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.
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.
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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.
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.
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.
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.
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.
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.
Reference:
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