Global Biobased Polyetheretherketone (PEEK) Market Size (2024 - 2030)

The Global Biobased Polyetheretherketone (PEEK) Market was valued at USD 542.94 million and is projected to reach a market size of USD 860.5 million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.8%. 

Industry Overview:

PEEK is a semicrystalline thermoplastic also referred to as polyether ether ketone. Even at high temperatures, it exhibits good mechanical and chemical resistance qualities. PEEK may be melted and processed using traditional molding processes such as injection molding, compression molding, and extrusion owing to the existence of ether linkage. Along with PEEK's exceptional corrosion resistance, durability, strength, wear resistance, and high-temperature stability, it is thought to be the best metal substitute. To produce fuel systems,  engine components, induction systems, brake systems, powertrain, and transmission components for the aerospace and automotive industries, PEEK is being employed. PEEK is becoming more popular as an eco-friendly alternative in numerous applications. Compared to other polymers including ABS,  polyvinyl chloride, polyester laminate, polystyrene, and polysulphone, its use results in lower carbon emissions. There is a demand for reduced fuel consumption owing to huge environmental concerns, particularly significant carbon emissions. Automotive manufacturers are being pressured by several strict environmental rules to increase fuel efficiency, and decrease maintenance requirements. This urgent issue has compelled automakers to concentrate on improving fuel efficiency by reducing overall vehicle weights. The introduction of effective and environmentally friendly alternatives to replace the metals now used in automobiles is one technique to lower their weight. PEEK has thus become a possible metal substitute in the automotive sector. The market is being driven by the increasing replacement of metals and other conventional materials by PEEK as well as the expanding demand from the global electrical & electronics and automotive industries. A wide number of applications in the medical sector are also projected to augment the overall market throughout the forecast period. It is now employed in spine surgery and is anticipated to be used in additional clinical settings and for commercial medical items.PEEK's versatile properties are expanding its application possibilities and product offerings in the transportation, semiconductor, industrial, food, and medical sectors.

Impact of COVID-19 outbreak on Biobased Polyetheretherketone (PEEK) Market:

The COVID-19 pandemic has impacted economies and businesses in several nations due to lockdowns, travel restrictions, and company closures. The closing of numerous plants and factories has disrupted the world's supply chains, which adversely affected product production, delivery schedules, and sales on the international market. The automobile industry which is a crucial industry for PEEK filament suffered greatly during the coronavirus pandemic crisis, which in turn restrained the market's expansion.

MARKET DRIVERS:

The market for biobased polyetheretherketone (PEEK) is being driven by increasing demand from the aerospace and automotive industries:

The automobile and aerospace industries make a variety of interior and external components using PEEK. PEEK's light weight, excellent heat resistance, good dimensional stability, and high chemical resistance are its most valued characteristics. Using materials that are fire-resistant and produce less smoke and harmful chemicals in the event of a fire is crucial in the aerospace sector. PEEK meets these crucial criteria, which accounts for its considerable demand in the aerospace sector. The implementation of strict emission rules has accelerated during the last decade, particularly in North America and Europe. The automobile industry is constantly looking for materials that can aid in reducing the weight of vehicles to achieve improved fuel efficiency and comply with these strict emission rules.

Emerging applications are driving the Biobased PEEK market growth:

These polymers are anticipated to have a wide range of new uses in the automotive, oil & gas, aerospace, medical, and electronics industries.  The demand for PEEK products across numerous sectors is anticipated to increase in the upcoming years as a result of the special features of PEEK. PEEK polymers are preferred over conventional materials like steel, aluminum, and wood owing to their unique properties. They offer higher strength-to-weight ratios than other traditional materials and are more impact and chemical resistant. They also offer greater design flexibility. High-performance polymer sales are anticipated to grow quickly.

