Polyether ether ketone (PEEK) is a semi-crystalline thermoplastic that possesses excellent chemical, fatigue and dimensional stability at high temperatures. It is commonly used in medical implants and components due to its biocompatibility and sterilization resistance. PEEK also finds applications in aerospace and automotive industries owing to its superior mechanical properties compared to metals like steel and aluminum. PEEK components are used in aircraft engine mounts, aircraft seat frames, gears and bearings.
The global PEEK market is estimated to be valued at US$ 840.2 billion in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
The global PEEK market is driven by increasing demand from the aerospace industry. The aerospace industry uses PEEK extensively in non-structural as well semi-structural applications such as seats bolts, washers and gears due to its light weight, durability and corrosion resistance. PEEK’s density of 1.3 g/cm3 is around 30% lower than aluminum and 60-70% lower than titanium. This allows aircraft manufacturers to manufacture fuel-efficient aircraft with reduced carbon emissions. In addition, PEEK’s engineering properties allow OEMs to replace traditional high-performance metals like titanium in airframe structures and jet engines. This helps aerospace companies lower production costs.
Market Dynamics:
The global PEEK market growth is mainly driven by increasing demand from the aerospace industry as mentioned earlier. PEEK’s superior properties compared to metals helps manufacturers develop lightweight aircraft with better fuel efficiency in turn lowering operating costs. In addition, the rising demand for advanced medical implants is also fueling market growth. PEEK is widely used in spinal cages, hip and shoulder joints and other orthopedic applications due to its biocompatibility. Several market players are actively focusing on developing innovative grades of PEEK with enhanced mechanical and chemical resistance to expand their applications in industries such as oil & gas, automotive and 3D printing.
Segment Analysis
The global polyether ether ketone market size is dominated by the industrial and aerospace sub-segments. The industrial sub-segment accounts for over 60% of the total market share owing to wide usage of PEEK in various industrial equipment and components due to its excellent properties. PEEK provides high chemical resistance, durability and strength which makes it a preferred choice for various applications in industries like oil & gas, electronics and automobile. The aerospace sub-segment is also witnessing high growth and is projected to be the fastest growing end-use segment during the forecast period due to increasing use of PEEK for aircraft components.
PEST Analysis
Political: The market is positively impacted by supportive government regulations and policies that promote usage of high performance polymers in several industries.
Economic: Robust economic growth worldwide is driving industrial production and manufacturing activity which boosts demand for PEEK from end-use industries.
Social: Rising standards of living globally are increasing demand for advanced materials like PEEK from automotive and consumer goods industries.
Technological: Advancements in polymer engineering and manufacturing technologies have enabled wider applications of PEEK, driving continued product innovation.
Key Takeaways
The global PEEK market is estimated to be valued at US$ 840.2 billion in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
Regionally, Asia Pacific region dominates currently due to rapid industrialization and is expected to maintain lead during the forecast period. North America region is also projected to register strong gains going ahead on back of well-established aerospace and automotive industries in the region.
Key players operating in the polyether ether ketone market are Victrex plc, Solvay SA, Evonik Industries AG, Stern Companies, A. Schulman, Inc and Panjin Zhongrun High Performance Polymers Co. Ltd. Key players are focusing on capacity expansions and new product launches to consolidate their position. Victrex plc is currently the global leader with over 60% market share and offers commercial grades of PEEK under the brand name of VICTREX®.
