Electrical & electronics is the fastest-growing end-user segment of the Polyether Ether Ketone market
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.
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In
the global PEEK market, newer applications and product grades are expected to be
developed in industries such as aerospace and defense. Key manufacturers are
working on newer applications, and sample trials are being undertaken to test
PEEK performance across verticals. Apart from this, rapid growth in the use of
PEEK in the aerospace and medical industries in North America is expected to lead
to the high growth of the PEEK market during the next five years.
In
2015, Victrex plc (U.K.) accounted for the largest market share in the PEEK
market and is expected to maintain its market position in future. Recently, Victrex
plc expanded its nameplate capacity of PEEK to 7,150 tons to meet the growing
demand in the market. Another key player in the PEEK market, Solvay S.A.
(Belgium), accounted for the second largest share of the PEEK market in 2015.
Victrex
plc (U.K.) is projected to continue its dominance in the market over the coming
years. It is a debt free company and generated the highest profit margins in
the PEEK market in 2015. To establish its strong hold in the North American
region and to compete with Solvay S.A. in North America, the company acquired
Kleiss Gears, a US polymers gears producer for USD 6 million in 2015. The
company has established a major Polymer Innovation Centre in northern England
in 2015 and has added new capacities to cater to the increasing demand in the PEEK
market. The company also expanded its distribution network for Victrex PEEK
globally.
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Solvay
S.A. (Belgium), another key player operating in the PEEK market, recently
expanded its PEEK production capacity to 2,500 tons by establishing a new plant
for PEEK production in Georgia (U.S.) in 2016. In addition, the company is
investing in high-growth areas and regions such as, North America, Europe, and
the Asia-Pacific. The company has adopted new product launches, acquisitions,
and expansions strategies to strengthen its market position as a leader in the
PEEK market. For instance, in 2015, Solvay S.A. acquired EPIC Polymer
(Germany), a long-fiber thermoplastics technology provider, to provide
innovative products to its customers.
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