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 have made PEEK filament an ideal material in a range of applications.
PEEK filament offers impressive resistivity against high temperatures ranging up to 260o C due to which it is used in numerous applications which require equipment having the ability to withstand extreme temperature conditions. Attributed to the aforementioned facts, the global PEEK filament market is poised to embark on a positive growth trajectory, registering a CAGR of ~5% over the forecast period (2020-2030).
On the basis of end-use industry, automotive and medical industries are set to emerge as growth epicenter in the global PEEK filament market during the forecast period. The growth is attributed to the momentum towards light-weighting and vehicle electrification. PEEK filament is a semi-crystalline material with exceptional mechanical strength that has been extensively used in automotive applications. PEEK filament’s lightweight properties and ability to improve the performance of the electronics within a vehicle are set to bolster its demand over the forecast period.
Further, because of PEEK filaments robustness, it is in high demand from a 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.
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 the presence of a large 3D printing market, North America has been identified as the 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 lightweight 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 a leading growth rate over other countries owing to the 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.
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.
The research report presents a comprehensive assessment of the PEEK filament market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The PEEK filament market report provides analysis and information, according to market segments such as geographies, and end use industry.
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The PEEK Filament Market Report Covers Exhaustive Analysis On
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The PEEK Filament Market Regional Analysis Includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand , Rest of South Asia & Oceania)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Rest of MEA)
The PEEK filament report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The PEEK filament report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The PEEK filament report also maps the qualitative impact of various market factors on market segments and geographies.
An Adaptive Approach to Modern-day Research Needs
The PEEK Filament Market Report Highlights
- A detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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:
On the basis of geographic regions, PEEK filament market is segmented as
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa