Market Size of south america polyether ether ketone (peek) Industry
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 11.17 Million |
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Market Size (2029) | USD 16.55 Million |
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Largest Share by End User Industry | Automotive |
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CAGR (2024 - 2029) | 8.19 % |
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Largest Share by Country | Brazil |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
South America Polyether Ether Ketone (PEEK) Market Analysis
The South America Polyether Ether Ketone (PEEK) Market size is estimated at 11.17 million USD in 2024, and is expected to reach 16.55 million USD by 2029, growing at a CAGR of 8.19% during the forecast period (2024-2029).
11.17 Million
Market Size in 2024 (USD)
16.55 Million
Market Size in 2029 (USD)
4.74 %
CAGR (2017-2023)
8.19 %
CAGR (2024-2029)
Largest Market by End-user Industry
44.52 %
value share, Automotive, 2023
Owing to the high demand for lightweight and high-impact resistance PEEK-based materials replacing traditional metal parts, the automotive industry occupied the largest market share.
Fastest Growing Market by End-user Industry
9.36 %
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
66.43 %
value share, Brazil, 2023
Due to the considerable demand for PEEK-based materials in a few industries such as automotive, electronics, and machinery in recent years, Brazil occupied the highest market share.
Fastest Growing Market by Country
10.24 %
Projected CAGR, Argentina, 2024-2029
Owing to the demand for high-performance PEEK-based products for automotive, Argentina is likely to be the fastest-growing consumer.
Leading Market Player
35.84 %
market share, Victrex, 2022
With the continuous development of PEEK-based products and increasing sales in the market, Victrex occupied the largest share in the region.
Increasing demand for high performance materials like PEEK
- PEEK polymers find applications in various end-user industries due to their versatile, tough nature. In 2022, some of the common PEEK applications were found in the automotive, electrical and electronics, and aerospace industries, where these are used because of their performance benefits like enhanced dry and lubricated surface interaction, mechanical performance over a wide temperature range, ease of processing, and excellent fatigue properties, among others.
- During the 2017-19 period, the demand for PEEK witnessed steady growth, with a CAGR of 4.5%, which was majorly driven by the increase in electrical and electronics products in the region. In 2020, due to various operational, travel, and trade restrictions because of the COVID-19 pandemic, the demand for PEEK witnessed a y-o-y decline of 20%. Among all end-user industries, the demand from the automotive and industrial machinery industries took the worst hit in 2020, declining by 33.97% and 27.31% compared to 2019. As the restrictions eased, the demand for PEEK increased to pre-pandemic levels.
- PEEK materials outperform their alternatives, like metals, in many components used in the industrial, chemical, and processing industries. Following the US Food and Drug Administration's approval, PEEK applications in food processing and healthcare segments are expected to increase during the forecast period. Factors like these are expected to drive the growth in the demand for PEEK during the forecast period. The overall regional demand for PEEK is expected to register a CAGR of 5.90% and 8.25% in volume terms and value terms, respectively, during the forecast period.
_Consumed_by_end_user_industry__USD__South_America__2017_-_2029.svg "South America Polyether Ether Ketone (PEEK) Market Trends")
Growing aerospace, automotive, and electrical and electronics industries in Brazil may boost the market’s growth
- In 2022, South America accounted for 1.54% of the global consumption of polyether ether ketone (PEEK) resin in terms of value. PEEK resin exhibits versatile properties, thus finding applications in the automotive, aerospace, and electrical and electronics industries.
- Brazil is the region's largest consumer of PEEK resin, attributed to its growing aerospace, automotive, and electrical and electronics industries. The market revenue from aircraft components reached USD 2.26 billion in 2022 from USD 2.15 billion in 2021. The growing aircraft component production is projected to drive the demand for PEEK resin in the country over the coming years.
- Argentina is the fastest-growing consumer of PEEK resin, with a projected CAGR of 10.30% by value during the forecast period. The country's demand for PEEK resin is rising significantly due to the increasing vehicle production and the growing electrical and electronics industry. For instance, the country's vehicle production is projected to reach 1.14 million units in 2027 from 872 thousand units in 2023. The surging demand for technologically advanced consumer electronics and appliances such as smartphones, laptops, computers, cameras, and televisions is expected to boost the consumer electronics industry during the forecast period. For instance, the country's consumer electronics revenue is projected to reach USD 3.4 billion in 2027 from USD 2.0 billion in 2023. Therefore, the increasing vehicle and electrical and electronics production in the country is projected to drive the demand for PEEK resin in the future.
