Chemicals & Materials

Global Peek Materials Market

April 21, 2022
ID: SR/CH-70
Format:Pdf
Pages:220

Global Peek Materials Market By Type (Glass Filled, Carbon Filled and Unfilled), By End-User (Electrical & Electronics, Aerospace, Automotive, Oil & Gas and Medical) and By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2028.

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Description

Peek Material Market Overview

The global peek material market is estimated to be worth USD 1,815.7 Million by 2030, growing at a CAGR OF 6.8% from 2022 to 2030.

The Peek (Polyether Ether Ketone) market is following a high demand attributed to its increasing need from the aerospace industry, including new and replacement planes. The surging demand for catering to the enormous requirement pushes the demand for composite materials containing thermoplastics such as Peek, which, in favor, would push the product market in aircraft construction. The Peek composites can deliver a weight reduction of metals, leading to improved fuel efficiency and reduced carbon dioxide emission, offering both cost and eco-friendly benefits and less maintenance and improved uptime.

What are Peek Materials?

Polyether ether ketone (peek) is a semi-crystalline thermoplastic, inert and thermally long-lasting polymer. It has end-user applications in nuclear, aerospace, temperature resistance interface, medical implants, etc. It has detailed properties such as high-temperature resistance, hydrolysis resistance, self-lubrication, easy processing, and increased mechanical stability. It dissolves at a relatively high temperature corresponding to other thermoplastics, and the range of its melting temperature can be processed by operating injection molding, extrusion methods, spray forming, or pressing methods.

Growth Drivers

Increasing need for Peek in aerospace and automotive Applications

Peek manufactures different interior and exterior elements in the automotive and aerospace industries. The most valued effects of Peek are its high heat resistance, lightweight, increased dimensional strength, and high chemical resistance. In the aerospace industry, it is essential to use fire-retardant materials and eject less smoke & toxic gases in case of fire. Peek fulfills these important needs, resulting in its high demand in the aerospace industry. The past decade has noticed a rapid growth in implementing stringent emission regulations, especially in the North American and European regions. It achieves greater fuel efficiency and meets these stringent emission regulations, and the automotive enterprise is constantly tracking materials that can help in the weight reduction of vehicles. Though engineering plastics meet weight decrease requirements, increased compactness in under-the-hood components requires high heat resistance, provided by Peek. As Peek meets all these needs, there is a rapid increase in its demand in the automotive industry.

Opportunities

Arising applications for Peek

Due to the properties of Peek polymers, they are evolving the material option to replace conventional materials, like steel, aluminum, and wood, among others. Compared to other conventional materials, they have increased chemical and effect resistance and higher strength-to-weight ratios. They also show greater configuration flexibility. Thus the market for high-performance polymers is anticipated to be excessively powerful and grow at an increased rate during the next five years and beyond.

These polymers are anticipated to have many occurring applications in the aerospace, automotive, oil & gas, medical and electronics industry shortly, which will further improve the growth opportunities of Peek globally. The unique properties of Peek are also anticipated to drive the demand for Peek products across different industries in the coming years. Thus, Peeks is expected to be in high demand globally over the coming years.

Restraints

Difficult processing requirements

The primary challenge faced by key players in the Peek market is the shortage of availability of grade compounders and distributors due to the increased level of technical competency affected in compounding or processing Peek. The compounding of Peek is much more complex than that of high-performance polymers and requires specialized equipment and techniques. Another problem Peek compounders face is the requirement of high temperature for processing. These high temperatures are challenging to maintain during the compounding procedure, and fluctuations affect the quality of the end product.

Pre Covid-19 Impact on Global Peek Materials Market

Before the covid-19 period, the augmented demand for high-performance polymers was anticipated to be one of the major factors driving the market’s growth before the pandemic. High-performance polymers possess properties that make them ideal for use at high temperatures. They are usually available in powder or pellets that can be heat-cured to suit the requirement. These high-performance polymers are costlier than engineering and commodity polymers.

Covid-19 Impact on Global Peek Materials Market

During the covid-19 period, the market was negatively impacted by covid-19 in 2020 and pushed several countries to go into lockdown due to the pandemic, which led to the shutdown of manufacturing facilities of almost every industry worldwide for a specified time. A large volume of Peek companies felt the impact of the covid-19 pandemic in multiple dimensions and are now emphasizing sustained growth over the long-term future.

Post Covid-19 Impact on Global Peek Materials Market

After the covid-19 period, the Electrical properties of Peek stay uninfluenced by moisture under perfect conditions. Therefore, polyether ether ketone displays excellent dielectric properties and dimensional stability. The Peek market is driven by a rise in environmental problems, mainly in the aerospace industry, owing to its lightweight, durability, and temperature performance. In addition, hazardous effects of pollution and polluting factors from automobiles have boosted industry participants in the automotive light-weighting that involves the fabrication of alternative components.

