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

The global market for Biobased Polyetheretherketone (PEEK) was assessed at USD 542.94 million and is anticipated to reach USD 860.5 million by the culmination of 2030. Throughout the forecast period spanning from 2024 to 2030, a Compound Annual Growth Rate (CAGR) of 6.8% is expected.

Industry Overview:

Polyetheretherketone (PEEK) is acknowledged as a semicrystalline thermoplastic, recognized for its commendable mechanical and chemical resistance, even under elevated temperatures. Its capacity to be molded and processed through conventional methods such as injection molding, compression molding, and extrusion, owing to the presence of ether linkage, distinguishes PEEK. Alongside its exceptional attributes like corrosion resistance, durability, strength, wear resistance, and stability at high temperatures, PEEK is increasingly perceived as a superior alternative to metals. It finds utility in various sectors including aerospace and automotive industries for fabricating fuel systems, engine components, induction systems, brake systems, powertrain, and transmission components. The surge in environmental consciousness has amplified the demand for eco-friendly alternatives like PEEK across diverse applications. With its reduced carbon emissions compared to other polymers like ABS, polyvinyl chloride, polyester laminate, polystyrene, and polysulphone, PEEK is gaining traction. The automotive industry, driven by stringent environmental regulations mandating enhanced fuel efficiency and reduced maintenance, is increasingly exploring materials like PEEK to lower vehicle weights. Consequently, PEEK emerges as a potential substitute for metals in automotive applications, propelling market growth. The burgeoning demand from the electrical & electronics and medical sectors further fuels market expansion, as PEEK finds varied applications in these domains, including spine surgery and commercial medical products. The versatility of PEEK augments its application scope across transportation, semiconductor, industrial, food, and medical sectors.

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

The global COVID-19 pandemic inflicted widespread disruptions across economies and businesses due to lockdowns, travel restrictions, and operational closures. The consequent shutdown of numerous plants and factories disrupted global supply chains, affecting product manufacturing, delivery schedules, and international market sales. Particularly, the automotive industry, a significant consumer of PEEK filament, suffered substantial setbacks during the pandemic, impeding market growth.

Market Drivers:

Rising Demand from Aerospace and Automotive Industries:

The aerospace and automotive industries extensively utilize PEEK for manufacturing diverse interior and exterior components. Noteworthy characteristics such as lightweight, exceptional heat resistance, dimensional stability, and chemical resistance make PEEK highly sought-after in these sectors. In the aerospace domain, materials with fire-resistant properties and minimal smoke and harmful emissions during fire incidents are imperative. PEEK aligns with these critical requirements, thus witnessing significant demand in aerospace applications. Furthermore, the escalating enforcement of emission regulations, particularly in North America and Europe, compels the automotive sector to explore materials like PEEK to reduce vehicle weight, enhance fuel efficiency, and ensure compliance with stringent emission norms.

Emerging Applications Driving Market Growth:

The advent of novel applications across automotive, oil & gas, aerospace, medical, and electronics industries propels the growth of the Biobased PEEK market. The distinctive attributes of PEEK pave the way for its widespread adoption, replacing conventional materials like steel, aluminum, and wood. With superior strength-to-weight ratios, impact resistance, chemical resistance, and enhanced design flexibility, PEEK polymers cater to diverse industry requirements, fostering rapid market expansion.

Government Support Fostering Market Expansion:

The market for biobased PEEK receives a boost from increasing governmental support for biobased materials adoption. Government initiatives worldwide, including those by the EU, Japan, and the US Department of Agriculture (USDA), promote the utilization of biobased plastics to nurture a sustainable plastics industry. The EU advocates for the use of biobased, biodegradable, and compostable plastics to support sustainability goals. Similarly, the Japanese government incentivizes businesses to transition to paper-based alternatives and biodegradable bioplastics. Additionally, the USDA actively supports initiatives aimed at promoting bioplastics through research, development, and consumer awareness campaigns, thereby stimulating market growth.

Market Restraints:

High Cost of PEEK Compared to Alternative Materials:

The complex manufacturing process and technical expertise required for PEEK production entail higher initial investments compared to other polymer categories. Moreover, PEEK manufacturing necessitates specialized skills to ensure product durability under high temperatures, rendering it a costly affair. Consequently, the elevated production costs elevate the prices of finished goods, limiting PEEK adoption and impeding market expansion. Furthermore, the high cost of entry deters small and mid-sized players from entering the PEEK market, constraining market growth.

Challenging Processing Conditions Impeding Market Growth:

Key market participants encounter challenges in PEEK processing due to a scarcity of proficient compounders and distributors. Given the intricacies of PEEK compounding, specialized processes and equipment are imperative, posing a hurdle for widespread adoption. Moreover, the requirement for high processing temperatures presents additional complexities, impacting the quality of the final product. Sustaining these elevated temperatures during compounding poses challenges, further hindering market growth.

Biobased Polyetheretherketone (PEEK) Market – By Product Type

• Glass Filled
• Carbon Filled
• Unfilled
• Others

The segmentation of the Biobased Polyetheretherketone (PEEK) Market based on Product Type includes Glass Filled, Carbon Filled, Unfilled, and Others. The Glass Filled PEEK segment is projected to lead the market, with the Carbon Filled segment following closely during the forecast period. Growth in this sector is expected to stem from applications within the electronic, electric, and industrial sectors. Increased demand from pivotal end-use industries for PEEK products characterized by enhanced strength and stiffness serves as a primary driver for segment growth.

Biobased Polyetheretherketone (PEEK) Market – By End User

• Electrical & Electronics
• Automotive
• Aerospace
• Industrial & General Engineering
• Oil & Gas
• Medical
• Others

The segmentation of the Biobased Polyetheretherketone (PEEK) Market by End User encompasses Electrical & Electronics, Automotive, Aerospace, Industrial & General Engineering, Oil & Gas, Medical, and Others. Over the forecast period, heightened packaging concerns and stringent environmental regulations are expected to propel product demand from the industrial application segment. Furthermore, an increase in demand for clinical applications is anticipated to be a key market driver. Polyether ether ketone (PEEK), particularly the carbon-filled variant, is favored over titanium in medicinal applications such as spinal surgery implants.

Biobased Polyetheretherketone Market (PEEK) - By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Geographically, the North American Biobased PEEK market is expected to witness rapid expansion, attributed to the well-developed automotive, electronics, and aerospace sectors. Europe dominates the market, driven by strong demand from various end-use industries including automotive, insulation, electronics & electrical, industrial, and general engineering sectors.

The Asia Pacific Biobased Polyetheretherketone (PEEK) Market is anticipated to exhibit the highest CAGR, fueled by industrialization, rising environmental concerns, and growing consumer and industrial packaging sectors in emerging economies like China, India, and South Korea. The Middle East and Africa Biobased Polyetheretherketone (PEEK) Market is projected to experience significant growth owing to its expanding usage in industrial and automotive applications.

Major Key Players in the Market

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

1. Victrexplc
2. Evonik Industries AG
3. Solvay S.A.
4. PanjinZhongrun High Performance Polymers Co. Ltd
5. Quadrant EPP Surlon India Ltd
6. JrlonInc
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 YingkouXingfu 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.