North America Polyether Ether Ketone (PEEK) Market, By Type (Glass Filled, Carbon Filled, Unfilled and Others), Application (Bearings, Piston Parts, Pumps, HPLC Columns, Compressor Plate Valves, Cable Insulation, Biomedical and Other), End-Use (Aerospace, Automotive, Food & Beverage Processing, Oil & Gas, Electrical Industry, Energy, Medical and Others) - Industry Trends and Forecast to 2029.
North America Polyether Ether Ketone (PEEK) Market Analysis and Insights
Rising polyether ether ketone (PEEK) applications in various industries are an important driver for the North America polyether ether ketone (PEEK) market. The excellent characteristics and properties of PEEK and PEEK as a potential alternative to metals in the automotive industry are expected to propel the North America polyether ether ketone (PEEK) market growth.
The major restraints that may negatively impact the North America polyether ether ketone (PEEK) market are the high costs of polyether ether ketone (PEEK) products and the easy availability of substitutes.
Rapid advancement in medical and healthcare applications and stringent regulations to reduce CO2 emissions are expected to provide opportunities in the North America polyether ether ketone (PEEK) market. However, challenging processing conditions for polyether ether ketones may challenge the North America polyether ether ketone (PEEK) market growth.
The North America polyether ether ketone (PEEK) market is expected to gain significant growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.1% in the forecast period of 2022 to 2029 and is expected to reach USD 252.66 million by 2029.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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By Type (Glass Filled, Carbon Filled, Unfilled and Others), Application (Bearings, Piston Parts, Pumps, HPLC Columns, Compressor Plate Valves, Cable Insulation, Biomedical and Other), End-Use (Aerospace, Automotive, Food & Beverage Processing, Oil & Gas, Electrical Industry, Energy, Medical and Others)
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Countries Covered
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U.S., Canada, Mexico
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Market Players Covered
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Victrex Plc, Evonik Industries AG, Solvay, DAIKIN COMPOUNDING ITALY S.p.A, Freudenberg, Arkema, Ensinger, the Mitsubishi Chemical Group of Companies (A Subsidiary of Mitsubishi Chemical Group Corporation), Avient, BARLOG Plastics GmbH, SABIC, SAINT-GOBAIN, Westlake Plastics, among others
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Market Definition
PEEK is a colorless organic thermoplastic polymer, a member of the poly aryl ether ketone (PAEK) family. It is a homopolymer having a single monomer. It is a semi-crystalline thermoplastic with exceptional chemical and mechanical properties that are retained even at higher temperatures. It shows resistance to deterioration during various sterilization procedures. Hence it can be sterilized with heat sterilization methods without affecting its properties. Its chemical structure makes it highly resistant to chemical and radiation damage, compatible with reinforcing agents such as glass and carbon fibers and has greater strength than metals. These properties make it highly suitable for industrial applications.
North America Polyether Ether Ketone (PEEK) Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail below:
Drivers
- Rising applications of polyether ether ketone (PEEK) in various industries
These polymers have many emerging applications in the aerospace, automotive, oil & gas, medical and electronics industry in the near future, which will further enhance the growth prospects of the North America polyether ether ketone (PEEK) market. Moreover, polyether ether ketone (PEEK) is regarded as a leading high-performance polymer throughout the plastic industry. Metals used to be the materials of choice in the automotive, aerospace, medical devices and other industries, but now PEEK polymer is rapidly replacing them by complying with today's North America emission regulations and assisting in reducing CO2 emission through more efficient technology.
- Excellent characteristics and properties of PEEK
PEEK polymers melt at a relatively high temperature compared to other thermoplastics. Its melting temperature range can be processed and enhanced more using injection molding, extrusion methods, spray forming, or pressing methods. Apart from this, the ability to process polyether ether ketone (PEEK) polymers with 3D printing makes it a desired material for its increased applications.
- PEEK as a potential alternative to metals in the automotive industry
Rising consumers' purchasing power, rapid industrialization in various countries and rapid expansion of the automobile sector have propelled the growth of the automobile sector. Polyether ether ketone is increasingly used in automotive parts, such as engines, gaskets, transmission rings, friction rings and thrust washers, which is, in turn, driving the growth of the market.
Opportunities
- Rapid advancement in medical and healthcare application
The overall market is also anticipated to experience a wide range of applications in the medical industry over the forecast period. Currently, it is used for spinal surgery and is expected to be used for more clinical applications and commercial medical products with more research and development. There is a continuous need for research and development in the medical industry to explore untapped clinical applications of PEEK. On account of the lack of long-term clinical data, currently, the PEEK product has limited application in the field, but it is expected to boost over in the near future owing to its huge potential as a replacement for other materials used.
