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.
Browse 114
market data Tables and 40 Figures spread through 156 Pages and
in-depth TOC on "PEEK Market”.
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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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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 are widely used in the automotive industry to manufacture different
automobile components in the region.
The major players in the PEEK market
are Victrex plc (UK), Solvay S.A.
(Belgium), Evonik Industries AG (Germany), and Panjin Zhongrun High Performance
Polymers Co. Ltd., (China).
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sales@marketsandmarkets.com
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