Vancouver, British Columbia, Feb. 10, 2021 (GLOBE NEWSWIRE) -- The global PEEK is projected to be worth USD 1,225.7 Million by 2027 growing at a CAGR OF 6.8%, according to a current analysis by Emergen Research. The PEEK (Polyether Ether Ketone) market is observing a high demand attributed to its increasing demand from the aerospace industry. It has been estimated that by 2035 the aerospace industry would require a total of about 41,000 aircraft, including new and replacement planes.
The surging need to cater to the massive requirement pushes the demand for composite materials comprising thermoplastics such as PEEK, which, in turn, would drive the product demand in aircraft construction. The PEEK composites can offer weight reduction up to 60.0% than metals, leading to improved fuel efficiency and reduced carbon-dioxide emission, offering both cost and eco-friendly benefits and reduced maintenance and improved uptime.
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Top Companies Profiled in PEEK Market Report are:
Celanese Corporation, Solvay SA, Darter Plastics Inc., Evonik Industries, Prototype & Plastic Mold Co. Inc., SABIC, Victrex PLC, Panjin Zhongrun High Performance Polymers Co. Ltd., Jrlon Inc., and Quadrant Epp Surlon India Ltd., among others.
Key Highlights From The Report
- In May 2020, Evonik introduced 3D-printable PEEK filament for use in medical implants. Thus, customized plastic implants can be manufactured, deploying 3D printing processes to comply with the requirements of ASTM F2026.
- PEEK, a high-performance plastic, provide several benefits in the oil & gas sector, including corrosion resistance, weight reductions, minimized noise emissions, and thermal decoupling.
- The application of PEEK plastic in the electrical & electronics parts aids in the reduction of noise, vibration, and harshness in home appliances.
- The PEEK market in the Asia Pacific region is estimated to grow at the fastest rate in the forecast period due to a growing demand for the product in countries like China, India, and South Korea. The APAC region's high growth rate is due to a rise in the level of disposable income, swift industrialization, and growth of the automotive and healthcare sector.
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Emergen Research has segmented the global PEEK market on the basis of product type, distribution channel, industry vertical, and region:
- Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Glass Filled
- Carbon Filled
- Unfilled
- Others
- Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Online
- Offline
- Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- Electrical & Electronics
- Aerospace
- Automotive
- Medical
- Oil & Gas
- Others
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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