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.
Recent Developments
- In March 2014, Celanese Corporation (U.S.) and
Southwire Company LLC (U.S.), North America’s largest wire and cable producer,
introduced utility transmission lines – C7 Overhead Conductor with a
multi-stranded composite core. The C7 Overhead Conductor uses the Celstran
CFR-TPR composite technology that involves a combination of carbon-fiber
and heat-resistant Fortron PPS matrix that is capped with a layer of
PEEK.
- In October 2016, Celanese Corporation signed
an acquisition agreement with SO.F.TER Group (Italy), one of the world’s
largest thermoplastic compounder manufacturers. This acquisition helped
the company in bringing technical expertise, production, and compounding
capabilities for its products, and extended its footprint in Mexico,
Brazil, Italy, and the U.S.
- In May 2014 Solvay S.A., introduced a new high
stiffness grade KetaSpire Polyether Ether Ketone (PEEK), KetaSpire KT-825,
which provides 50% greater modulus/stiffness than standard neat PEEK
grades.
- In January 2014 Evonik Industries AG launched
VESTAMID Care, TROGAMID Care, and VESTAKEEP Care product lines to expand
its high-performance polymers product portfolio. These products can be
used for medical devices including catheters, surgical instruments, and
hearing aids.
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The glass-filled segment accounted for the largest
share in the PEEK market in 2015.
The PEEK market, based on type, has been segmented
into three categories, namely, glass filled, carbon filled, and unfilled. Among
these three, glass filled is the most widely used type of PEEK in the
electrical & electronics and transportation (aerospace and automotive)
industries.
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 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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