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Asia-pacific Polyether Ether Ketone (PEEK) Market Size

The Asia-Pacific Polyether Ether Ketone (PEEK) market is experiencing significant growth, driven by its versatile properties and applications across various industries. The region's market size is expanding, with substantial contributions from the automotive and electrical and electronics sectors. China stands out as the largest consumer, fueled by its burgeoning automotive and semiconductor industries, which are expected to drive further demand. Japan also plays a crucial role, particularly in the automotive sector. The increasing need for high-performance materials in these industries is propelling the market's expansion in the Asia-Pacific region.

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Market Size of asia-pacific polyether ether ketone (peek) Industry

Asia-pacific Polyether Ether Ketone (PEEK) Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 322.20 Million
svg icon Market Size (2029) USD 479.79 Million
svg icon Largest Share by End User Industry Industrial and Machinery
svg icon CAGR (2024 - 2029) 8.29 %
svg icon Largest Share by Country China
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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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

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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

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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

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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

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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

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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.
Asia-pacific Polyether Ether Ketone (PEEK) 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.

Asia-pacific Polyether Ether Ketone (PEEK) Industry Segmentation

Aerospace, Automotive, Electrical and Electronics, Industrial and Machinery are covered as segments by End User Industry. Australia, China, India, Japan, Malaysia, South Korea are covered as segments by Country.

  • 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.
End User Industry
Aerospace
Automotive
Electrical and Electronics
Industrial and Machinery
Other End-user Industries
Country
Australia
China
India
Japan
Malaysia
South Korea
Rest of Asia-Pacific
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Asia-pacific Polyether Ether Ketone (PEEK) Market Size Summary

The Asia-Pacific Polyether Ether Ketone (PEEK) market is experiencing significant growth, driven by its versatile properties that make it suitable for various industries such as automotive, electrical, and electronics. PEEK resin is favored for its lightweight nature, high strength, low fatigue, and low flammability, withstanding combustion temperatures up to nearly 600 °C. The region accounted for a substantial portion of global PEEK consumption, with China leading as the largest consumer due to its burgeoning automotive and electronics sectors. The automotive industry, particularly in China, holds a significant share of the market, supported by the country's role as an emerging exporter of vehicles. Meanwhile, the electrical and electronics industry is the fastest-growing sector in terms of value, with increasing demand for semiconductor chips and printed circuit boards driving PEEK consumption.

China's electrical and electronics industry, a major contributor to the region's PEEK market, is expected to see continued growth, bolstered by its expanding semiconductor sector. Japan also plays a significant role, with its automotive industry being a major consumer of PEEK. The ASEAN region, particularly countries like Thailand and Malaysia, is pivotal in electronics production, benefiting from integrated production networks that enhance trade with larger Asian economies. The market is fairly consolidated, with major players like Evonik Industries AG and Solvay leading the industry. Recent developments include the introduction of new PEEK grades designed for specific applications, highlighting ongoing innovation within the market.

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Asia-pacific Polyether Ether Ketone (PEEK) Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 End User Industry

      1. 1.1.1 Aerospace

      2. 1.1.2 Automotive

      3. 1.1.3 Electrical and Electronics

      4. 1.1.4 Industrial and Machinery

      5. 1.1.5 Other End-user Industries

    2. 1.2 Country

      1. 1.2.1 Australia

      2. 1.2.2 China

      3. 1.2.3 India

      4. 1.2.4 Japan

      5. 1.2.5 Malaysia

      6. 1.2.6 South Korea

      7. 1.2.7 Rest of Asia-Pacific

Asia-pacific Polyether Ether Ketone (PEEK) Market Size FAQs

The Asia-pacific Polyether Ether Ketone (PEEK) Market size is expected to reach USD 322.20 million in 2024 and grow at a CAGR of 8.29% to reach USD 479.79 million by 2029.

In 2024, the Asia-pacific Polyether Ether Ketone (PEEK) Market size is expected to reach USD 322.20 million.

Asia-pacific Polyether Ether Ketone (peek) Market Report Snapshots

Asia-pacific Polyether Ether Ketone (PEEK) Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029