DUBLIN, Jan. 6, 2023 /PRNewswire/ — The “Polyetheretherketone (PEEK) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030” report has been added to ResearchAndMarkets.com’s offering.
The global market for polyetheretherketone (PEEK) is estimated to grow at a CAGR of 7% during the forecast period 2022-2030
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The need to reduce fuel use as much as possible has arisen in response to mounting worries about the environment, chief among which are massive carbon emissions. Because of the urgency of this problem, automakers have been pressured to concentrate on developing ways to improve fuel efficiency while simultaneously reducing the total weight of their vehicles.
One strategy for reducing the weight of automobiles is to substitute more energy- and resource-efficient materials for the metals that are now used in their construction. PEEK has consequently gained traction in the automotive industry as a contender for the role traditionally played by metals.
The demand for PEEK in high-end applications, such as medical, aerospace, and automotive, have been driven by its unique features of PEEK, which include excellent chemical resistance and greater dimensional stability than traditional materials.
The market for PEEK is growing at a healthy rate; yet, it is still being held back by a number of obstacles. The high cost of PEEK as well as the growing competition from hybrid polymers and composites are two of the most significant factors working against the growth of the PEEK market.
Rising Demand for PEEK in The Automotive and Aerospace Industries Are the Primary Drivers
In the aerospace and automotive industries, PEEK is utilized in the production of a variety of components for both the inside and exterior of vehicles. The strong heat resistance, low weight, great dimensional stability, and high chemical resistance of PEEK are the features that are most highly prized by manufacturers.
When it comes to the aerospace business, it is essential to make use of materials that are not only fire resistant but also produce less smoke and harmful fumes in the event of a fire. Due to the fact that PEEK satisfies these essential specifications, the aerospace sector has a significant need for the material.
During the past ten years, there has been a discernible trend toward stricter regulation and execution of emission standards, particularly in the regions of North America and Europe. The automobile industry is constantly looking for new materials that can assist in the reduction of vehicle weight so that it can achieve improved fuel efficiency and conform to the rigorous emission laws that are now in place.
Even though engineering polymers can meet the requirements for reducing weight, increasing compactness in under-the-hood components demands strong heat resistance. PEEK can provide this for the components. As a result of the fact that PEEK satisfies all of these characteristics, the demand for it in the automobile industry is rapidly growing.
High Level of Demand to Boost the Market Growth
It is anticipated that the expansion of the market would be fuelled by the rising demand for polyetheretherketone in industries such as aerospace and automotive manufacturing. In addition, the growing applications of Polyether Ether Ketone (PEEK) in the healthcare industry because of its columnar stiffness, biocompatibility, and torsion strength in very thin walls, as well as the increasing demand for high-temperature resistance materials, are a few of the factors that are further anticipated to propel the growth of the Polyether Ether Ketone (PEEK) market in the timeline period.
The polyetheretherketone (PEEK) market is expected to see a significant acceleration in its growth rate as a result of the fact that PEEK can serve as a replacement to metals and other conventional materials, as well as the continued economic expansion in developing nations. A further factor that will contribute to the expansion of market value is an improvement in the economic situation in developed nations.
Large R&D Investment to Offer Significant Opportunities
In addition, numerous improvements made by market participants, as well as large investments in research and development activities, which further improve the applications of products, extend lucrative opportunities to market participants during the forecast period of 2022 to 2030. In addition, the increasing awareness of the advantages of polyetheretherketone (PEEK), will further contribute to the future expansion of the polyetheretherketone (PEEK) market.
Emerging Uses for PEEK Materials Present an Opportunity.
PEEK polymers are quickly becoming the material of choice to replace traditional materials due to the qualities that make them ideal for this purpose. These traditional materials include steel, aluminum, and wood, amongst others. They offer higher chemical and impact resistance than other traditional materials, in addition to having a higher strength-to-weight ratio than those other traditional materials.
Glass Filled PEEK to Dominate the Market While Carbon Filled Segment to Lead the Growth
Glass-filled PEEK segment dominated in terms of revenue share in 2021. It is further anticipated that glass-filled PEEK will maintain its position as the market leader during the forecast period, followed by carbon filled. The expansion is expected to be driven by applications in the fields of electronics and electricity, as well as industrial applications. PEEK polymer that has been reinforced with glass fibers has an expansion rate that is significantly lower than average and a bending modulus that is significantly higher than average.
North America Remains as Revenue Leader, APAC to Lead the Growth
North America held the largest revenue share in 2021. The increased demand for PEEK in industries such as aerospace, automotive, electrical & electronics, medical, and oil & gas has contributed to the dominance of the market held by the North American region, led by the U.S. The market demand is being driven by the growing need for passenger cars in order to comply with government rules to reduce greenhouse gas emissions. A
PAC is expected to register the fastest growth during the forecast period. As a result of rising demand for the product in countries such as China, India, and South Korea, analysts anticipate that the PEEK market in the Asia Pacific region will expand at a rate that is the most rapid throughout the period covered by the forecast. The strong growth rate of the APAC region is the result of a number of factors, including an increase in the level of disposable income, rapid industrialization, and expansion in the automobile and healthcare sectors.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Polyetheretherketone (PEEK) market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Polyetheretherketone (PEEK) market?
- Which is the largest regional market for Polyetheretherketone (PEEK) market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Polyetheretherketone (PEEK) market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Polyetheretherketone (PEEK) market worldwide?
Company Profiles
- 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.
Market Segmentation
Type
- Unfilled PEEK
- Carbon Filled PEEK
- Glass Filled PEEK
Application
- Industrial
- Electrical & Electronics
- Automotive& Aerospace
- Medical
- Others
Distribution Channel
- Direct
- Online
For more information about this report visit https://www.researchandmarkets.com/r/o53mll
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
