Market Size of asia-pacific polyether ether ketone (peek) Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 322.20 Million |
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Market Size (2029) | USD 479.79 Million |
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Largest Share by End User Industry | Industrial and Machinery |
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CAGR (2024 - 2029) | 8.29 % |
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Largest Share by Country | China |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia-pacific Polyether Ether Ketone (PEEK) Market Analysis
The Asia-pacific Polyether Ether Ketone (PEEK) Market size is estimated at 322.20 million USD in 2024, and is expected to reach 479.79 million USD by 2029, growing at a CAGR of 8.29% during the forecast period (2024-2029).
322.20 Million
Market Size in 2024 (USD)
479.79 Million
Market Size in 2029 (USD)
9.01 %
CAGR (2017-2023)
8.29 %
CAGR (2024-2029)
Largest Market by End-user Industry
27 %
value share, Industrial and Machinery, 2023
Owing to the high demand for lightweight and high-impact resistance PEEK-based materials replacing traditional metal parts, the industrial machinery segment occupied the largest market share.
Fastest Growing Market by End-user Industry
8.96 %
Projected CAGR, Electrical and Electronics, 2024-2029
The growth of this segment is attributed to the rising demand for use in high-end applications, such as smart devices and electronic insulators used in harsh environmental conditions.
Largest Market by Country
59.51 %
value share, China, 2023
Due to the escalating demand for PEEK-based materials in major industries, including automotive, electronics, and machinery in recent years, China occupied the highest market share.
Fastest Growing Market by Country
8.58 %
Projected CAGR, China, 2024-2029
Owing to the increasing demand for high-performance consumer electronics and smart devices, China is likely to be the fastest-growing consumer.
Leading Market Player
18.87 %
market share, Evonik Industries AG, 2022
With the largest production capacity of around 1,500 tons of PEEK resin in Asia-Pacific, the company occupied the highest market share. The company offers different grades and forms of PEEK products.
Electronics and machinery industries rising as the most profitable
- PEEK resin is popular in many industries due to its lightweight nature and high quality in terms of strength, low fatigue, and low flammability. It resists combustion up to almost 600 °C. Asia-Pacific accounted for 41% of the overall global consumption of PEEK in 2022, making it the largest consumer of PEEK in the world.
- The automotive industry holds the largest market share in volume terms, which accounted for 28% of the region's total PEEK consumption in 2022. The Chinese automotive industry was the region's largest PEEK consumer in 2022. China is an emerging exporter of small- and medium-sized vehicles, with companies like Geely, Chery, and BYD setting up manufacturing plants in the country to penetrate developing vehicle markets abroad. This factor is expected to increase the production of vehicles and the usage of PEEK in the country in the future. Vehicle production in China is expected to reach 64.7 million units by 2029 compared to 46.6 million units in 2022.
- The electrical and electronics industry is the fastest-growing industry in terms of value. The industry is predicted to register a CAGR of 9.01% in terms of value during the forecast period (2023-2029). PEEK is commonly used in the semiconductor industry due to its high electric insulation properties. PEEK is used to manufacture wafer bearers, electronic insulating films, printed circuit boards, high-temperature connectors, cable plugs, battery housing, etc. The growing demand for semiconductor chips and PCBs is anticipated to increase the consumption of PEEK in the coming years. For instance, Asia-Pacific's electrical and electronics production revenue is expected to reach USD 6,742 billion by 2029 compared to USD 4,301 billion in 2022.
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Understand The Key Trends Shaping This Market
China to dominate PEEK resin consumption in the coming years
- Asia-Pacific accounted for nearly 41% of the global polyether ether ketone (PEEK) resin consumption in 2022. PEEK resins exhibit versatile properties, due to which they find applications in various industries such as automotive, industrial and machinery, and electrical and electronics.
- China was the largest consumer of PEEK resin in the region in 2022, and it is predicted to witness a CAGR of 8.78% in terms of value during the forecast period (2023-2029), making it the fastest-growing consumer as well. This high share can be attributed to the growing electrical and electronics industry in the country. The Chinese electrical and electronics industry held 27% of the market share by volume in 2022 in the Asia-Pacific region, and it is expected to register a CAGR of 8.89% in value during the forecast period.
- Owing to its high electric insulation properties, PEEK is commonly used to manufacture various connecting devices, along with wafer bearers, insulating films, connectors, printed circuit boards, high-temperature connectors, cable plugs, battery housing, etc., for semiconductors. The growing semiconductor industry in the country is expected to drive the demand for PEEK resin in the coming years. For instance, China's semiconductor industry is projected to generate a revenue of USD 217 billion by 2023, growing annually at a rate of 7.83%.
- Japan was the second-largest country in terms of PEEK consumption in the region in 2022. The automotive industry is the major consumer of PEEK in Japan. The industry occupied 46% of the market share by value in 2022, which can be attributed to increasing vehicle production. Vehicle production in Japan reached 9,405 thousand units in 2022 from 9,088 thousand units in 2021.
