PEEK Filament Market: Upcoming Demand, Growth Analysis & Forecast 2031

Posted on 2021-02-25 by Future Market Insights, Inc in Chemicals // 0 Comments

PEEK Filament Market: Overview and Dynamics

Polyether ether ketone (PEEK) is a colorless, organic thermoplastic polymer which is primarily used for 3D printing. PEEK filaments’ unique qualities such as exceptional impact strength and high durability makes it ideal choice in 3D printing applications. Other bundled advantages like high chemical resistivity and flame retardancy has made PEEK filament an ideal material in range of applications. PEEK filament offers impressive resistivity against high temperatures ranging up to 260^o C due to which it is used in numerous applications which require equipment having ability to withstand extreme temperature conditions. Attributed to aforementioned facts, global PEEK filament market is poised to embark on a positive growth trajectory, registering a CAGR of ~5% over the forecast period (2020-2030).

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On the basis of end use industry, automotive and medical industries are set to emerge as growth epicenter in global PEEK filament market during the forecast period. The growth is attributed to momentum towards light weighting and vehicle electrification. PEEK filament being a semi-crystalline material with exceptional mechanical strength has been extensively used in automotive applications. PEEK filament’s light weight properties and ability to improve the performance of the electronics within a vehicle is set to bolster its demand over the forecast period. Further, because of PEEK filaments robustness it is in high demand from range of applications including bearings, compressor plate valves, cable insulation, piston parts, pumps, HPLC columns, and others. However, PEEK filament not only has high cost but also requires high tech 3D printer to utilize its capabilities which may impact its adoption among end users till midterm forecast.

COVID Impact Insights

The spread of the coronavirus has nearly forced all countries to impose lockdowns and strict social distancing measures which has disrupted every industry and market so the PEEK Filament market across the globe. As per UN stats global economy is estimated to suffer billion dollars of loss in 2020. The coronavirus pandemic has generated massive disruptions in the demand-supply equation across multiple industries, causing a global economic meltdown. However, lockdown ease in Asia Pacific and several other countries across the globe are set to assist the global PEEK filament market growth in 2020. Second wave of coronavirus is driving global economy towards great recession and lack of vaccination for long time will leave permanent scar on numerous economies. Automotive industry is suffering huge impediments during this coronavirus pandemic crisis which is an important industry for PEEK filament in turn hampering the market growth till situation recovers.

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Segmentation Analysis of PEEK Filament Market:

The global PEEK filament market is bifurcated into two major segments: end use industry, and region.

On the basis of end use industry, PEEK filament market has been segmented as follows:

Aerospace
Automotive
Chemical
Medical
Others

On the basis of geographic regions, PEEK filament market is segmented as

North America
Europe
Latin America
East Asia
South Asia and Oceania
Middle East & Africa

PEEK Filament Market: Regional Outlook

The report on the global PEEK filament market covers six major regions that include North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA. Owing to presence of large 3D printing market, North America has been identified as largest consumer of PEEK filament during the historical period. Companies like, General Electric accounts for most of the 3D printing patents in the country. Other factors like increasing demand for 3D implants and demand for light weight components in aerospace are set to fuel the North America PEEK filament market during the forecast period. Countries like China, Japan and South Korea are set to experience leading growth rate over other countries owing to increased penetration of electrical vehicles in the region.

PEEK Filament Market: Key Players

Global PEEK filament market is highly consolidated in nature in which few prominent companies accounts for major share of the global production and sales. Currently, Evonik, Ensinger, Lehmann & Voss, Mitsubishi Chemical Advanced Materials, Quadrant, Sabic, Solvay and Victrex. Market goliaths in PEEK filament market have been involved in numerous targeted product launches and facility expansions in order to strengthen their market position across the globe.

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For instance, in 2020, Evonik launched implant-grade PEEK filament for medical applications in 3D printing. Similarly, in 2020, Victrex a PEEK filament manufacturer launched PAEK polymer named as VICTREX AM 200 filament, especially designed and optimized for additive applications. Strategic approaches adopted by prominent companies are set to drive the global PEEK filament market during the forecast period.

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