The global Polyether Ether Ketone (PEEK) market is projected to reach USD 664.3 Million by 2021, at a CAGR of 6.3% from 2016 to 2021. In the global PEEK market, newer applications and product grades are expected to be developed in industries such as aerospace and defence.
Key manufacturers are working on newer applications, and sample trials are being undertaken to test PEEK performance across verticals. Apart from this, rapid growth in the use of PEEK in the aerospace and medical industries in North America is expected to lead to the high growth of the PEEK market during the next five years.
Recent Developments
In March 2014, Celanese Corporation (U.S.) and Southwire Company LLC (U.S.), North America’s largest wire and cable producer, introduced utility transmission lines – C7 Overhead Conductor with a multi-stranded composite core. The C7 Overhead Conductor uses the Celstran CFR-TPR composite technology that involves a combination of carbon-fiber and heat-resistant Fortron PPS matrix that is capped with a layer of PEEK.
In October 2016, Celanese Corporation signed an acquisition agreement with SO.F.TER Group (Italy), one of the world’s largest thermoplastic compounder manufacturers. This acquisition helped the company in bringing technical expertise, production, and compounding capabilities for its products, and extended its footprint in Mexico, Brazil, Italy, and the U.S.
In May 2014 Solvay S.A., introduced a new high stiffness grade KetaSpire Polyether Ether Ketone (PEEK), KetaSpire KT-825, which provides 50% greater modulus/stiffness than standard neat PEEK grades.
In January 2014 Evonik Industries AG launched VESTAMID Care, TROGAMID Care, and VESTAKEEP Care product lines to expand its high-performance polymers product portfolio. These products can be used for medical devices including catheters, surgical instruments, and hearing aids.
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The glass-filled segment accounted for the largest share in the PEEK market in 2015.
The PEEK market, based on type, has been segmented into three categories, namely, glass filled, carbon filled, and unfilled. Among these three, glass filled is the most widely used type of PEEK in the electrical & electronics and transportation (aerospace and automotive) industries.
Electrical & electronics is the fastest-growing end-user segment of the PEEK market.
Based on end-user, the PEEK market has been segmented into electrical & electronics, aerospace, automotive, oil & gas, medical, and others. Electrical & electronics was the largest segment of the PEEK market, by end-user, in 2015. It is also projected to be the fastest-growing segment during the forecast period. PEEK has several applications in the electrical & electronics industry, which include electrical connectors, cable sheaths, computer machinery, and transformers.
Europe is the largest PEEK market and is expected to register decent growth during the forecast period.
Europe accounts for the largest share of the market. The major drivers for the market in this region are the growing demand from the automotive, electrical & electronics, and aerospace industries. The use of PEEK is significant in the automotive industry as Europe has strict environmental regulations that compel vehicle manufacturers to reduce emission levels. PEEK, a lightweight alternative to traditional materials are widely used in the automotive industry to manufacture different automobile components in the region.
The major players in the PEEK market are Victrex plc (UK), Solvay S.A. (Belgium), Evonik Industries AG (Germany), and Panjin Zhongrun High Performance Polymers Co. Ltd., (China).
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