By Type Segmental Analysis

Based on type, the global peek materials market is segmented into Glass Filled, Carbon Filled and Unfilled. Glass-filled is expected to be the fastest-growing type segment in the global Peek market. The general purpose grade is unreinforced and offers all Peek grades the highest elongation and toughness. The addition of glass fibers significantly decreases the expansion rate and increases the flexural modulus of Peek. This grade is perfect for structural applications that need improved strength, stiffness, or stability, specifically at temperatures exceeding 300°F (150°C). Glass-filled Peek is light brown (tan) in color.

By End-User Segmental Analysis

Based on the end-user segmental analysis, the global peek materials market is segmented into Electrical & Electronics, Aerospace, Automotive, Oil & Gas and Medical. Electrical & electronics is the fastest-growing industry in the end-user segment in the global Peek market. In the Peek market, end-users were dominated by the electrical & electronics sector in 2021. This segment is estimated to increase at the highest CAGR during the forecast period. The growth of this sector is due to the rising demand from end applications of the electrical & electronics industry, including electrical connectors, transformers, cable sheaths, and so on.

By Regional Segmental Analysis

Based on region, the global peek materials market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. Europe and North America regions carried the major share of the global PEEK market. The market is anticipated to register substantial growth shortly, attributed to its fast growth and the expanded technological innovations to develop new applications. A strong customer base in Europe also causes the growth of the PEEK market. However, elements such as the high price of PEEK oppose its cost-based competitiveness, which is expected to restrain growth.

Competitors Analysis

The companies include Victrex Plc., Solvay S.A, Evonik Industries AG, Panjin Zhongrun High-Performance Polymers Co. Ltd., SABIC, Celanese, Darter Plastic Inc., Stern Industries, Jk Overseas, and other prominent players in the global peek materials market.

Key Stakeholders

Market research and consulting firms
Industry associations
Global Peek Materials and Manufacturing Firms
Local Governments
Regulatory bodies
Suppliers
Retailers

Recent Developments

In March 2014, Celanese Corporation and Southwire Company LLC, North America’s largest wire and cable producer, introduced utility transmission lines – C7 Overhead Conductor with a multi-stranded composite core. The C7 Overhead Conductor uses the Celstran CFR-TPR composite technology that involves a carbon-fiber and heat-resistant Fortron PPS matrix capped with a layer of Peek.
In October 2016, Celanese Corporation signed an acquisition agreement with SO.F.TER Group, one of the world’s largest thermoplastic compounder manufacturers. This investment helped the company bring technical expertise, production, and compounding capabilities for its products and extended its footprint in Mexico, Brazil, Italy, and the U.S.
In May 2014, Solvay S.A. introduced a new high stiffness grade KetaSpire Polyether Ether Ketone (Peek), KetaSpire KT-825, providing 50% greater modulus/stiffness than stiffness standard neat PEEK grades.
In January 2014, Evonik Industries AG established VESTAMID Care, TROGAMID Care, and VESTAKEEP Care product lines to expand its high-performance polymers product portfolio. It can be used. These products are for medical devices, including catheters, surgical instruments, and hearing aids.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD million
The revenue forecast in 2028	USD 1,315.7 Million
Growth Rate	CAGR of 6.8 % from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The companies include Victrex Plc., Solvay S.A, Evonik Industries AG, Panjin Zhongrun High-Performance Polymers Co. Ltd., SABIC, Celanese, Darter Plastic Inc., Stern Industries, and Jk Overseas are the key players.

Market Modelling

By Type

Glass Filled
Carbon Filled
Unfilled

By End-User

Electrical & Electronics
Aerospace
Automotive
Oil & Gas
Medical

By Region

North America
Europe
Asia Pacific
South America
The Middle East & Africa

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Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is Peek Material?

What is the market size of the global Peek Materials Market?

The global peek material market is estimated to be worth USD 1,815.7 Million by 2030, growing at a CAGR OF 6.8% from 2022 to 2030.

What are the growth drivers in the global peek materials market?

The surging demand for catering to the enormous requirement pushes the demand for composite materials containing thermoplastics such as Peek, which, in favor, would push the product market in aircraft construction. The Peek composites can deliver a weight reduction of metals, leading to improved fuel efficiency and reduced carbon dioxide emission, offering both cost and eco-friendly benefits and less maintenance and improved uptime.

What are the restraints in the global Peek Materials Market?

Who are the key players in the global Peek Materials Market?

The companies include Victrex Plc., Solvay S.A, Evonik Industries AG, Panjin Zhongrun High-Performance Polymers Co. Ltd., SABIC, Celanese, Darter Plastic Inc., Stern Industries, and Jk Overseas are the key players in the global Peek Materials market.

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Global Peek Materials Market