Global PEEK Market Research Report, 2005-2025

Global Polyetheretherketone (PEEK) Market Research Report, 2005-2025

Polyetheretherketone (PEEK) is a high performance,semi-crystalline, and melt-processable engineering plastic with unique combination of comprehensive properties in the polyaryletherketone (PAEK) family. It is the dominant and most important polyarylether ketone (PAEK). PEEK is the highest priced among all high performance thermoplastics and has high tensile strength, excellent fatigue, stress-crack, hydrolysis, and chemical resistance and can operate at high temperature and pressure without losing any physical properties. Along with excellent mechanical properties including impact resistance, low wear rate, and a low coefficient of friction, PEEK has a special property of emitting lower smoke and toxic gas when exposed to fire and has attained a V-O flammability rating.

PEEK was first developed in 1970’s by ICI based on its PES process. Evonik and Solvay entered the PEEK market in 2005-2006. Other companies followed suit in subsequent years. Solvay entered into the PEEK market with the acquisition of polymers divisions of Gharda Chemicals based out of India and has since expanded its manufacturing capabilities at this site.

The global PEEK demand is forecast to grow at a CAGR of 5.9%between 2018 and 2025. Globally, PEEK consumption in automotive, aerospace and medical applications are estimated to grow fast during the forecast period.Victrex, Evonik, Solvay and a few Chinese companies are the key players in the PEEK market.

Regional PEEK Demand

Western Europe was the biggest market for PEEK in 2017 followed by Asia-Pacific. The latter is estimated to grow at a high CAGR of 7.9% on account of increase in electrical & electronics and automotive industry. The region has benefited as some of electrical &electronics and automotive manufacturing has seen a shift from Western Europe to Asia-Pacific countries like China, India, Vietnam, South Korea and other South East Asian Countries. North America is estimated to account for around 25% PEEK consumption at a global level while other regions like Central &Eastern Europe, Central & South America and Middle East & Africa together account for a mere 6% market share. The following bar chart show the evolution of key end-uses of PEEK from 2005 along with forecasts to 2025.

Evolution of key end-uses of PEEK from 2005 along with forecasts to 2025

Miniaturization in the electrical &electronics industry, innovations in 3D printing and medical applications along with the reviving oil & gas industry will predominate the PEEK industry in the long term forecast.

PEEK has been surpassing areas reserved for metals due to properties such as weight reduction and chemical resistance. It has been a perfect fit for demanding applications in the transportation industry, and medical sector.

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