits and reduces CO2 emissions through efficient technologies. Polyether Ether Ketone is utilized in the medical, aerospace, automotive, electrical, and electronics industries, among others. PEEK polymers are replacing aluminum and other metals in aeroplane parts. It resists high temperatures, rain erosion, and other factors, hence it's used in engine and aircraft exterior and interior parts. As smaller engine compartments gain prominence. PEEK reduces weight and noise in the vehicle industry, replacing metals. The principal usage is creating transmission, braking, and air conditioning gears, washers, and other active components. Medical implants use polyether ether ketone (PEEK). During treatment, patients will have the most range of motion in most of their bodies. Due to these factors, PEEK polymer demand is expected to rise globally. Polyether ether ketone's outstanding properties allow for wider application. It's expanding into clinical, food, industrial, semiconductor, and transportation areas. The product is expected to enter a range of areas and explore unexplored global markets.

Due to the complexity of making PEEK, it requires a higher investment. High-temperature PEEK products demand a high level of technology. Due of these factors, PEEK manufacture is expensive, and finished products are also expensive. PEEK's high cost limits its applications, slowing industry growth. Due of high production costs, mid and small-level market players can't enter the PEEK industry, diminishing its size. Increasing competition from hybrid polymers and composites, as well as cheaper replacements, are also expected to restrict PEEK's market growth throughout the forecast period. This would challenge the polyetheretherketone (PEEK) market's growth rate.

Due to the high level of technical proficiency necessary for compounding or processing PEEK, prominent companies in the PEEK industry lack quality compounders and distributors. PEEK compounding requires specialized technology and software compared to high-performance polymers. PEEK compounders face another challenge: high processing temperatures. Compounding at high temperatures is challenging, and temperature fluctuations might affect product quality. Numerous enhancements by market participants and huge investments in R&D, which improve product applications, offer attractive prospects to market participants from 2022 to 2030. Increasing knowledge of PEEK's benefits would also help the market grow.

Due to its advantages, PEEK polymers are quickly replacing traditional materials. Steel, aluminum, and wood are conventional materials. They have a greater strength-to-weight ratio and chemical and impact resistance than standard materials. They also offer design flexibility. The market for high-performance polymers should grow rapidly during the next five years and beyond. Aerospace, automotive, oil and gas, medical, and electronic industries will likely find new uses for these polymers in the near future, boosting PEEK's international growth potential. PEEK's outstanding properties will boost demand for PEEK products in several industries in the coming years. In the next few years, PEEK demand is expected to rise globally.

2021 revenue was dominated by glass-filled PEEK. Glass-filled PEEK is expected to remain the market leader, followed by carbon-filled. Electronics, power, and industrial applications will boost growth. Glass-reinforced PEEK has a lower expansion rate and higher bending modulus than normal. It's used in applications that demand stability, rigidity, and strength at temperatures above 300°F. Glass-filled PEEK is electrically, thermally, mechanically, and physically unique. These include high temperature, chemical, FDA, biocompatibility, autoclave, and steam resistance. Because of its increasing use in the automotive, aerospace, and medical industries, carbon filled is expected to have the greatest CAGR. Unfilled forms are used for specialized applications in several domains.

Automotive and aerospace revenue dominated 2021. PEEK keeps its mechanical qualities across a wide temperature range, making it ideal for a variety of vehicle components, including interior design and functioning, external components, and structural components. PEEK's strong resistance, friction, and mechanical qualities make it useful for engine covers, ABS valves, gaskets, clutch gear rings, and other vehicle parts. Other pieces are made from PEEK. OEMs and component makers in the automotive sector are increasing their geographical footprint to reduce costs and retain revenues. The global market for electric vehicles has grown steadily in recent years due to new products and technological advances. Numerous governments have lately implemented legislation similar to those in electric vehicle markets. Global and regional OEMs have entered the electric car market through joint ventures and strategic partnerships. The cumulative output of autos in 2021 was 5,72,62,777, 15% fewer than in 2019. Electric vehicle sales grew 109 percent worldwide in 2021. The rise of the global automotive sector should benefit the polyether ether ketone market in the coming year.

Online distribution will be the fastest-growing medium from 2022 to 2030. Online distribution exposes more individuals to the product; it will expand quicker over the projection period. This is especially true with extensive internet and mobile device access. It also offers a secondary channel for product marketing and sales, resulting in reduced marketing expenses than offline channels. Customers gain confidence to buy when they read honest product reviews, which boosts business revenues.

North America, led by the U.S., dominated the PEEK market in 2021 because of rising demand in aerospace, automotive, electrical & electronics, medical, and oil & gas. The growing desire for passenger cars to lower greenhouse gas emissions is driving market demand. APAC is likely to develop quickest. Due to increased demand in China, India, and South Korea, researchers expect the Asia Pacific PEEK market will grow the fastest during the forecast period. APAC's robust growth rate is due to rising disposable income, increasing industrialization, and expansion in the auto and healthcare sectors.

According to industry experts, the end of global semiconductor shortages will boost Chinese auto sales in 2022. The senior economist of the State Information Center expects the worldwide chip issue will be resolved by 2022. Chip shortages reduced 2021 car production by 1 million in China and 11 million globally. The association predicts sales will rise 5.4% annually to 27.5 million units by 2022. By 2025, China wants 5,000 fuel cell electric vehicles, and by 2030, 1 million. The government's encouragement of electric, hybrid and fuel cell electric vehicles should propel the industry during the projection period. After creating a solid foundation in 2021, the Indian automobile sector is hopeful about attaining pre-pandemic output levels in 2022, despite a semiconductor scarcity. The sector is optimistic about reaching pre-pandemic production levels in 2022. Due to strong demand for passenger vehicles despite rising commodity prices, automakers are eager to embrace new technologies, especially electric cars (EVs). IBEF forecasts that INR 35,000 crore (approximately USD 4.99 billion) will be invested in India's aviation industry during the next four years. This may happen in aerospace. Due to these causes, PEEK demand from aerospace applications is expected to rise in the coming years.

PEEK is a highly concentrated market. Solvay S.A., Oxford Polymers, Victrex plc., Jilin Joinature Polymer Co., Ltd., PanjinZhongrun High-Performance Polymers Co., Ltd., Jida Evonik High-Performance Polymers, Daicel-Evonik Ltd., and others are participating in this market. Few regional manufacturers have made the worldwide PEEK market competitive and concentrated. The growing usage of this technology in medical, aerospace, and automotive has expanded the industry service provider market. Prototype & Plastic Mold Co. Inc., Parkway Products Inc., A. Schulman AG and Stern Industries Inc. use the component for injection molding and other purposes. As product applications develop in medical, aerospace, electronics, packaging, and automotive, new market entrants are expected. End-use industries patent PEEK developments to gain a competitive advantage.

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