ALBANY, New York, September 26, 2018 /PRNewswire/ --
Accounting for over 66% of the overall global polyetheretherketone market in 2015, Victrex plc became the face of the intensely consolidated competitive landscape of the market. Solvay S.A., which held the second-largest share in the market in the said year, occupied a little more than 14% of the market, according to a recent market research report by Transparency Market Research. The technologically sensitive nature of PEEK, the market caters mostly to a handful of niche applications. This remains one of the key factors why companies are focused on upgrading their portfolios through development of new and more advanced products.
Companies are also focusing on expanding their production capacities and geographical outreach through strategic ties with distributors and small-scale manufacturers in emerging markets. Some of the leading companies in the market are Panjin Zhongrun High Performance Engineering Plastic Co., Ltd and Evonik Industries.
According to the report, the market is expected to exhibit an impressive 7.1% CAGR from 2016 to 2024, rising from a valuation of US$451.5 mn in 2015 to a revenue opportunity of US$832.6 mn by 2024. Geographically, the markets in Europe and North America accounted for a collective share of nearly 60% of the overall market. Of the key applications of the material, usage across the electrical and electronics industries helped the PEEK market acquire nearly 27% of its overall valuation in 2015.
Demand from High Performance Application Sectors to Fuel Global Demand
The leading growth driver of the global PEEK market is the high demand for this thermoplastic in several high performance applications across industries such as automotive, aerospace, energy generation, and biomedicine. PEEK is known to have a high melt temperature, excellent thermal stability, and good radiological and chemical resistance. The material is also valued for its much lower density in comparison to metals, which is a desired property in numerous applications. As a result, design engineers in industries such as automotive and aerospace are increasingly using PEEK to develop lightweight products to be able to conform to the stringent pollution control norms.
Moreover, the market is also expected to benefit from the increased demand for portable, miniature electrical and electronics devices. PEEK is known to retain its electrical performance and high strength at high frequencies and elevated temperatures, making it an ideal material for use in tiny electrical components. Furthermore, the market is expected to gain increased demand in the medical industry as the material leads to the production of implants that have a higher quotient of biocompatibility and are bone-friendly. The massive rise in demand for medical implants in the past few years is likely to lead to a notable rise in uptake of PEEK in the medical industry in the near future.
High Cost of Certain PEEK Grades Could Hamper Market's Growth Prospects
While the market has mostly positive growth opportunities, the notably higher cost of certain grades of PEEK in comparison to other varieties of high performance plastics could work against the market, limiting the set of applications of these products. The high cost of monomer and the need for advanced technological interventions to manufacture PEEK escalate the cost of the final product, restricting its growth prospects by a certain degree. Moreover, certain technological issues associated with PEEK molding also challenge the growth prospects of the market.
Stringent regulations placed on the use of a number of engineered thermoplastics and the fact that PEEK reinforced with different fibers-to make it suitable for high performance and load bearing applications-is hard to reprocess into other forms also challenge the growth prospects of the global PEEK market to a certain degree. Nevertheless, the market could benefit from the rising set of opportunities and new applications in emerging markets.
This analysis of the global polyetheretherketone market is based on a recent market research report by Transparency Market Research, titled "Polyetheretherketone (PEEK) Market (Application - Automotive, Industrial, Aerospace, Electrical & Electronics, and Medical) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."
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