The
global Polyether Ether Ketone (PEEK) market
is projected to reach USD 664.3 million
by 2021, at a CAGR of 6.3% from 2016 to 2021. In the global PEEK market,
newer applications and product grades are expected to be developed in
industries such as aerospace and defense.
With
its exceptional properties, including stiffness and strength at high
temperatures, PEEK proves to be a tough contender to its substitutes or
competitors in the high-performance polymers family. It has been replacing several
other polymers as well as traditional metals in a wide range of applications.
With
the revolution in the manufacturing sector for the production of light weight
products, the need for high performance polymers with exceptional weight
reduction properties, such as PEEK, has increased significantly. This
revolution for light weight products is expected to lead to the aerospace and
automotive industries emerging as high-end users of PEEK over the coming years.
From 2016 to 2021,
electrical & electronics is projected to be the fastest growing end user
segment in the PEEK market. This segment is expected to continue to lead in the
coming years owing to the high demand from the Asia-Pacific region, Europe, and
North America. Moreover, the increasing demand for electrical & electronics
products from the emerging countries of the Asia-Pacific region is also
boosting the growth of the PEEK market.
The Asia-Pacific
region is projected to be the fastest-growing PEEK market from 2016 to 2021. The
PEEK market is well established in Europe and North America, while in China,
India, and other APAC countries, this market is projected to grow significantly
from 2016 to 2021.
The growth of the
Asia-Pacific region is supplemented by the technological developments of the end
user industries, growth of the transportation and electronics sectors, coupled
with the growing medical/healthcare industry in emerging economies such as
Indonesia, India, and China. The key players active in the PEEK market are
focusing on the expansions strategy to strengthen their market penetration in
the Asia-Pacific market.
On the basis of end
users, the PEEK market has been categorized into electrical & electronics,
aerospace, automotive, oil & gas, medical, and others. The others segment
includes defense, building & construction, and food & beverage
industries.
The primary types of
PEEK available in the marketplace are glass filled, carbon filled, and unfilled.
The glass filled segment is projected to be the fastest-growing type segment from
2016 to 2021, owing to the high demand from the electrical & electronics
industry.
Reference:
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