Market Size of north america polyether ether ketone (peek) Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 154.60 Million |
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Market Size (2029) | USD 222.53 Million |
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Largest Share by End User Industry | Aerospace |
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CAGR (2024 - 2029) | 7.56 % |
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Largest Share by Country | United States |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
North America Polyether Ether Ketone (peek) Market Analysis
The North America Polyether Ether Ketone (peek) Market size is estimated at 154.60 million USD in 2024, and is expected to reach 222.53 million USD by 2029, growing at a CAGR of 7.56% during the forecast period (2024-2029).
154.60 Million
Market Size in 2024 (USD)
222.53 Million
Market Size in 2029 (USD)
4.07 %
CAGR (2017-2023)
7.56 %
CAGR (2024-2029)
Largest Market by End-user Industry
59.17 %
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
9.32 %
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 Country
84.85 %
value share, United States, 2023
Due to the escalating demand for PEEK-based materials in major industries, including aerospace and automotive in recent years, the United States occupied the highest market share.
Fastest Growing Market by Country
9.91 %
Projected CAGR, Mexico, 2024-2029
Owing to the high growth of the electronics and automotive industries, coupled with increasing penetration of PEEK materials, Mexico is likely to witness the fastest growth in the coming years.
Leading Market Player
90.91 %
market share, Solvay, 2022
With the largest production capacity of 1,500 tons of PEEK resin in North America, Solvay occupied the highest market share. The company offers different grades of PEEK products for a variety of industrial applications.
Growing aerospace industry and demand for high-quality aircraft components to drive market growth during the forecast period
- PEEK resin is popular across various industries for its lightweight, high strength, low fatigue, and low flammability characteristics. It can resist combustion up to nearly 600°C due to its low flammability properties. The United States accounted for 85.2% of the North American PEEK market in 2022.
- The PEEK market in North America experienced a decline in 2020 due to the impact of the COVID-19 pandemic, with the market volume falling by 6.60% compared to 2019. Factors such as supply chain disruptions, a shortage of raw materials, and nationwide lockdowns in numerous countries in the region, including the United States, contributed to the market's decline. However, in subsequent years, demand for PEEK resin rebounded, with a growth rate of 7.68% in 2022, attributed to a steady supply of raw materials.
- PEEK material is extensively used in North America's aerospace industry for producing aircraft interior parts, flight control components, and many other items. The escalating production of aerospace components in North America is expected to drive the demand for PEEK resin over the coming years. Revenue from aircraft component production is projected to increase from USD 193.2 billion in 2022 to USD 300.2 billion by 2029.
- The electrical and electronics industry represents the fastest-growing end-user segment for PEEK resin in North America, with a CAGR of 9.47% in terms of value during the forecast period (2023-2029). The industry's consumption of PEEK resin is anticipated to reach approximately 100 tons by 2029. This trend is driven by the growing semiconductor production in North America, particularly in the United States, which accounts for 12% of global semiconductor production. To further boost US semiconductor manufacturing, the government invested USD 52 billion in 2022.
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Understand The Key Trends Shaping This Market
United States may dominate the region’s PEEK resin market due to its growing aerospace, automotive, and electrical and electronics industries
- North America accounted for 19.8% of the global consumption of polyether ether ketone (PEEK) resin in 2022. PEEK is a key polymer for various industries in North America, including automotive, aerospace, and electrical and electronics.
- The United States is the region's largest consumer of PEEK resin due to its growing aerospace, automotive, and electrical and electronics industries. The country's revenue from aircraft components reached USD 181.4 billion in 2022 from USD 172.7 billion in 2021. The growing aircraft component production is projected to drive the demand for PEEK resin in the country over the coming years.
- Mexico's demand for PEEK resin is increasing significantly due to growing vehicle and electrical and electronics production. In 2023, the country's automotive and aerospace industries may account for 27.4% and 10.1% of the Mexican PEEK market, respectively. The country's increasing vehicle and electrical and electronics production is projected to drive the demand for PEEK resin in the future.
- Mexico is the fastest-growing consumer of PEEK resin in North America, with a projected CAGR of 9.92% in terms of value during the forecast period. Mexico is also North America's second-largest vehicle producer. Vehicle production in the country is projected to reach 5.9 million units in 2029 from 4.0 million units in 2023. The country's electronics industry is projected to reach USD 15.09 billion in 2023 to USD 24.82 billion in 2027. The increasing automotive and electronic production is projected to drive the demand for PEEK resin in the country during the forecast period.
