The global polyether ether
ketone (PEEK) market is expected to reach USD 1.03 billion by 2024, according
to a new report by Grand View Research, Inc. Increasing high-performance
plastics demand as a substitute to metals in automobiles on account of growing
need for high efficiency and low weight materials is expected to drive overall
industry demand in near future.
The stringent environmental
regulatory framework in developed markets of the U.S. and Europe has forced the
automobile industry participants to use such an alternative which helps in
decreasing fuel consumption by enhancing overall fuel efficiency. Such regional
trends are anticipated to positively impact global volumes over the forecast
period.
Excellent performance features
including superior strength and heat resistance are expected to propel product
preference in end-use industries such as food, medical, aerospace,
semiconductors and packaging sectors.
Glass filled was the major
product segment and accounted for approximately 44.9% of total market volume in
2015. The product finds application in industrial, electric & electronics
applications. Carbon filled is anticipated to witness at the highest CAGR from
2016 to 2024.
In depth research report on Polyether Ether Ketone (PEEK)
Market
Further key findings from the report suggest:
•
The global PEEK market demand
was 5,048.2 tons in 2015 and is expected to exceed 10,000 tons by 2024, growing
at a CAGR of 8.5% from 2016 to 2024
•
Automotive emerged as the
leading consumer of PEEK and accounted for 28.1% of total volume in 2015. It is
also expected to witness the highest growth of 9.4% over the forecast period.
Increasing need for a highly efficient material which will help in reducing
fuel consumption resulting in lower emission levels is expected to drive this
segment.
•
The product is widely used for
industrial applications including packaging, textile, and printing. Growing
waste disposal concerns coupled with strict environmental regulations related
to packaging is anticipated to positively impact PEEK demand in industrial
applications.
•
Europe was the leading regional
market and with demand share estimated at 54.2% in 2015.Stringent environmental
regulatory framework to curb overall weight of automobiles is expected to drive
the regional market.
•
Asia Pacific is expected to
witness the highest growth of 14.0% on account of industrialization in China
and India coupled with growing environmental concerns including noxious VOC
emission levels.
•
Key companies include Zyex Ltd,
Tri-Mack Plastics Manufacturing Corp., Caledonian Ferguson Timpson Ltd,
Prototype & Plastic Mold Co. Inc., Victrex Plc, Darter Plastics Inc., J.K.
Overseas, A. Schulman AG, Jida Evonik High-Performance Polymers (Changchun) Co.
Ltd and Stern Industries Inc.
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, 2014 - 2024)
•
Unfilled
•
Carbon filled
•
Glass filled
Global Polyether Ether Ketone (PEEK) Application Outlook
(Volume, Tons; Revenue, USD Million, 2014 - 2024)
•
Medical
•
Automotive
•
Aerospace
•
Industrial
•
Electricals & electronics
Global Polyether Ether Ketone (PEEK) Regional Outlook
(Volume, Tons; Revenue, USD Million, 2014 - 2024)
•
North America
o
U.S
o
Canada
•
Europe
o
Germany
o
UK
o
France
o
Italy
•
Asia Pacific
o
China
o
India
o
Japan
o
South Korea
o
Taiwan
•
Central & South America
o
Brazil
•
Middle East and Africa
o
Saudi Arabia
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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