Polyether Ether Ketone (PEEK) Market By Product, By Application is Expected to Reach $765.7 Million by 2020: Grand View Research, Inc.
Latest report published by Grand View Research suggests, Global Polyether Ether Ketone (PEEK) Market Size is expected to grow to $765.7 million by 2020 from $419.6 million in 2013, registering CAGR of 9.1% from 2014 to 2020, increasing penetration in medical industry will support market growth during the forecast period.
Global polyether ether ketone (PEEK) market is expected to reach USD 765.7 million by 2020; according to a new study by Grand View Research, Inc. Shift towards reducing overall weight of automobiles by substituting metals with high performance plastics is expected to drive the global PEEK market over the forecast period. Stringent regulations particularly in the U.S. and Europe to minimize fuel consumption by improving fuel efficiency have prompted PEEK adoption across the automotive industry. Superior performance features have also contributed towards its increasing penetration across medical, food, semiconductors, aerospace and industrial sectors. High price of PEEK compared to other plastics is expected to remain a key challenge for market participants.
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Glass filled emerged as the leading PEEK product and accounted for 47.6% of total market volume in 2013. Glass filled PEEK is widely used across electrical&electronics and industrial applications. Growth of electrical&electronics industry in Asia Pacific is expected to fuel this segment over the forecast period. Carbon filled PEEK is expected to witness the highest growth of 8.8% from 2014 to 2020 on account of its increasing application base across clinical and aerospace industries.
Global Polyether Ether Ketone (PEEK) market volume by product, 2012-2020 (Tons)
Further key findings from the study suggest:
Global PEEK market demand was 4,320 tons in 2013 and is expected to reach 7,562.7 tons by 2020, growing at a CAGR of 8.4% from 2014 to 2020.
PEEK is majorly used for industrial applications which accounted for 27.6% of total market volume 2013. Stringent environment regulations for packaging are expected to drive PEEK demand for industrial applications. In additon, rapid industrialization rates in Asian and Latin American countries are also expected to have a positive impact on the market growth over the forecast period.
Automotive is expected to witness the highest growth of 8.9% from 2014 to 2020. Strong shift in trend towards replacing metals with high performance plastics in the U.S. and Europe is expected to drive the segment growth over the forecast period. Medical and aerospace application segments are also expected to witness significant growth. Currently, PEEK is majorly used as an efficient product for spinal surgeries in medical industry. In aerospace industry, PEEK is used as a raw material for new generation passenger aircrafts.
Europe emerged as a leading regional market and accounted for 55.6% in 2013. Favorable regulatory scenario coupled with presence of major PEEK manufacturers is expected to drive the regional market over the forecast period. Asia Pacific is expected to witness the highest growth of 15.0% from 2014 to 2020. Positive outlook on regional automotive industry is expected to drive the regional market over the forecast period.
Global PEEK market is highly consolidated and is dominated by leading MNCs. Major industry participants include Victrex Plc., Solvay Specialty Polymers, LIC and Panjin Zhongrun High Performance Polymers Co. Ltd. Other companies operating in the global PEEK market include Jida Evonik High Performance Polymers (Changchun) Co. Ltd, Zyex Ltd, A. Schulman AG, Caledonian Ferguson Timpson Ltd, Quadrant EPP Surlon India Ltd and J.K. Overseas.
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For the purpose of this study, Grand View Research has segmented the PEEK market on the basis of product, application and region:
Global Polyether Ether Ketone (PEEK) Product Outlook (Volume, Tons; Revenue, USD Million, 2012 – 2020)
Global Polyether Ether Ketone (PEEK) Application Outlook (Volume, Tons; Revenue, USD Million, 2012 – 2020)
Global Polyether Ether Ketone (PEEK) Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 – 2020)
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