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 defence.
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..
Electrical & electronics is the fastest-growing end-user
segment of the PEEK market.
Based on end-user, the PEEK market has been
segmented into electrical & electronics, aerospace, automotive, oil &
gas, medical, and others. Electrical & electronics was the largest segment
of the PEEK market, by end-user, in 2015. It is also projected to be the
fastest-growing segment during the forecast period. PEEK has several
applications in the electrical & electronics industry, which include
electrical connectors, cable sheaths, computer machinery, and transformers.
Europe is the largest PEEK market and is expected
to register decent growth during the forecast period.
Europe accounts for the largest share of the market.
The major drivers for the market in this region are the growing demand from the
automotive, electrical & electronics, and aerospace industries. The use of
PEEK is significant in the automotive industry as Europe has strict
environmental regulations that compel vehicle manufacturers to reduce emission
levels. PEEK, a lightweight alternative to traditional materials is widely used
in the automotive industry to manufacture different automobile components in
the region.
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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.
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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