세계의 폴리에테르에테르케톤(PEEK) 시장 : 성장, 전망, 경쟁 분석(2022-2030년)
Polyetheretherketone (PEEK) Market - Growth, Future Prospects and Competitive Analysis, 2022 - 2030
세계의 폴리에테르에테르케톤(PEEK) 시장 규모는 2022년부터 2030년 사이 예측 기간 동안 7%의 CAGR 성장할 것으로 예상됩니다. 자동차 및 항공 우주 산업 수요 증가는 폴리에테르에테르케톤(PEEK) 시장 성장을 촉진하고 있습니다. 그러나 비용이 많이 들고 하이브리드 폴리머와 복합 재료와 경쟁이 치열해지면서 시장 성장이 억제될 수 있습니다.
세계의 폴리에테르에테르케톤(PEEK : Polyetheretherketone) 시장을 조사 분석했으며, 비즈니스 전망, 시장 역학, 시장 분석, 기업 프로필 등 체계적인 정보를 제공합니다.
The global market for polyetheretherketone (PEEK) is estimated to grow at a CAGR of 7% during the forecast period 2022-2030. The need to reduce fuel use as much as possible has arisen in response to mounting worries about the environment, chief among which are massive carbon emissions. Because of the urgency of this problem, automakers have been pressured to concentrate on developing ways to improve fuel efficiency while simultaneously reducing the total weight of their vehicles. One strategy for reducing the weight of automobiles is to substitute more energy- and resource-efficient materials for the metals that are now used in their construction. PEEK has consequently gained traction in the automotive industry as a contender for the role traditionally played by metals. The demand for PEEK in high-end applications, such as medical, aerospace, and automotive, have been driven by its unique features of PEEK, which include excellent chemical resistance and greater dimensional stability than traditional materials. The market for PEEK is growing at a healthy rate; yet, it is still being held back by a number of obstacles. The high cost of PEEK as well as the growing competition from hybrid polymers and composites are two of the most significant factors working against the growth of the PEEK market.
In the aerospace and automotive industries, PEEK is utilized in the production of a variety of components for both the inside and exterior of vehicles. The strong heat resistance, low weight, great dimensional stability, and high chemical resistance of PEEK are the features that are most highly prized by manufacturers. When it comes to the aerospace business, it is essential to make use of materials that are not only fire resistant but also produce less smoke and harmful fumes in the event of a fire. Due to the fact that PEEK satisfies these essential specifications, the aerospace sector has a significant need for the material. During the past ten years, there has been a discernible trend toward stricter regulation and execution of emission standards, particularly in the regions of North America and Europe. The automobile industry is constantly looking for new materials that can assist in the reduction of vehicle weight so that it can achieve improved fuel efficiency and conform to the rigorous emission laws that are now in place. Even though engineering polymers can meet the requirements for reducing weight, increasing compactness in under-the-hood components demands strong heat resistance. PEEK can provide this for the components. As a result of the fact that PEEK satisfies all of these characteristics, the demand for it in the automobile industry is rapidly growing.
It is anticipated that the expansion of the market would be fuelled by the rising demand for polyetheretherketone in industries such as aerospace and automotive manufacturing. In addition, the growing applications of Polyether Ether Ketone (PEEK) in the healthcare industry because of its columnar stiffness, biocompatibility, and torsion strength in very thin walls, as well as the increasing demand for high-temperature resistance materials, are a few of the factors that are further anticipated to propel the growth of the Polyether Ether Ketone (PEEK) market in the timeline period. The polyetheretherketone (PEEK) market is expected to see a significant acceleration in its growth rate as a result of the fact that PEEK can serve as a replacement to metals and other conventional materials, as well as the continued economic expansion in developing nations. A further factor that will contribute to the expansion of market value is an improvement in the economic situation in developed nations.
PEEK, in comparison to other polymers, possesses exceptional properties. For instance, it is resistant to chemicals, chemically inert and insoluble in every solvent, resistant to high temperature, lightweight, creep-resistant, generates extremely low levels of toxic gas and smoke, is biocompatible, and bioresorbable, amongst other properties. Because the PEEK molecule is relatively stable in its natural state, it is possible to reprocess it with just a minimal amount of alteration to its characteristics. This not only lessens the impact on the environment but also ensures that waste products from manufacturing operations may be reused in a manner that is financially viable. PEEK polymers perform exceptionally well in extreme conditions and demanding applications. This lightweight thermoplastic polymer may meet many needs at the same time to address material restrictions in applications. It most commonly serves as a replacement for metals. The entire plastics industry recognizes polyether ether ketone as the premier high-performance polymer (HPP) available today. PEEK polymer is quickly replacing metals as the material of choice in a variety of industries, including the automotive, aerospace, and medical device manufacturing sectors, amongst others. This is because PEEK polymer complies with today's global emission regulations and helps reduce CO2 emissions through the use of technology that is more efficient. Polyether Ether Ketone is becoming increasingly used in a variety of areas, including the medical field, the aerospace industry, the automobile industry, the electrical and electronics industry, and others. In the aerospace industry, PEEK polymers are beginning to take the place of aluminum and other metals in a variety of aircraft components. It provides exceptional resistance to high temperatures, rain erosion, and other elements, hence it is employed in essential engine components, as well as aircraft exterior and interior parts. As a result of the growing popularity of compact engine compartments. PEEK allows for a reduction in both weight and noise in the automobile industry, which ultimately results in the material's replacement of metals. The primary use is creating gears, washers, and other active components that are utilized in the transmission, braking, and air conditioning system. When it comes to implants in the medical industry, the material of choice is polyether ether ketone (PEEK). Patients will have the greatest possible range of motion throughout the majority of their bodies for the duration of their treatment with it. As a result of all of these causes, it is anticipated that the demand for PEEK polymer will increase in markets all over the world.