- Stringent regulations to reduce CO2 emissions
PEEK is emerging as an environment-friendly solution in various applications. Its application leads to low carbon emissions compared to other polymers, including polyester laminate, polyvinyl chloride and polystyrene, among others. PEEK increases the service life of the products in which it is used by providing excellent corrosion resistance. It also performs well under high temperatures. It is one of the most versatile products in terms of providing manufacturing design freedom and thus results in less dependence on labor.
Restraints/Challenges
- High costs of polyether ether ketone (PEEK) products
The polyether ether ketone (PEEK) polymer manufacturer and its products require a considerably high investment, as the manufacturing process is more complex than any other group of polymers or metals. In addition, manufacturing PEEK products that can withstand high temperatures requires a high level of technical competency, technicians and research. Due to these factors, the production of PEEK is costly and thus the cost of end-products is also very high.
- Easy availability of substitutes
Plastic is a lightweight, durable, inexpensive and easily modified material. This is the reason for its usage, which has increased rapidly and is still growing. Plastic consists of polymers, which are large organic molecules. In the polymer market, various substitutes are available to be used in place of PEEK polymer. There are a variety of high-performance polymers available in the market.
- Challenging processing conditions for polyether ether ketones
There are many challenges in compression molding of PEEK. The process is time-consuming, highly sensitive and very specific in the type of tooling required. Compression molding is known for low productivity; even a large processor can only consume 20-25 Kg per day of production. The actual process of compression molding PEEK is also not straightforward and needs to be finely tuned until a process that most suits the equipment is available. In addition, the selection of dies is critical. In its molten form, PEEK can be a very aggressive and reactive material and steel gets corroded during molding. Therefore, finding a balance between a strong die metal and the correct process is critical in obtaining a final process that is both economical and productive and which yields a high-quality final product.
- An increase in competition from composites and hybrid polymers
Moreover, fiber-reinforced polymer composites are gaining importance in various fields, from household articles to the automobile industry. Natural and synthetic fibers have low cost, are lightweight and have high specific and mechanical strength. Fiber-reinforced hybrid composites have been emerging widely as potential materials for the fabrication of composites for different applications. Using such well-characterized processing techniques and modification methods help achieve desirable product qualities.
Recent Development
- In February 2022, Arkema became the finalist at the JEC Composites Innovation Awards 2022. Arkema, in partnership with Somocap, was one of the 30 finalists for this 2022 edition in the Building and Civil Engineering category through the project led by Optimas. This has enhanced the company's reputation in the market
North America Polyether Ether Ketone (PEEK) Market Scope
North America polyether ether ketone (PEEK) market is categorized based on type, application and end use. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Type
- Carbon Filled
- Glass Filled
- Unfilled
- Others
On the basis of type, the North America polyether ether ketone (PEEK) market is classified into glass filled, carbon filled, unfilled and others.
Application
- Bearings
- Piston Parts
- Compressor Plate Valves
- HPLC Columns
- Pumps
- Biomedical
- Cable Insulation
- Others
On the basis of application, the North America polyether ether ketone (PEEK) market is classified into bearings, piston parts, pumps, HPLC columns, compressor plate valves, cable insulation, biomedical and others.
End Use
- Automotive
- Electrical Industry
- Aerospace
- Energy
- Oil & Gas
- Medical
- Food & Beverage Processing
- Others
On the basis of end use, the North America polyether ether ketone (PEEK) market is classified into aerospace, automotive, food & beverage processing, oil & gas, electrical industry, energy, medical and others.
North America Polyether Ether Ketone (PEEK) Market Regional Analysis/Insights
North America polyether ether ketone (PEEK) market is segmented based on country, type, application and end use.
Some countries covered in the North America polyether ether ketone (PEEK) market are the U.S., Canada and Mexico. The U.S. is expected to dominate the North America polyether ether ketone (PEEK) market in terms of market share and market revenue owing to the growing demand for PEEK polymer for bearings in the region.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends and porter's five forces analysis and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North American brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Polyether Ether Ketone (PEEK) Market Share Analysis
North America polyether ether ketone (PEEK) market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies' focus related to the North America polyether ether ketone (PEEK) market.
Some of the prominent participants operating in the North America polyether ether ketone (PEEK) market are Victrex Plc, Evonik Industries AG, Solvay, DAIKIN COMPOUNDING ITALY S.p.A, Freudenberg, Arkema, Ensinger, the Mitsubishi Chemical Group of Companies (A Subsidiary of Mitsubishi Chemical Group Corporation), Avient, BARLOG Plastics GmbH, SABIC, SAINT-GOBAIN, Westlake Plastics, among others.
Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by the DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Apart from this, data models include Vendor Positioning grids, Market Time Line Analysis, Market Overview and Guide, Company Positioning grids, Company Market Share Analysis, Standards of Measurement, North America Vs Regional and Vendor Share Analysis. Please request an analyst call in case of further inquiry.
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