The market for biobased PEEK is expanding as a result of increasing government support:

Manufacturers have created biobased products like biobased propylene as a result of the increase in government support for the use of biobased materials. The market is anticipated rise as a result of growing initiatives by numerous governments throughout the world to use biobased plastics. To support a sustainable plastics industry, the EU encourages the use of biobased, biodegradable, and compostable plastics. The Japanese government has supported businesses that provide paper-based alternatives to plastic and encouraged the creation of products manufactured from biodegradable bioplastics. Additionally, the US Department of Agriculture (USDA) is actively involved in and supports numerous initiatives aimed at promoting bioplastics through increased research, development, and buyer/consumer awareness. Through federal procurement as well as a certification and labeling initiative, the USDA's BioPreferred Program seeks to increase the consumption and usage of biobased goods.

MARKET RESTRAINTS:

The high cost of PEEK in comparison to other materials could restrain market expansion:

PEEK manufacturing demands a higher initial investment than other groups of polymers as the manufacturing process is complex. In addition, a high level of technical proficiency is needed to produce PEEK products that can endure high temperatures. These characteristics make PEEK manufacturing expensive, which raises the price of finished goods as a result. PEEK's high cost restricts its use, which in turn slows the market's expansion. The high production costs also prevent mid and small-level market players from entering, which in turn shrinks the PEEK market.

The market for biobased PEEK can be restrained by challenging processing conditions:

The main issue faced by the key participants in the PEEK market is the dearth of reputable compounders and distributors due to the high level of technical proficiency required for processing or compounding PEEK. PEEK needs to be compounded using specialist processes and equipment since it is far more complicated than high-performance polymers. The need for high processing temperatures is just another issue PEEK compounders must deal with. It is challenging to sustain these high temperatures, and changes have an impact on the final product's quality during the compounding process.  

BIOBASED POLYETHERETHERKETONE MARKET REPORT COVERAGE:

This research report on the global biobased polyetheretherketone (PEEK) Market has been segmented based on product type, end-user, and region.

Biobased Polyetheretherketone (PEEK) Market – By Product Type

• Glass Filled

• Carbon Filled

• Unfilled

• Others

Based on Product Type, the Biobased Polyetheretherketone (PEEK) Market is bifurcated into Glass Filled, Carbon Filled, Unfilled, and Others. Glass-filled PEEK segment is anticipated to lead the market during the forecast period followed by the carbon-filled segment. Growth is likely to be driven by applications in the electronic, electric, and industrial sectors. The growing demand from important end-use industries for PEEK products with increased strength and stiffness is the main factor boosting the growth of this segment.  

The Carbon-Filled segment is anticipated to experience the greatest CAGR during the forecast period owing to its expanding use in the aerospace, automotive, and medical sectors. Unfilled PEEK is the purest form and is employed in niche applications across a range of sectors.

Biobased Polyetheretherketone (PEEK) Market – By End User

• Electrical & Electronics

• Automotive

• Aerospace

• Industrial & General Engineering

• Oil & Gas

• Medical

• Others

Based on End User, the Biobased Polyetheretherketone (PEEK) Market is bifurcated into Electrical & Electronics, Automotive, Aerospace, Industrial & General Engineering, Oil & Gas, Medical, and Others. Over the projected period, rising packaging concerns and strict environmental laws are anticipated to fuel product demand from the industrial application segment. Another factor that is anticipated to become a key market driver is the rising demand for clinical applications.  In place of titanium, which was previously utilized largely for spinal surgery, polyether ether ketone is proving to be an effective material for implantable devices. For such medicinal uses, carbon-filled PEEK is preferred.

The Automotive segment is predicted to develop at the highest CAGR of 9.05 % of the projection period owing to the increased demand from the automotive industry for a lightweight alternative to the metal with equivalent qualities. The goal of weight reduction initiatives by automakers is to improve fuel efficiency. PEEK is the most efficient and environmentally friendly alternative to metals for this.

Aerospace has emerged as a prominent application area and is predicted to boost overall demand owing to the growing need for new-generation passenger aircraft. Most of the PEEK used in these passenger airplanes is carbon-filled.

The Electrical & Electronics market in the global biobased PEEK market is expanding at the fastest rate. Electrical connectors, computer equipment, cable sheaths, transformers, and other similar goods are produced using polyether ether ketone (PEEK), which is increasingly used in the electrical and electronics industry.