Because of its superior qualities, the use of polyether ether ketone can now encompass a wider variety of contexts. It is continuing to broaden its product offerings across a variety of markets, including the clinical, food, industrial, semiconductor, and transportation markets. It is anticipated that the product will find its way into a variety of different fields and search for prospects in the markets of the world that have not yet been explored. Because it produces little hazardous emissions, polyether ether ketone can be considered an environmentally benign product.
Due to the fact that the process of producing PEEK is significantly more complicated than the production of any other category of polymers, it requires a significantly higher investment to be made. In addition, a high level of technical expertise is required in order to manufacture PEEK products that are capable of withstanding high temperatures. Because of all of these different elements, the production of PEEK is a pricey endeavor, and as a result, the prices of finished items are likewise extremely high. The high cost of PEEK restricts the range of applications for this material, which in turn slows the expansion of the market. Because of the high cost of production, mid and small-level market players are unable to enter the PEEK market, which in turn has the effect of reducing the market's overall size.
It is also anticipated that the increasing competition from hybrid polymers and composites, in addition to the availability of cheaper substitutes, will be some of the additional factors that will continue to impede the growth of the PEEK market throughout the duration of the forecast period. Consequently, as a result of this aspect, the growth rate of the polyetheretherketone (PEEK) market would be challenged.
Due to the high level of technical competency that is required for compounding or processing PEEK, the primary challenge that is faced by key players in the PEEK market is the lack of availability of quality compounders and distributors. The process of compounding PEEK is far more difficult than that of high-performance polymers and necessitates the use of specialist hardware and software. PEEK compounders run into yet another obstacle in the form of the necessity of high processing temperatures for the material. During the process of compounding, it is difficult to sustain these high temperatures, and any variations in the temperature may negatively impact the product's quality.
In addition, numerous improvements made by market participants, as well as large investments in research and development activities, which further improve the applications of products, extend lucrative opportunities to market participants during the forecast period of 2022 to 2030. In addition, the increasing awareness of the advantages of polyetheretherketone (PEEK), will further contribute to the future expansion of the polyetheretherketone (PEEK) market.
PEEK polymers are quickly becoming the material of choice to replace traditional materials due to the qualities that make them ideal for this purpose. These traditional materials include steel, aluminum, and wood, amongst others. They offer higher chemical and impact resistance than other traditional materials, in addition to having a higher strength-to-weight ratio than those other traditional materials. In addition to this, they provide increased design flexibility. As a result, it is anticipated that the market for high-performance polymers will be exceptionally robust and expand at a rapid rate over the course of the next five years and beyond. It is anticipated that these polymers will have various emerging uses in the near future within the aerospace, automotive, oil and gas, medical, and electronic industries, which will further increase the growth prospects of PEEK internationally. In the approaching years, it is anticipated that the demand for products made by PEEK would be driven in numerous industries by the exceptional features that PEEK possesses. As a result, it is anticipated that PEEK will experience significant growth in demand all over the world over the next few years.
Glass-filled PEEK segment dominated in terms of revenue share in 2021. It is further anticipated that glass-filled PEEK will maintain its position as the market leader during the forecast period, followed by carbon filled. The expansion is expected to be driven by applications in the fields of electronics and electricity, as well as industrial applications. PEEK polymer that has been reinforced with glass fibers has an expansion rate that is significantly lower than average and a bending modulus that is significantly higher than average. As a result, it is a material of choice for applications that require increased stability, rigidity, and strength at temperatures higher than 300 degrees Fahrenheit. Glass-filled PEEK provides a number of distinctive electrical, thermal, mechanical, and physical features. These include outstanding resistance to high temperatures, increased chemical resistance, compliance with FDA regulations, biocompatibility, and autoclave and steam endurance, amongst others.
It is anticipated that carbon filled will record the highest CAGR during the forecast period because of the growing number of applications for this material in the automotive, aerospace, and medical industries. The unfilled form is the purest one, and it is utilized for specialized application fields in a variety of different sectors.
