Everbright Securities released a research report stating that PEEK, owing to its exceptional properties, is widely used across multiple sectors including electronics, electrical, aerospace, automotive, energy, other industries, and medical fields. With the continuous advancement of China's high-end manufacturing, PEEK materials are also expected to persistently capitalize on this high-end manufacturing trend, promising vast future demand growth; the firm maintains a positive outlook on the industry's future development. It specifically recommends Zhongyan Technology (688716.SH) and Xinhan Material (301076.SZ). The main viewpoints of Everbright Securities are as follows:
Since the 1960s, major companies in Europe and America have conducted extensive R&D on a series of high-performance polymers, yet fewer than 10 varieties have ultimately proven to have practical application value and achieved industrialization. Currently, three main categories of special engineering plastics have been commercialized: polyimides, polyarylethers, and polyarylates. Among thermoplastics, polyarylethers are typical representatives, primarily including polyaryletherketones (PAEK), polyarylethersulfones, and polyarylenesulfides. Among these three polymers, PAEK boasts the highest heat resistance rating; successfully developed varieties include Polyetheretherketone (PEEK), Polyetherketoneketone (PEKK), Polyetherketone (PEK), Polyetheretherketoneketone (PEEKK), and Polyetherketoneetherketoneketone (PEKEKK). Among all polyaryletherketones, PEEK is the most prominent variety, characterized by outstanding physical and chemical properties. Due to the abundance of benzene rings in its molecular chain, PEEK exhibits excellent physical and chemical properties, along with superior mechanical and thermal performance. PEEK has a melting point of 343°C, a glass transition temperature (Tg) of 143°C, and a tensile strength of 100 MPa. Furthermore, even at high temperatures of 250°C, PEEK maintains high wear resistance and a low friction coefficient. Possessing a comprehensive suite of superior properties—including heat resistance, wear resistance, fatigue resistance, radiation resistance, peel resistance, creep resistance, dimensional stability, impact resistance, chemical resistance, non-toxicity, and flame retardancy—and with its two ether linkages and carbonyl groups providing flexibility and excellent processability, PEEK is consequently widely applied in electronics, electrical, aerospace, automotive, energy, other industrial, and medical sectors. PEEK is anticipated to continue capitalizing on high-end manufacturing, offering broad development prospects.
PEEK material was first applied in medical clinical practice in 1999. Over the years, due to its unique characteristics such as biocompatibility, fatigue strength, wear resistance, and corrosion resistance, PEEK has distinguished itself among numerous medical materials, gaining recognition from many surgeons and medical device companies as a novel implant material. The deepening aging population and the increase in the elderly demographic in China are boosting demand for orthopedic medical consumables. Additionally, rising per capita income will enhance patients' ability to afford higher-cost medical consumables, thereby accelerating the substitution of PEEK products for other materials. The report elaborates further using the examples of PEEK's application in cranial repair/fixation products and spinal products. Regarding cranial repair and fixation products, based on assumptions and calculations from Zhongyan Technology's prospectus, as the aging trend deepens, mortality rates from related trauma and decompressive craniectomy surgeries decline, and subsequent cranial repair treatment rates increase, the demand for cranial repair surgeries in China is projected to reach 96,700 cases by 2027, and the demand for cranial fixation surgeries is expected to reach 707,400 cases. Referencing the penetration rate of PEEK products in developed countries or regions like the US and Europe, as disclosed in Victrex's annual report, the penetration rate of PEEK cranial repair products in China is forecast to reach 70% by 2027. According to data from Kontour Medical's listing application documents, each cranial repair surgery and cranial fixation surgery consume 700g and 1g of PEEK material respectively. Consequently, the demand for PEEK-based cranial repair and fixation products in China is estimated to reach 47.89 tons by 2027, corresponding to a market size of approximately RMB 208 million. In July 2025, seven ministries including the Ministry of Industry and Information Technology issued the "Implementation Opinions on Promoting Innovation and Development of the Brain-Computer Interface Industry," explicitly setting out a two-step overall target and development path for 2027 and 2030, emphasizing the formation of industrial clusters, cultivation of leading enterprises, and stimulation of the supply side. The 15th Five-Year Plan also listed brain-computer interfaces as one of the six future industries requiring forward-looking layout, elevating it to a national strategy. In the core competitive dimensions of implantable brain-computer interfaces (BCI), the capability to counter signal interference has become a critical barrier determining product success. PEEK material is expected to become a core solution for anti-interference due to its unique attributes (electrically neutral properties—non-conductive, non-thermally conductive, biocompatible). For instance, Kontour Medical's world-first all-PEEK cranial fixation system (including screws and connecting plates) completely abandons metal components, creating a metal-free implantation environment, thereby clearing a major obstacle for signal acquisition in brain-computer interfaces.
