In 2022, the global PEEK Market achieved a significant valuation of USD 0.65 billion. The market is poised for robust growth, with a projected CAGR of 7.3%. By 2032, the market is expected to surpass USD 1.3 billion. Polyether ether ketone (PEEK) is a highly promising engineering thermoplastic that has gained significant traction across various industries. PEEK belongs to the polyarylether ketones family. The polymer is semicrystalline high performance thermoplastic and is the highest priced in this category. As the world moves towards materials that are lighter, stronger, and more environmentally friendly, PEEK stands out as a potential solution to meet these evolving demands. Its exceptional versatility, durability, and outstanding performance have ushered in a new era in sectors such as aerospace, automotive, electronics, pipelines, and healthcare. PEEK possesses the capability to serve as a viable alternative to traditional metals, withstand extreme conditions, contribute to weight reduction, and facilitate functional integration, thus pushing the boundaries of innovation.

Continuous advancements in PEEK research and manufacturing are expected to further revolutionize engineering across diverse sectors. PEEK is currently being used in specialized applications where polymers like Polyphenylene Sulfide (PPS), Polyamide-imide (PAI) or other Engineering Plastics are not suitable for operations. The polymer has wide temperature operability and can have similar characteristics and performance at high temperatures of 250°C and harsh environments without losing any physical properties.

In terms of supply, the global PEEK capacity is estimated to be around 13,000 tons, with production distributed across four countries: the United Kingdom, China, the United States, and India. Currently, there are six major producers of PEEK resins.  The U.K. houses around 50% of the total PEEK production capacity, with Victrex Plc. being the largest global producer. The company is expected to maintain its dominance in the PEEK market, further solidifying its position through a new 1500-ton PEEK production facility in China, slated to be operational by the end of 2023. Victrex Plc., Solvay SA, Evonik, Jilin Zhongyan High Performance Plastic Co., Ltd., and Panjin Zhongrun High Performance Polymer are the leading producer of PEEK. Solvay operates PEEK production facility in the United States and India. In India Solvay operates a 1060 tons PEEK production facility at Panoli plant.

The global PEEK demand is projected to experience a growth rate of 6.5% between 2023 and 2032, reaching approximately 14,000 tons by 2032. PEEK finds extensive applications in end-use industries such as automotive, electrical & electronics, industrial, medical, aerospace, oil & gas, and others like nuclear and food packaging. PEEK consumption patterns exhibit similarities across different regions and countries. In mature economies, the growth in demand for PEEK is anticipated to be lower than the global average, mainly due to the geographic shift of manufacturing industries, such as automotive and electrical & electronics, to regions with lower labor costs, including China and India. However, the driving factors for the market vary from one region to another.

In 2022, Western Europe emerged as the largest market for PEEK, followed by the Asia-Pacific region. In the forecast period, Asia Pacific is projected to grow at a CAGR of 10% owing to the expanding electrical and electronics industry, as well as the thriving automotive sector in the region. The shift of some electrical and electronics and automotive manufacturing from Western Europe to Asia-Pacific countries, including China, India, Vietnam, South Korea, and other Southeast Asian nations, has contributed to this growth. North America is estimated to represent over 20% of the global PEEK consumption, signifying its substantial presence in the market. In contrast, other regions such as Central and Eastern Europe, Central and South America, and the Middle East and Africa collectively constitute a relatively smaller market share, together accounting for less than 10% of the global PEEK market.

Key demand drivers for PEEK are their applications in automotive, electrical & electronics, industrial, medical, aerospace, oil & gas and other applications including food & beverages. In 2022, automotive applications constituted for the largest share of the global PEEK demand, accounting for around 30%, followed by electrical & electronics sector accounting and Industrial applications. Medical applications accounted for around 10% while all other industries including oil & gas, aerospace collectively constituted for the remaining share of global PEEK demand.

Forecasts suggest that the market share for PEEK in the automotive and aerospace industries is expected to witness a minor increase. In contrast, all other application areas are not projected to undergo significant changes in their market shares in the long-term outlook, extending through 2032.

The healthcare sector has witnessed remarkable advancements in PEEK applications, particularly in replacement surgeries and treatments involving the knee, spine, and spinal cages. Invibio s premium product, PEEK-OPTIMA, has become the material of choice for interbody spinal fusion surgeries and hip arthroplasty. PEEK s exceptional biocompatibility and extensive research potential have transformed the field of active implantable medical devices, leading to improved patient outcomes and reduced infection risks. Furthermore, PEEK s flame resistance and compatibility with 3D printing technology have opened up new possibilities in medical-grade implants and dental prosthetics, among other applications.

While Western European countries have widely embraced PEEK for medical implants and spinal fusions, the United States remains the largest consumer, followed by Europe and the Asia-Pacific region. The Asia-Pacific region, particularly China, presents untapped potential for PEEK adoption. China has shown great enthusiasm for PEEK in medical devices, successfully undergoing bio-compatibility tests and awaiting approval from the China Food and Drug Administration (CFDA).

In May 2023, Solavy launced an innovative PEEK extrusion compound, KetaSpire KT-857, tailored for use in insulating copper magnet wire within electric motors. This development has been motivated by the shift among OEMs toward high-density batteries and electric powertrains operating at voltages of 800 V and above. This transition is driven to address consumers concerns related to electric vehicle range anxiety.