Polyether Ether Ketone (PEEK) Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Polyether Ether Ketone (PEEK) Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Global Polyether ether ketone (PEEK) Market stood at 8,060 Tons in 2021 and is projected to register a CAGR of 5.22% in volume terms during the period 2022-2027.

The market was negatively impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led to shutdown of manufacturing facilities of almost every industry worldwide for a specified time. However, these industries have recovered significantly in 2021.

Key Highlights

• Over the long run, the increasing usage of lightweight materials and growing usage of PEEK in electricals and electronics industry are expected to drive the market growth.
• Availability of cheaper alternatives is expected to hinder the market growth during the forecast period.
• The rising number of applications in the healthcare industry is likely to act as an opportunity for the market studied, over the forecast period.
• Asia-Pacific is expected to dominate the global polyether ether ketone (PEEK) market.

Key Market TrendsAutomotive Industry to Dominate the Market Demand

• PEEK’s mechanical properties over a wide temperature range make it useful in the manufacture of car components, ranging from internal decoration parts and functional materials to exterior parts, structural parts, and others.
• The good resistance, friction, and mechanical properties of PEEK promotes its usage in the manufacturing of engine inner covers, manufacturing of ABS valves, gaskets, and others in automobile bearing transmission, braking and air-conditioning systems, clutch gear ring, and various other parts.
• Automotive OEMs and component manufacturing have been facing fluctuations in demand, and they are largely resorting to cutting costs and maintaining their margins by increasing their geographic footprint.
• The global electric vehicle market has been expanding at a steady rate over the past few years, with the continuous launch of new products and technological developments. Many countries have been adopting policies like the existing electric vehicle markets, and global and regional OEMs have been venturing into the electric vehicles market through joint ventures of strategic agreements.
• The total automotive production until Q3 of 2021 stood at 5,72,62,777, which is 15% below 2019 stats. In addition, the global electric vehicle sales was up by 109% in 2021.
• Therefore, the expansion of automotive industry across the world is projected to benefit the polyether ether ketone market over the forecast period.

Asia-Pacific to Dominate the Market

• The Asia-Pacific region dominated the global market share. In the region, China is the largest Polyether Ether Ketone (PEEK) market .
• According to industry experts, car sales in China will increase in 2022 as global chip shortages are resolved. According to the senior economist of the State Information Center, the wide chip crisis in China and throughout the world will be largely resolved in 2022. Chip shortages reduced vehicle production by more than 1 million in China and more than 11 million globally in 2021. The association also predicts that by 2022, the sales figure will have increased by 5.4% Y-o-Y to 27.5 million units.
• The Chinese government plans to have a minimum of 5,000 fuel cell electric vehicles by 2025 and 1 million by 2030. The government promoting the use of electric, hybrid, and fuel cell electric vehicles is expected to drive the market studied during the forecast period.
• The Indian automotive sector is optimistic about reaching pre-pandemic levels of production volume in 2022, after laying a solid foundation in 2021 despite manufacturing being hampered by a semiconductor shortage. With demand for passenger vehicles remaining strong despite rising commodity prices, many automakers are eager to adopt new technologies, mainly EVs.
• In the aerospace sector, according to the India Brand Equity Foundation (IBEF), the country’s aviation industry is expected to witness INR 35,000 crore (~USD 4.99 billion) investment in the next four years. Owing to these factors, the demand for PEEK from aerospace applications is expected to rise in the coming years.
• The Japanese aerospace industry manufactures aircraft components for commercial and defense aircraft. Commercial aircraft production has been increasing over the past couple of years, owing to the increasing cargo demands. Japan focuses on manufacturing the F-35A next-generation fighter jet (components) and other military aircraft and strengthening the foundation of aerospace manufacturing in the country. This is expected to increase the demand for PEEK in aerospace applications over the forecast period.
• Such factors are in turn expected to boost the demand for the market studied in Asia-Pacific region in coming years..

Competitive Landscape

The global polyether ether ketone (PEEK) market is highly consolidated in nature. The major players include Victrex plc., Solvay, Evonik Industries AG, Panjin Zhongrun Special Plastic Co., Ltd, and Kingfa SCI. & TECH. CO., LTD. among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Aetna Plastics Corp.
Avient Corporation
Caledonian Industries Ltd
Evonik Industries AG
Greene Tweed
Jilin Zhongyan High Performance Plastic Co. Ltd
Kingfa SCI. & TECH. CO. LTD
Panjin Zhongrun Special Plastic Co. Ltd
PBI Advanced Materials Co. Ltd
RTP Company
Solvay
the Mitsubishi Chemical Advanced Materials group of companies
Victrex plc.