(PEEK) Polyether Ether Ketone Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1691
(PEEK) Polyether Ether Ketone Market size is mainly driven by its wide usage in end use industries which include home appliances, electrical & electronics, oil & gas, healthcare and aerospace. Increasing demand for lightweight and high-quality materials in emerging economies across the world will drive polyether ether ketone market size.
Growing automotive industry will propel polyether ether ketone market as it is used in place of metals in automobiles for reducing overall weight and provides efficient & environment-friendly alternative. Technology improvement in products will create opportunities for many global players to enter this industry. It is also used in assembling of bearings, pumps, piston parts, cable insulation and medical devices which will reinforce product demand.
Increase in demand of eco-friendly products will provide lucrative opportunities for polyether ether ketone market. PEEK polymers are expensive as compared to metals but wide varieties of product availability make it economical. Increasing consumer awareness about its properties and uses will have a positive impact on polyether ether ketone market.
PEEK is a thermoplastic polymer having excellent chemical & heat resistant and abrasion properties. It is semi crystalline in nature and can be used in steam or hot water without altering with its physical characteristics. They are mainly used in engineering applications owing to better chemical and mechanical properties. PEEK is used in many end user applications in various industries replacing metals and other materials by assuring maximum flexibility, strength and chemical resistance.
Polyether ether ketone market exists in several types which include carbon filled, glass filled and unfilled polymers. Currently, glass filled PEEK holds the largest share in terms of revenue as it is commonly used owning to its wide usage in aerospace, electrical & electronics, and automotive industries.
PEEK can be divided based on its applications in oil & gas, electrical, aerospace and automotive industries. They are widely used in electrical & electronic industries owing to its wide range of application in cable sheaths, computer machinery, transformers, and connectors.
Europe, dominated by Germany for polyether ether ketone market is the fastest growing region due to its strong demand in emerging automotive industries. France and UK are expected to witness a steady growth in polyether ether ketone market with growing usage of PEEK polymers in electrical and manufacturing sectors. Continuous industrialization in this region will also play a vital role in boosting polyether ether ketone market.
North America, led by the U.S for polyether ether ketone market is expected to witness significant growth. Constant growth in industrialization and chemical industries in this region will fuel the product demand. Latin America, dominated by Brazil and Mexico are as an emerging PEEK industry due to growing industrialization in this region over the projected timeframe.
Asia-Pacific, led by India and China holds the largest share owning to growing economy and rising purchasing power of customers have led to an expansion of automobile industries in this region. It is the fastest growing region for polyether ether ketone market due to its rapid industrialization coupled with environmental concerns in manufacturing & automotive industries. Other emerging economies like Japan, South Korea and Australia are anticipated to witness rapid growth owning to rise in healthcare, automotive and manufacturing sectors in this region. Middle East and Africa is considered as another potential market for PEEK due to growing infrastructural and oil & gas industries.
Polyether ether ketone market is highly consolidated in nature owning to presence of many international firms. Some of the prominent key players are Solvay SA, A. Schulman, Stern Industries, Zyex Ltd., RTP Company, Evonik Industries, Victrex plc, Jrlon Inc, J K Overseas, SABIC, Parkway Products Inc., Jida Evonik and Mitsubishi Chemical Corporation. Companies are adopting strategies including, mergers, acquisitions, new product launch and expansion. In April 2017, Victrex plc, one the leading player in PEEK industry has acquired Zyex Ltd., a recognized manufacturer of PEEK based fibres. The acquisition is done to explore the upcoming growth opportunities within the industry and to provide better solutions to their customers. Company also acquired Kleiss Glass in July 2015 to deliver high class polymer gears to expand industry share.
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