ALBANY, New York, June 24, 2019 /PRNewswire/ -- The global Polyetheretherketone (PEEK) Market is highly consolidated due to the presence of few market players, shares an upcoming Transparency Market Research (TMR) report. The key players in the global Polyetheretherketone (PEEK) Market include Evonik Industries, Solvay S.A., Victrex plc, Panjin Zhongrun High Performance Polymers Co. Ltd. and Jilin Zhongyan High Performance Engineering Plastic Co., Ltd. The companies are adopting strategies to introduce new product lines in the market to expand their presence in the global Polyetheretherketone (PEEK) Market. The competition is expected to intensity with increasing number of players in the market. Moreover, several companies are pouring extensive amounts of money into different industries to provide a notable impetus to the new manufacturing techniques of the chemical compound.
The global Polyetheretherketone (PEEK) Market is predicted to register a growth rate of CAGR of 7.1% during the forecast period from 2016 to 2024. The global Polyetheretherketone (PEEK) Market registered an estimated value of US$451.5 Mn in 2015 and it is expected to reach the valuation of US$832.6 Mn by the end of 2024. Increasing research activities for novel product development is projected to bolster the expansion of the global Polyetheretherketone (PEEK) Market.
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On the basis of region, the global Polyetheretherketone (PEEK) Market is expected to be led by the Asia Pacific over the forecast period. The growth in this region is predicted to be due to increasing vehicle production in countries like Japan and South Korea. Moreover, rising healthcare infrastructure is projected to pave way for the expansion in this region. Earlier, North America and Europe held the global Polyetheretherketone (PEEK) Market. On the basis of segmentation, the global Polyetheretherketone (PEEK) Market is segregated into automotive, industrial, electrical and electronics, medical, and aerospace. But among all these, the electrical and electronics segment is expected to register the highest growth during the forecast period.
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Mechanical Benefits to Bolster Demand
Polyetheretherketone has immense mechanical benefits such as lower thickness than metals, heat resistance, and superior strength. These are predicted to be leading causes for the expansion of the global Polyetheretherketone (PEEK) Market in the forthcoming years. Moreover, excellent fuel efficiency offered by the chemical compound is another factor that is expected to drive the global Polyetheretherketone (PEEK) Market in the upcoming years. Additionally, the rising production of plastics is projected to expand the global Polyetheretherketone (PEEK) Market at a robust rate in the near future. This is mainly due to a crucial role played by the ketone in the manufacturing of plastics.
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Electrical and Electronics to Provide Impetus to Growth
An array of benefits that the chemical offers make it an ideal option for the electrical and electronics industry to provide lucrative growth opportunities in the global Polyetheretherketone (PEEK) Market. Moreover, the light-weight nature makes it viable for applicability in all the industries, especially automobile industry. This is expected to widen the global Polyetheretherketone (PEEK) Market in the upcoming years.
Further, the polyetheretherketone are used in oil and gas industries and in chemical processing due to its versatile applications across the sector. Thus, the global Polyetheretherketone (PEEK) Market could witness a bright future.
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Rising expenses are expected to restrain the deployment of polyetheretherketone across the industries. Technological challenges may also hamper the growth. Hence, the global Polyetheretherketone (PEEK) Market may witness dampened growth during the forecast period. Nonetheless, opportunities of new application in certain industries and rising funding on innovation of new launches may prove to affect the global Polyetheretherketone (PEEK) Market in an impressive way. This could offset most restraints affecting the sector.
This review is based on the findings of a TMR report titled, "Polyetheretherketone (PEEK) Market (Application - Automotive, Industrial, Aerospace, Electrical & Electronics, and Medical)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024."
The global Polyetheretherketone (PEEK) Market is segmented into:
- Electrical & Electronics
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA
- GCC Countries
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