Biobased Polyetheretherketone (PEEK) Market (2024-2030)
As per our research report, the Global Biobased Polyetheretherketone (PEEK) Market size is estimated to be growing at a CAGR of 6.8% from 2024 to 2030.
Polyetheretherketone (PEEK) is a high-performance polymer having mechanical, thermal, and chemical properties. Biobased Polyetheretherketone (PEEK) has been used in various industries, including aerospace, automotive, medical, and oil and gas. Biobased Polyetheretherketone (PEEK) has excellent heat resistance, chemical resistance, and mechanical strength. The Biobased Polyetheretherketone (PEEK) Market is expected to grow significantly in the coming years due to advancements in technologies and consumer demand for sustainable products. The environmental regulations, sustainability goals, cost competitiveness, increased R&D investments, rising adoption in key industries, government initiatives, and incentives, enhanced biobased material properties, and a growing focus on circular economy and waste reduction are the main drivers for the Biobased Polyetheretherketone (PEEK) Market.
The COVID-19 pandemic had a significant impact on the Biobased Polyetheretherketone (PEEK) Market. There were lockdowns and other safety restrictions. This resulted in supply chain disruptions and affected the production and distribution of Biobased Polyetheretherketone (PEEK). The fluctuations in demand and economic uncertainties caused by the COVID-19 pandemic have impacted many industries including aerospace and automotive. This decreased the demand for Biobased Polyetheretherketone (PEEK). Slowly, situations changed and industries started to work normally. However, the pandemic heightened the increased focus on bio-based products. This increased the demand and a sudden positive surge in the Biobased Polyetheretherketone (PEEK) Market. Post-pandemic the Biobased Polyetheretherketone (PEEK) Market witnessed a surge due to the adoption of the latest technology.
In February 2022, Kumovis, a Munich-based personalized healthcare application firm, specializes in extrusion technology for precise 3D printing of medical-grade polymers like PEEK acquired by 3D Systems. The acquisition aims to improve surgical outcomes using PEEK materials for human implants and surgical instruments.
The restraints to the Biobased Polyetheretherketone (PEEK) Market mainly include the high production costs, limited availability of feedstocks, technical challenges in biobased production, competition from conventional materials, and uncertainties in the regulatory environment.
KEY MARKET INSIGHTS:
- Based on market segmentation by Product Type, the Glass Filled PEEK segment holds the highest share of the Biobased Polyetheretherketone (PEEK) Market. This is mainly due to the increasing demand owing to their primary applications in the electronic, electric, and industrial sectors. Growing demand from important end-use industries for PEEK products with increased strength and stiffness is another factor for the market growth. However, carbon-filled PEEK is the fastest-growing segment during the forecast period. This is mainly due to due to its versatile applications and increasing demand in key industries like aerospace, automotive, and medical. Carbon Filled PEEK is the preferred material for clinical applications in implantable devices.
- Based on market segmentation by End User, the Electrical and electronics segment holds the highest share of the Biobased Polyetheretherketone (PEEK) Market. This is mainly due to the increasing usage of electrical connectors, computer equipment, cable sheaths, transformers, and other electrical and electronic applications. However, Automotive is the fastest-growing segment during the forecast period. This is mainly due to increased demand from the automotive industry for a lightweight alternative to metal with equivalent qualities. PEEK is considered the most efficient and environmentally friendly alternative to metals in the automotive sector. Automotive is predicted to develop at the highest Compound Annual Growth Rate (CAGR) of 9.05% during the forecast period. Weight reduction initiatives by automakers to improve fuel efficiency contribute to the high growth rate.
- Based on market segmentation by region, Europe holds the highest share of the Biobased Polyetheretherketone (PEEK) Market. This is due to the strong presence of PEEK end-use industries including automotive, insulation, electronics & electrical, industrial, and general engineering sectors. Well-established infrastructure is boosting the market in this region. North America is a well-developed region with advanced technologies and the presence of well-known automakers, including Tesla, Chrysler, Ford, and Cadillac, supports Biobased Polyetheretherketone (PEEK) Market growth. However, Asia Pacific is the fastest-growing region during the forecast period. This is mainly due to the increasing industrialization, rising environmental concerns, and increasing levels of harmful VOC emissions. Favorable government regulations attracting international PEEK manufacturers to set up factories and distribution centers in the Asia Pacific region are also boosting the market. The growing consumer and industrial packaging sectors are driving the market in emerging nations like China, India, and South Korea.
- Companies playing a leading role in the Global Biobased Polyetheretherketone (PEEK) Market profiled in this report are – Victrex plc, Evonik Industries AG, Solvay S.A., Panjin Zhongrun High-Performance Polymers Co. Ltd, Quadrant EPP Surlon India Ltd, Jrlon Inc, Parkway Products Inc, A. Schulman AG, Stern Industries Inc., Darter Plastics Inc., Caledonian Ferguson Timpson Ltd, J K Overseas, Shenyang Chemical Co., Ltd, and Prototype & Plastic Mold Co. Inc
By Product Type
- Glass Filled
- Carbon Filled
- Unfilled
- Others
By End User
- Electrical & Electronics
- Automotive
- Aerospace
- Industrial & General Engineering
- Oil & Gas
- Medical
- Others
By Region
- North America
- Asia Pacific
- Europe
- South America
- Middle East and Africa
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