South America Polyether Ether Ketone (PEEK) Industry Segmentation
Aerospace, Automotive, Electrical and Electronics, Industrial and Machinery are covered as segments by End User Industry. Argentina, Brazil are covered as segments by Country.
- PEEK polymers find applications in various end-user industries due to their versatile, tough nature. In 2022, some of the common PEEK applications were found in the automotive, electrical and electronics, and aerospace industries, where these are used because of their performance benefits like enhanced dry and lubricated surface interaction, mechanical performance over a wide temperature range, ease of processing, and excellent fatigue properties, among others.
- During the 2017-19 period, the demand for PEEK witnessed steady growth, with a CAGR of 4.5%, which was majorly driven by the increase in electrical and electronics products in the region. In 2020, due to various operational, travel, and trade restrictions because of the COVID-19 pandemic, the demand for PEEK witnessed a y-o-y decline of 20%. Among all end-user industries, the demand from the automotive and industrial machinery industries took the worst hit in 2020, declining by 33.97% and 27.31% compared to 2019. As the restrictions eased, the demand for PEEK increased to pre-pandemic levels.
- PEEK materials outperform their alternatives, like metals, in many components used in the industrial, chemical, and processing industries. Following the US Food and Drug Administration's approval, PEEK applications in food processing and healthcare segments are expected to increase during the forecast period. Factors like these are expected to drive the growth in the demand for PEEK during the forecast period. The overall regional demand for PEEK is expected to register a CAGR of 5.90% and 8.25% in volume terms and value terms, respectively, during the forecast period.
| End User Industry | |
| Aerospace | |
| Automotive | |
| Electrical and Electronics | |
| Industrial and Machinery | |
| Other End-user Industries |
| Country | |
| Argentina | |
| Brazil | |
| Rest of South America |
South America Polyether Ether Ketone (PEEK) Market Size Summary
The South America Polyether Ether Ketone (PEEK) market is poised for significant growth, driven by its versatile applications across various industries such as automotive, aerospace, and electrical and electronics. PEEK's superior properties, including enhanced mechanical performance and excellent fatigue resistance, make it a preferred choice over traditional materials like metals. The market experienced a decline in demand during the COVID-19 pandemic due to operational and trade restrictions, but it has since rebounded to pre-pandemic levels. The approval of PEEK for use in food processing and healthcare by regulatory bodies like the US FDA is expected to further boost its demand. Brazil and Argentina are key players in the region, with Brazil leading in consumption due to its robust aerospace and electronics sectors, while Argentina is witnessing rapid growth in PEEK consumption driven by increasing vehicle production and a burgeoning electronics industry.
The market landscape in South America is fairly consolidated, with major companies like Evonik Industries AG, Solvay, and Victrex dominating the market. These companies are actively innovating and introducing new PEEK grades and applications to cater to the evolving needs of various industries. The region's electrical and electronics sector, in particular, is experiencing growth due to rising disposable incomes, technological advancements, and the penetration of multinational companies. This growth is expected to continue, fueled by the demand for advanced consumer electronics and the production of electrical and electronic products. As a result, the South America PEEK market is set to expand, with increasing applications in diverse sectors and ongoing innovations by leading market players.
South America Polyether Ether Ketone (PEEK) Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
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1.1 End User Industry
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1.1.1 Aerospace
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1.1.2 Automotive
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1.1.3 Electrical and Electronics
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1.1.4 Industrial and Machinery
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1.1.5 Other End-user Industries
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1.2 Country
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1.2.1 Argentina
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1.2.2 Brazil
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1.2.3 Rest of South America
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South America Polyether Ether Ketone (PEEK) Market Size FAQs
How big is the South America Polyether Ether Ketone (PEEK) Market?
The South America Polyether Ether Ketone (PEEK) Market size is expected to reach USD 11.17 million in 2024 and grow at a CAGR of 8.19% to reach USD 16.55 million by 2029.
What is the current South America Polyether Ether Ketone (PEEK) Market size?
In 2024, the South America Polyether Ether Ketone (PEEK) Market size is expected to reach USD 11.17 million.
