Polyetheretherketone (PEEK) Market to Perceive Substantial Growth During 2024
In
2015, Victrex plc held the dominant share of 66.3% in the global
polyetheretherketone (PEEK) market. This defined the highly
consolidated vendor landscape of the market. Solvay S.A., which
emerged as the second lead in the same here was far behind occupying
a little over 14% of the overall market. Among other companies making
their presence felt in the overall polyetheretherketone market,
Evonik Industries and Panjin Zhongrun High Performance Engineering
Plastic Co., Ltd have a stronger foothold, finds Transparency Market
Research (TMR) in a new report.
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“On
account of being technologically sensitive, the PEEK market caters to
niche applications,” observed the TMR report’s author. This is
one of the key reasons why the prime focus of producers is on
constantly upgrading their product portfolios. Besides this,
increasing production capacities and the development of novel
products are a few strategies sought by the market players.
According
to TMR, the global polyetheretherketone market, which was valued at
US$451.5 mn in 2015, is expected to reach US$832.6 mn by the end of
2024. If the figures hold true, the global PEEK market will exhibit a
CAGR of 7.1% between 2016 and 2024. Regionally, North America and
Europe led the overall market in 2015 with a cumulative share of
60.5%. By application, the electrical and electronics segment held
the dominant share of 27.6% in the market in 2015. The trend of
miniaturizing electronic devices necessitates the use of plastic at a
very high temperature. This is likely to drive PEEK usage in the
sector.
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Excellent
Mechanical Properties of PEEK to Fuel its Demand
“In
the last few years, the usage of PEEK has increased at a tremendous
pace primarily due its exceptional mechanical properties,” said a
lead TMR analyst. PEEK has a much lower density than metals. Design
engineers are thus increasingly using PEEK as a popular substitute
for metals in diverse applications. For instance, compelled by
stringent emission control norms automobile manufacturers are
compelled to shift towards using lightweight materials. Spurred by
this, the global polyetheretherketone market is forecast to exhibit
strong growth during the course of the forecast period.
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Polyetheretherketone (PEEK) Market Report Brochure @
In
addition, with the trend of miniaturizing electrical items gaining
pace, the market is likely to witness lucrative growth opportunities.
PEEK maintains its electrical performances even at high frequencies
and possesses high strength at elevated temperatures. These
mechanical properties make it ideal for use in the miniaturization of
electrical components. Besides this, PEEK manufacturers are hoping to
gain significantly from the rising use of PEEK in the medical
industry. PEEK implants are bone-friendly and offer greater
biocompatibility, which make them more convenient than metal
implants.
High
Cost of PEEK Grades Considered Major Restraint to Growth
On
the downside, a large number of companies refrain from using a few
grades of PEEK, which are priced higher than other high performance
plastics. PEEK is often expensive due to the high cost of monomer and
advanced technological requirements. This factor is restraining the
market’s trajectory to an extent. In addition, technological
challenges in molding PEEK pose threat to the market. Stringent
regulatory barriers on the use of PEEK across various application
will also create bottlenecks for the global PEEK market, thereby
adversely affecting its prospects for growth.
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Polyetheretherketone (PEEK) Market Research Report @
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