PEEK and its carbon fiber reinforced composites (CF/PEEK) play a crucial role in the aerospace sector. Replacing metal with PEEK for manufacturing aircraft components—such as cabin doors, seat frames, wing attachments, and electrical wire harness clamps—can significantly reduce aircraft weight. For example, the Airbus A350XWB model utilizes PEEK material for its electrical wire harness clamps. In engine applications, PEEK is used to manufacture turbine engine seal rings, bearing cages, and fuel system components to withstand high-temperature gases and complex stresses. On satellites and spacecraft, PEEK is employed for structural brackets and thermal protection components, leveraging its resistance to high and low temperatures, radiation resistance, and low outgassing properties. CF/PEEK (carbon fiber modified PEEK material) features light weight, high strength, fatigue resistance, corrosion resistance, and the ability to be integrally molded. Using CF/PEEK for aircraft fuselages can reduce weight by 10%-40%, while structural design costs can be lowered by 15%-30%. Therefore, as the R&D of CF/PEEK load-bearing components and product development progress accelerates, CF/PEEK is expected to further substitute existing composite and metal materials in aircraft. Based on assumptions and calculations from Zhongyan Technology's prospectus, 9,284 aircraft are projected to be delivered to the Chinese market between 2022 and 2041, comprising approximately 2,038 large wide-body airliners (average weight 135 tons), 6,288 medium窄体客机 (average weight 54 tons), and 958 small regional airliners (average weight 17 tons). Assuming that load-bearing structural components made from CF/PEEK account for 20% of a single aircraft's total weight, it can be calculated that the average annual domestic consumption of CF/PEEK during 2022-2041 would be approximately 6,309.68 tons, corresponding to a market size of RMB 12.619 billion.
Gaogong Robot Industry Research Institute (GGI) estimates the global humanoid robot market size will be about USD 1.017 billion in 2024, growing to USD 15 billion by 2030, with a CAGR exceeding 56% from 2024 to 2030; global humanoid robot sales are projected to increase from 11,900 units to 605,700 units. Lightweighting is one solution to better achieve humanoid robot payload capacity, endurance, and flexibility. PEEK material possesses high rigidity alongside high toughness, coupled with excellent characteristics such as heat resistance, corrosion resistance, and wear resistance. Furthermore, as a thermoplastic material, PEEK is easily processed into components of various shapes for use in special parts or under specific operating conditions. Simultaneously, pure PEEK resin has a density of only about 1.3 g/cm³, even lower than the density of carbon fiber material, making it an excellent lightweight material. In summary, PEEK material itself meets the requirements for high-strength, lightweight new materials and holds significant application potential in the humanoid robot field.
Range anxiety is a major challenge hindering the development of new energy vehicles (NEVs). The 800V high-voltage fast-charging architecture, with advantages like high charging efficiency and a larger fast-charging range, is currently the mainstream development path. Enameled wires made from PEEK material for NEVs are primarily used in NEVs employing 800V motors. PEEK is bendable, hydrolysis-resistant, and superior to Polyimide (PI) in terms of safety and overall material performance, making it an ideal material for enameled wires in 800V, and even 1000V, motors. Currently, NEVs using 800V motors are in the market introduction phase, limited to a few high-end models like the Porsche Taycan and Lotus Eletre, with few mass-production 800V motor models from other manufacturers. As NEVs gradually replace traditional internal combustion engine vehicles and the trend towards premiumization continues, demand for cutting-edge applications like 800V motors is expected to increase steadily, consequently driving up the consumption of PEEK material. Zhongyan Technology's prospectus indicates that China's NEV sales are projected to reach 13.99 million units by 2027, with the penetration rate of 800V motors in the NEV sector expected to reach 40%. Assuming each vehicle's 800V motor enameled wire requires 470g of PEEK material, the domestic demand for PEEK from 800V motor enameled wires is forecasted to reach 2,630.12 tons by 2027, corresponding to a market size of approximately RMB 886 million.
Risk warnings: Technology substitution risk; risks associated with downstream promotion and application falling short of expectations; risk of raw material price fluctuations.
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