Biobased Polyetheretherketone Market (PEEK) - By Region:

• North America

• Europe

• Asia-Pacific

• Rest of the World

Geographically, the North American Biobased PEEK market is anticipated to have rapid expansion owing to the developed automotive, electronics, and expanding aerospace sectors. The market is anticipated to grow in the next years as a result of the presence of well-known automakers in this region, including Tesla, Chrysler, Ford, Cadillac, and others, as well as government initiatives in the aerospace and defence sectors. The vast reach of the nation's free trade agreements is also anticipated to result in low tariffs and production costs, which should support market expansion.

Europe dominated the Biobased polyether ether ketone (PEEK) market and generated the biggest revenue share. The primary PEEK end-use industries in Europe include the automotive, insulation, electronics & electrical, industrial, and general engineering sectors. Strong heat resistance is necessary for coverings and insulation at high temperatures, including insulating wires, pressure-sensitive tapes, and FPC used in electronics, automotive, and aerospace, to protect the coded barcode and other information. The expansion of these industries helps the PEEK market in Europe. One of the major drivers of the EU economy is the automotive sector. The automobile and auto component industries in Europe are being driven by the presence of numerous well-known, internationally famous automakers, including Fiat, BMW, Volkswagen, and others, as well as a well-developed infrastructure. The stringent environmental regulations, which mostly focused on reducing fuel usage, raised demand in the transportation industry, which in turn led to regional supremacy.

The Asia Pacific Biobased Polyetheretherketone (PEEK) Market is anticipated to expand at the greatest CAGR during the forecast period. This can be attributed to industrialization in the region as well as rising environmental concerns, including levels of harmful VOC emissions. On account of growing consumer and industrial packaging sectors, emerging nations like China, India, and South Korea are also anticipated to make a sizable contribution to regional growth. The international PEEK manufacturers are drawn to the region due to the favorable government regulations to set up factories and distribution centers.

The Middle East and Africa Biobased Polyetheretherketone (PEEK) Market is anticipated to experience considerable growth owing to its expanding use in industrial and automotive applications.  

Major Key Players in the Market

Key players operating in the global polyether ether ketone (PEEK) market are:

1. Victrex plc

2. Evonik Industries AG

3. Solvay S.A.

4. Panjin Zhongrun High Performance Polymers Co. Ltd

5. Quadrant EPP Surlon India Ltd

6. Jrlon Inc

7. Parkway Products Inc

8. A. Schulman AG

9. Stern Industries Inc.

10. Darter Plastics Inc.

11. Caledonian Ferguson Timpson Ltd

12. J K Overseas

13. Shenyang Chemical Co., Ltd

14. Prototype & Plastic Mold Co. Inc

The global PEEK market is highly concentrated as there are only a few regional competitors. To gain a competitive edge over its competitors, the end-use industries are patenting their PEEK-based innovations.

Notable happenings in the Global Biobased Polyetheretherketone (PEEK) Market in the recent past:

Agreement- In February 2022, Personalized healthcare application firm Kumovis, situated in Munich, Germany, announced that 3D Systems has reached an agreement to acquire it. The foundation of Kumovis' products is their special extrusion technology, which was created for precise printing of medical-grade, high-performance polymers like PEEK (polyether ether ketone). The Kumovis 3D printing technology enables surgeons to provide better, quicker, and more affordable patient results because these materials are frequently favored for human implants and surgical instrument applications. 

Investment- In January 2020, Victrex, a provider of high-performance polymer solutions, announced a joint venture with Yingkou Xingfu Chemical Company to construct and run a new PEEK polymer manufacturing facility in Liaoning, China. This venture is subject to certain performance requirements, including concluding land purchase and permit applications.

Partnership- In October 2019, MediTECH®, a branch of Mitsubishi Chemical Advanced Materials, and Solvay announced a new license arrangement. The partnership enables MediTECH® to carry out client orders for extruded polymer shapes created using Zeniva® polyetheretherketone (PEEK), a high-performance, biocompatible polymer principally used for orthopedic, cardiac, and neurological implants. The licensee for the global fulfillment of Zeniva® PEEK shapes will be MediTECH® with immediate effect. All fulfillment tasks will be moved to MediTECH® by Solvay.