Market Size of polyether ether ketone (peek) Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 0.80 Billion |
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Market Size (2029) | USD 1.16 Billion |
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Largest Share by End User Industry | Aerospace |
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CAGR (2024 - 2029) | 7.76 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Polyether Ether Ketone (PEEK) Market Analysis
The Polyether Ether Ketone (PEEK) Market size is estimated at 0.80 billion USD in 2024, and is expected to reach 1.16 billion USD by 2029, growing at a CAGR of 7.76% during the forecast period (2024-2029).
0.80 Billion
Market Size in 2024 (USD)
1.16 Billion
Market Size in 2029 (USD)
5.83 %
CAGR (2017-2023)
7.76 %
CAGR (2024-2029)
Largest Market by End-user Industry
27.54 %
value share, Aerospace, 2023
Owing to the high demand for lightweight and high-impact resistance PEEK-based materials replacing traditional metal parts, the aerospace industry occupied the largest market share.
Fastest Growing Market by End-user Industry
8.93 %
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 Region
40.35 %
value share, Asia-Pacific, 2023
Owing to the significant demand for PEEK-based materials in the automotive, electronics, and aerospace industries, mostly in China, India, and Japan, Asia-Pacific captured the largest market share.
Fastest Growing Market by Region
9.90 %
Projected CAGR, Africa, 2024-2029
Due to the increasing demand for high-performance PEEK products from the electronics and automotive industries, Africa is likely to witness the fastest growth during the forecast period.
Leading Market Player
42.31 %
market share, Victrex, 2022
With the largest production capacity of 7,150 tons of PEEK resin, Victrex occupied the highest market share globally. The company offers different grades and forms of PEEK products for a variety of industrial applications.
Rapid pace of technological innovation in electronics industry to boost demand for PEEK
- Polyether ether ketone (PEEK) exhibits versatile properties like resistance to creep, chemicals, impact, and abrasion, due to which it is used widely in the electronics, aerospace, and industrial and mechanical equipment industries. The global PEEK market grew by 14.2% in terms of revenue in 2022 compared to the previous year.
- The aerospace industry was the largest consumer of PEEK resins in 2022 in terms of value, which can be attributed to an increase in the demand for high-performance aerospace components. For instance, aerospace component production revenue reached around USD 467 billion in 2022, 8.55% higher than in 2021. Europe recorded the highest demand for PEEK in 2022, and it is expected to record a CAGR of 7.69% in terms of value during the forecast period (2023-2029). Amid the Russia-Ukraine war, several countries in Europe, like Germany and France, have been ramping up their aerospace defense. This factor increased the demand for aerospace components to be used in military jets and planes, along with an increase in the consumption of PEEK.
- The electrical and electronics market is the fastest-growing end-user market for PEEK, and it is expected to witness a CAGR of 9.01% in value during the forecast period (2023-2029). Owing to emerging trends like artificial intelligence and the Internet of Things, the demand for electronic devices is predicted to increase in the future, bringing a surge in demand for PEEK. The global consumer electronics market is expected to show a volume growth of 1.5% by 2024. Asia-Pacific occupied the largest market share by volume in 2022. The region is expected to register a CAGR of 8.52% in terms of value during the forecast period, making it the second fastest-growing region.
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Understand The Key Trends Shaping This Market
Asia-Pacific to dominate PEEK consumption
- PEEK thermoplastics are used in the production of parts and equipment, including wire coating, profile extrusion, film, pipe, sheet, and monofilament. The demand for PEEK resin recorded a growth of 14.21% in terms of revenue in 2022 compared to 2021. Asia-Pacific and Europe are among the major consumers of PEEK globally.
- Asia-Pacific is the largest consumer of PEEK resins, and it is expected to register a CAGR of 8.52% in terms of value during the forecast period, making it the second-fastest-growing sector as well. Countries like China and Japan are at the forefront of the utilization of PEEK, occupying 59.85% and 16.82%, respectively, of the total PEEK market share in terms of revenue. This share can be attributed to China's automotive industry, which is experiencing a surge in demand for vehicles primarily due to the government reducing taxes on vehicle purchases amid a global semiconductor shortage. Vehicle production in China was recorded at 46 million units in 2022 compared to 44 million units in the previous year. China is also the fastest-growing country, and it is likely to experience a CAGR of 8.78% in terms of value from 2023 to 2029.
- Africa is the fastest-growing region, and it is likely to register a CAGR of 9.64% in terms of value during the forecast period (2023-2029). South Africa and Nigeria accounted for 49.65% and 8.48%, respectively, of the overall PEEK revenue generated by the region. South Africa's electronics industry experienced a surge in demand for consumer electronics, and it is likely to witness a CAGR of 10.63% by value during the forecast period, which may serve as a growth factor for the PEEK market.