In 2021 automotive and aerospace segments dominated the market revenues. Due to the fact that PEEK retains its mechanical properties over a broad temperature range, this material can be useful in the production of a variety of automotive components, including those used for interior decoration and functionality, as well as exterior components, structural components, and others. The excellent resistance, friction, and mechanical properties of PEEK promote its usage in the manufacturing of inner engine covers, manufacturing of ABS valves, gaskets, and others in automobile bearing transmission, braking, and air-conditioning systems, clutch gear ring, and various other parts. PEEK is also utilized in the manufacturing of various other parts. Original equipment manufacturers (OEMs) and component makers in the automotive industry have been experiencing variations in demand, and they are mostly resorting to growing their geographical footprint in order to decrease costs and maintain their profits. The global market for electric vehicles has been experiencing consistent growth over the course of the past several years, thanks in large part to the consistent introduction of new products and advancements in technological capabilities. Numerous nations have recently begun to implement laws that are analogous to those of the existing electric vehicle markets. Joint ventures and strategic partnerships have been the primary means by which original equipment manufacturers (OEMs) on both a global and regional scale have entered the market for electric vehicles. As of the third quarter of 2021, the cumulative output of automobiles amounted to 5,72,62,777, which is 15% less than the figures for 2019. In addition, sales of electric vehicles across the globe increased by 109 percent in 2021. As a result of this, it is anticipated that the growth of the automotive sector all over the world would be beneficial to the polyether ether ketone market during the course of the forecast year.
The online distribution channel is emerging and is expected to be the fastest growing distribution channel during the forecast period of 2022 to 2030. Online distribution allows for a greater number of people to be exposed to the product; it is likely to experience a faster rate of growth over the course of the forecast period. This is particularly true in light of the widespread availability of internet connectivity and mobile devices. In addition to this, it offers a supplemental channel for product marketing and sales, which ultimately results in lower marketing expenses in comparison to the channels for offline sales. Customers and clients get the confidence to make purchases when they read honest evaluations of products, which creates the potential for businesses to increase their profits.
North America held the largest revenue share in 2021. The increased demand for PEEK in industries such as aerospace, automotive, electrical & electronics, medical, and oil & gas has contributed to the dominance of the market held by the North American region, led by the U.S. The market demand is being driven by the growing need for passenger cars in order to comply with government rules to reduce greenhouse gas emissions. APAC is expected to register the fastest growth during the forecast period. As a result of rising demand for the product in countries such as China, India, and South Korea, analysts anticipate that the PEEK market in the Asia Pacific region will expand at a rate that is the most rapid throughout the period covered by the forecast. The strong growth rate of the APAC region is the result of a number of factors, including an increase in the level of disposable income, rapid industrialization, and expansion in the automobile and healthcare sectors.
The resolution of worldwide chip shortages is anticipated to lead to a rise in sales of automobiles in China in 2022, as stated by specialists in the industry. The senior economist at the State Information Center believes that the global chip issue, which has been affecting China as well as the rest of the world, would be substantially resolved in the year 2022. As a result of chip shortages, the number of vehicles produced in 2021 was cut by more than 1 million in China and more than 11 million worldwide. Additionally, the association forecasts that the sales figure will have increased by 5.4% Year-over-Year to a total of 27.5 million units by the year 2022. By the year 2025, the Chinese government intends to have a minimum of 5,000 fuel cell electric vehicles, and by the year 2030, they hope to have 1 million. It is anticipated that during the time covered by the forecast, the market will be driven by the government's encouragement of the usage of electric, hybrid, and fuel cell electric vehicles. The Indian automotive sector is optimistic about reaching pre-pandemic levels of production volume in 2022, after laying a solid foundation in 2021, despite manufacturing being hindered by a shortage of semiconductors. This optimism stems from the fact that the sector believes it will be able to reach pre-pandemic levels of production volume in 2022. Many automakers are keen to incorporate new technology, namely electric cars (EVs), due to the robust demand for passenger vehicles that have persisted despite rising commodity prices. The India Brand Equity Foundation (IBEF) projects that during the next four years, investments of INR 35,000 crore (about USD 4.99 billion) will be made in the aviation industry of the country. This is likely to take place in the aerospace sector. As a result of these factors, it is anticipated that the demand for PEEK applications in the aerospace industry will increase over the next few years.
The market for polyether ether ketone, also known as PEEK, is extremely concentrated. The prominent companies that are involved in this market are Solvay S.A., Oxford Polymers, Victrex plc., Jilin Joinature Polymer Co., Ltd., PanjinZhongrun High-Performance Polymers Co., Ltd., Jida Evonik High-Performance Polymers, Daicel-Evonik Ltd., and others. Because there are just a handful of regional manufacturers, the global market for PEEK has become increasingly competitive and consolidated. The expanding use of this technology in a variety of fields, including the medical, aerospace, and automotive industries, has resulted in an expansion of the industry service provider market. Prototype & Plastic Mold Co. Inc., Parkway Products Inc., A. Schulman AG and Stern Industries Inc. are examples of significant service providers that make use of the component for injection molding as well as other reasons in a variety of application domains. It is anticipated that new players would enter the market as a result of the expanding product application scope in a variety of industries, such as the medical, aerospace, electronics, packaging, and automotive sectors, respectively. End-use industries are patenting their one-of-a-kind innovations that are based on PEEK in order to get a competitive advantage over other industries.
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Polyetheretherketone (PEEK) market are as follows:
Micro and macro environment factors that are currently influencing the Polyetheretherketone (PEEK) market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.