PEEK Market

Global PEEK Market Size

The size of the global PEEK market was valued at USD 0.54 billion in 2023. The global market size is anticipated to reach USD 1.15 billion by 2032 from USD 0.59 billion in 2024, growing at a promising CAGR of 8.72% from 2024 to 2032.

PEEK is a newly evolving, fast-growth market mainly due to the increasing demand from end-users and research & developments as a result of the rapid urbanization in the world.

MARKET DRIVERS

The increasing demand from end-use industries like the electrical and electronic industry and Aerospace industry is the major driver of the global PEEK market. The use of PEEK in numerous fast-growing industries creates a high potential for the PEEK market in the coming market, which could make the market enter the billion markets list in no time. Also, the vast application of Glass-filled PEEK is another major factor fueling the growth of the global market.

MARKET RESTRAINTS

However, the strict regulations imposed on the leading polyether ether ketone producers may negatively affect the global market growth. Also, undergoing research and developments for better suitable alternatives for various end-use industries may, in the future, restrain the market growth.  

REPORT COVERAGE

SEGMENTAL ANALYSIS

By End-User Insights

Among the mentioned types of PEEK, the glass-filled sector finds the most use in the world due to its wide range of industrial applications and its ability to provide enhanced thermal and mechanical properties. This makes the Glass-filled segment have the fastest growth in the aforementioned forecast period.

Of the mentioned end-users, the electrical & electronics sector is the largest user of PEEK as there are a variety of applications of PEEK in this industry, some of which are wire insulation, filtration membrane, and polymer parts of circuit breakers, batteries, capacitors, connectors, sockets, and touch screen components. It had the largest share of revenue generated when compared among other end-users, followed by the aerospace end-user sector.

REGIONAL ANALYSIS

The geographical advantages of the region offer it a high chance of succeeding in the global market. North America had the largest market share in 2023, as the major market players are from this region. The growth rate of this region is the second-highest in the aforementioned forecast period. The advances in laboratory setups and established plants are the reason for this region’s high market value. Europe is close to North America in terms of market size.

The growth rate, however, is not as high as that in Asia or North America, making it susceptible to witnessing an overtake in the market value by the Asia Pacific in the coming future. The Middle East and Africa & Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the PEEK market in these regions is slow-growing.

KEY MARKET PARTICIPANTS

Solvay S.A. (Belgium), A. Schulman AG (U.S.), Evonik Industries AG (Germany), J K Overseas (India), Panjin Zhongrun High-Performance Polymers Co. Ltd., (China), Caledonian Ferguson Timpson Ltd (U.K), Quadrant Epp Surlon India Ltd. (India), Jida Evonik High-Performance Polymers Co. Ltd. (Changchun), Victrex plc (U.K.), Parkway Products Inc. (U.S.), Stern Industries Inc. (U.S.), Saudi Basic Industries Corporation (SABIC), Shenyang Chemical Co. Ltd. (China), Celanese Corporation (U.S.), Jrlon Inc.(U.S.), Darter Plastics Inc. (U.S.), Zyex Ltd. (U.K), Ensminger(Germany), Caledonian Industries (U.K) are some of the notable companies in the global PEEK market.

MARKET SEGMENTATION

This research report on the global PEEK market is segmented and sub-segmented based on type, end-user, and region.

By Type

• Glass Filled
• Carbon Filled and Unfilled

By End-User

• Electrical & Electronics
• Aerospace
• Automotive
• Oil & Gas
• Medical
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa