New Jersey, NJ, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Rising replacement of metals and other conventional materials by PEEK and growing demand from electrical & electronics and automotive industry around the world are driving the market. The global polyether ether ketone market is expected to grow from USD 653.41 Million in 2017 to USD 1,114.27 Million by 2025, at a CAGR of 6.90% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Polyether ether ketone or PEEK is a semicrystalline thermoplastic. It demonstrates excellent mechanical and chemical resistance properties even at high temperatures. The presence of ether linkage gives PEEK the melting processability in conventional moulding techniques such as injection moulding, compression moulding, and extrusion. PEEK is considered to be the ideal replacement for metal mainly because of its outstanding corrosion resistance, strength, durability, wear resistance and high-temperature stability. Thus, PEEK is being increasingly used in the production of fuel systems, induction systems, engine components, powertrain, brake systems, and transmission components for the aerospace and automotive industries.
Even though growing replacement of metals with PEEK and rising utilization of PEEK in the automotive and aerospace industry is driving the global polyether ether ketone (PEEK) market,he high cost of PEEK as compared to conventional materials as well as stiff competition from the hybrid polymers and composites are anticipated to prove the major restraining factors for the polyether ether ketone (PEEK) market growth. However, development of newer applications as well as increasing research and development activities is expected to open new market opportunities for the global polyether ether ketone (PEEK) market expansion in the forecasted period.
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Key players operating in the global polyether ether ketone (PEEK) market are Victrex plc, Solvay S.A., Evonik Industries AG, and Panjin Zhongrun High Performance Polymers Co. Ltd, Jrlon Inc, Quadrant EPP Surlon India Ltd, Parkway Products Inc, Stern Industries Inc., A. Schulman AG, Caledonian Ferguson Timpson Ltd, Darter Plastics Inc., J K Overseas, Prototype & Plastic Mold Co. Inc, Shenyang Chemical Co., Ltd, and among others. In order to their enhance market position,key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- There has been an increased demand for the PEEK from healthcare industry for making implant devices. Thus, to effectively satisfy this demand, major manufacturers are increasingly coming up with newer and improved products. For instance Solvay SA in 2017, announced the launch of Zeniva® ZA-600 CF30 polyetheretherketone (PEEK). It is a 30 percent carbon fiber-reinforced, radiolucent polymer developed specifically for the implantable device applications. It help implants minimize the reduction in bone density by maintaining normal stress on surrounding bone tissue.
- For instance, in 2018, Evonik has comprehensively optimized the production process of VESTAKEEP® PEEK and further improved the quality of the product at its Changchun, China, site. The Group is thus positioning itself as a reliable partner on the global PEEK market for the long term.
- Increasing research activities on the PEEK are leading to development of novel innovative applications. For instance in 2017, Evonik Industries announced the launch of a polymer filament based on PEEK (polyether ether ketone) in implant-grade quality for use as a 3D printing material for implants.
Glass filled PEEK segment accounted for the highest market value of USD 351.14 million in 2017
Type is segmented into glass filled, carbon filled and unfilled. Due to the increasing use of glass filled PEEK in the electronic and electric and industrial applications on account of its enhanced mechanical and thermal properties, the glass filled segment led the global polyether ether ketones market with USD 351.14 million in 2017. Carbon-filled segment is projected to grow at an accelerated CAGR of 8.97% over the forecast period, owing to the rising use of carbon filled PEEK in the automotive, aerospace, and medical sector.
Automotive segment is anticipated to grow with the highest CAGR of 9.05% during the forecast period
Application segment is divided into electrical and electronics, automotive, aerospace, oil and gas, medical and others. Polyether ether ketone (PEEK) is being increasingly utilized in the electrical and electronics sector in the production of electrical connectors, cable sheaths, computer machinery, transformers, and other such products. Thus, electrical and electronics segment emerged as the global leader in the PEEK market with USD 192.23 million revenue in 2017. Due to rising demand from the automotive industry for the lightweight alternative to metal with similar corresponding properties, the automotive segment is anticipated to grow at the fastest CAGR of 9.05% over the forecasted period.
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Region Segment Analysis of the Polyether Ether Ketone (PEEK) Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Europe emerged as the largest market for PEEK with a 33.52% share of market revenue in 2017 whereas the Asia Pacific is the second dominating region in the global polyether ether ketone (PEEK) market. Factors such as the presence of well-established automotive and aircraft industry as well as the imposition of strict guidelines pertaining to vehicular fuel efficiency and environmental pollution were responsible for the Europe region to dominate the global PEEK market. Asia Pacific region is projected to grow at the highest CAGR of 8.73% over the forecast period. Growth in the per capita disposable income and improvement in the standards of living is generating a burgeoning demand for the automobiles as well as electrical and electronics equipment.
About the report:
The global polyether ether ketone (PEEK) market is analysed on the basis of value (USD Million), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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