PEEK Market Size to Reach USD 1,225.7 Million in 2027, Polyether Ether Ketone CAGR of 6.8%

Vancouver, British Columbia--(Newsfile Corp. - April 27, 2021) - The global PEEK market size was USD 721.4 Million in 2019 and is expected to reach USD 1,225.7 Million in 2027 and register a CAGR of 6.8% over the forecast period according to latest analysis by Emergen Research. PEEK (Polyether Ether Ketone) market revenue growth is driven by rising demand for applications in electrical & electronics, automotive, medical, and oil & gas industries. Other factors include increasing demand for lightweight materials from the automotive industry and from emerging markets, as well as surging demand for additive manufactured molds globally.

PEEK has high heat resistance and mechanical strength, and finds wide usage in the fused deposition modeling process to crosslink silicone parts. The process entails injection molds to be heated to temperatures exceeding 200 degrees centigrade, and under high mechanical stress.

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PEEK composites also offer weight reduction up to 60.0% less than metals, which leads to improved fuel efficiency and reduced carbon-dioxide emission, and reduced overall weight. It is also cost-effective and eco-friendly, requires reduced maintenance and improved uptime, and is widely used in manufacturing of aircraft components and parts.

However, high cost of PEEK and availability of substitutes are key factors expected to continue to hamper growth of the market to a certain extent going ahead.

Product Type Insights

Among the product type segments, the glass filled segment is expected to register a revenue growth rate of 7.3% over the forecast period. This growth can be attributed to PEEK polymer reinforced with glass fibers offering considerably reduced expansion rate and increased bending modulus, thereby making it a more preferred material for applications requiring enhanced stability, rigidity, and strength at temperatures exceeding 300 degrees Fahrenheit. Glass filled PEEK delivers various unique electrical, thermal, mechanical, and physical properties, including exceptional resistance to high-temperature, improved chemical resistance, is FDA compliant, offers biocompatibility, and autoclave and steam endurance.

Distribution Channel Insights

Among the distribution channel segments, the online distribution channel is expected to register a rapid revenue CAGR of 9.5% over the forecast period. Online mode of distribution offers better product visibility, and is a supplementary channel for product marketing and convenient sales.

The global PEEK polymer industry is more offline-intensive, but distribution mode necessitates a considerable investment of buyers' time and high selling costs, and extensive knowledge of the seller's market.

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Industry Vertical Insights

Among the industry vertical segments, the automotive industry segment accounted for largest revenue share of 41.0% in the global PEEK market in 2019, and the trend is expected to continue over the forecast period. Rising focus on safety standards and reducing environmental impact are vital factors driving demand for PEEK in the automotive industry.

Regional Insights

North America accounted for largest revenue share contribution of 37.6% to the global PEEK market in 2019. Revenue share contribution is relatively higher from the US, is attributed to rapidly rising demand for PEEK from industries such as aerospace, automotive, electrical & electronics, medical, and oil & gas.

The PEEK market in the Asia Pacific is expected to register the fastest revenue growth rate among other regional markets over the forecast period. This is driven by rising demand for PEEK from countries such as China, India, and South Korea.

Major Companies and Market Developments

Leading players in the global PEEK market are equipped with well-established production facilities and are engaged in various R&D activities. Some leading players in the PEEK market report include:

• Celanese Corporation
• Solvay SA
• Darter Plastics Inc.
• Evonik Industries
• Prototype & Plastic Mold Co. Inc.
• SABIC
• Victrex PLC
• Panjin Zhongrun High Performance Polymers Co. Ltd.
• Jrlon Inc.
• Quadrant Epp Surlon India Ltd.

In October 2019, Solvay launched KetaSpire PEEK XT, which provides benefits of standard PEEK's chemical resistance and improved strength and rigidity at higher temperatures.

In May 2020, Evonik introduced 3D-printable PEEK filament for use in medical implants. Customized plastic implants can be manufactured, deploying 3D printing processes to comply with the requirements of ASTM F2026.

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Segments Covered in the Report

This report offers historical as well as forecasts revenue growth at a global, regional, and country level and provides analysis of the market trends in each of the segments from 2018 to 2027.

For the purpose of this report, Emergen Research has segmented the global PEEK market on the basis of product type, distribution channel, industry vertical, and region:

Product Type Outlook (Revenue, USD Billion; 2017-2027)

• Glass Filled
• Carbon Filled
• Unfilled
• Others

Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)

• Online
• Offline

Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)

• Electrical & Electronics
• Aerospace
• Automotive
• Medical
• Oil & Gas
• Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

North America

• U.S.
• Canada
• Mexico

Europe

• Germany
• UK
• France
• BENELUX
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• South Korea
• Rest of APAC

Latin America

• Brazil
• Rest of LATAM

MEA

• Saudi Arabia
• UAE
• Rest of MEA

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