The global Polyether Ether Ketone market size was estimated at USD 684.8 million in 2018 and is expected to witness a CAGR of 7.2% from 2019 to 2026. Growing environmental concerns including huge carbon emissions have prompted the need for minimal fuel consumption. This burning issue has forced automobile manufacturers to focus on increasing fuel efficiency by reducing overall automobile weights. One way to reduce automobile weight is to replace metals being used in vehicles, by efficient and environment-friendly alternative. Therefore, PEEK has emerged as a potential alternative to metals in automobiles industry.
Excellent characteristics are widening application scope of PEEK and increasing product lines in transportation, semiconductors, industrial, food, and clinical areas. Over the forecast period, PEEK is anticipated to enter into the diverse market and explore opportunities in untapped markets on account of its environment-friendly characteristics including lower harmful emissions.
The overall market is also anticipated to experience a wide range of application in medical industry over the forecast period. Currently, it is used for spinal surgery purposes and is expected to be used for more clinical applications and commercial medical products.
There is a need for research and development in the medical industry to explore untapped clinical applications. On account of lack of long-term clinical data, currently PEEK product has a limited application in the field, but it is expected to boost over the forecast period on owing to its huge potential as a replacement.
Pricing exists as a major restraint for the Polyether Ether Ketone (PEEK) market. It is one of the most expensive products in the polymer family. The high cost is anticipated to negatively impact global market over the forecast period.
On the basis of products, the market is segmented into unfilled, carbon filled, and glass filled. Glass filled PEEK is anticipated to continue to lead the market over the forecast period followed by carbon filled. Application in electronic and electric and industrial application areas is projected to drive the growth.
Carbon filled is expected to register the highest CAGR on account of its increasing application in automotive, aerospace, and medical areas. Unfilled is the purest form which is used for niche application areas in miscellaneous industries.
Automotive and industrial and general engineering application areas led the market in 2018. Growing packaging concerns coupled with stringent environment regulations is expected to drive product demand from industrial application segment over the forecast period.
On other hand, automobile manufacturers are focusing on increasing fuel efficiency by reducing automobile weight. For doing this, PEEK has emerged as the most effective and environment-friendly solution by replacing metals. Aerospace emerged as a significant application area and is expected to drive overall demand on account of its increasing demand in new generation passenger aircraft. These passenger aircraft mainly use carbon filled PEEK. Growing demand for clinical application is also expected to emerge as the major market driver.
Polyether ether ketone has been emerging as an efficient product for implantable devices mainly for spinal surgery and is replacing titanium which was primarily used for such purposes. Carbon filled PEEK is preferred more for such medical uses.
Europe led the global market on account of the stringent regulatory framework. These strict guidelines mainly pertaining to environment and fuel consumption reduction increased the demand in transportation sector which in turn resulted in regional dominance.
Europe was followed by North America and Asia Pacific. Emerging economies of China, India, and South Korea are also expected to significantly contribute to the regional growth on account of developing industrial and consumer packaging industries.
In addition, growing GDPs coupled with government initiatives to promote FDI in emerging economies is anticipated to further boost the regional demand in near future. Middle East and Africa is also expected to grow at significant rate on account of its rising application in industrial and automotive purposes.
The global PEEK market is consolidated on account of the presence of a limited number of regional players. Key participants include Victrex Plc; Panjin Zhongrun High-Performance Polymers Co. Ltd; Jrlon Inc.; and Quadrant EPP Surlon India Ltd.
Increasing overall application in various areas including medical, aerospace, and automotive is widening industry service provider business. Major service providers that use the item for injection molding and other purposes in different application areas include Prototype & Plastic Mold Co. Inc.; Parkway Products Inc.; A. Schulman AG; and Stern Industries Inc.
The market is expected to attract new players owing to widening product application scope in numerous industries including medical, aerospace, electronics, packaging, and automotive. The end-use industries are patenting their unique PEEK-based technologies in order to witness a competitive advantage over others.
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Attributes |
Details |
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Base year for estimation |
2018 |
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Actual estimates/Historical data |
2014 - 2017 |
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Forecast period |
2019 - 2026 |
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Market representation |
Volume in tons and CAGR from 2019 to 2026 |
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Regional scope |
North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa |
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Country scope |
U.S., Canada, Germany, U.K., France, Italy, China, India, Japan, South Korea, Taiwan, Brazil, Saudi Arabia |
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Report coverage |
Volume and revenue forecast, competitive landscape, growth factors, and trends |
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15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue and volume growth at global, regional, and country level and provide an analysis of the latest industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, Grand View Research has segmented the global Polyether Ether Ketone (PEEK) market report on the basis of product, application, and region:
Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2026)
Unfilled
Carbon Filled
Glass Filled
Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2026)
Medical
Automotive
Aerospace
Industrial & General Engineering
Electricals & Electronics
Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2026)
North America
U.S
Canada
Europe
Germany
U.K.
France
Italy
Asia Pacific
China
India
Japan
South Korea
Taiwan
Central & South America
Brazil
Middle East and Africa
Saudi Arabia
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