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 defense.
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.
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Victrex plc (U.K.) is projected to continue its dominance in the market over the coming years. It is a debt free company and generated the highest profit margins in the PEEK market in 2015. To establish its strong hold in the North American region and to compete with Solvay S.A. in North America, the company acquired Kleiss Gears, a US polymers gears producer for USD 6 million in 2015.
The company has established a major Polymer Innovation Centre in northern England in 2015 and has added new capacities to cater to the increasing demand in the PEEK market. The company also expanded its distribution network for Victrex PEEK globally.
PEEK has significant applications in the electrical & electronics segment as it possesses high heat resistance, excellent electrical properties, and greater dimensional stability, and is therefore a better alternative over traditional materials that are used.
PEEK is used for the manufacture of wire insulation, filtration membranes, polymer parts for circuit breakers, batteries and capacitors, connectors, sockets and touch screen components. It is used in many electrical & electronics end-use industries such as telecommunications, semiconductors, display, and electronic components.
The Asia-Pacific region is emerging as the leading consumer of PEEK due to the increasing demand from domestic markets. Increasing applications of PEEK in the electrical & electronics, aerospace, and automotive applications are expected to bring new opportunities to the market. In addition, countries such as China and South Korea are known as the major hubs for the production of electronic components.
Moreover, the high economic growth rate, growing manufacturing industries, cheap labor, the growing electronics market, and the global shift of consumption and production capacities from the developed markets to emerging markets are a few factors leading to the growth in demand for PEEK in the Asia-Pacific region.
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The key players operational in the PEEK market include Victrex plc (U.K.), Solvay S.A. (Belgium), Evonik Industries AG (Germany), and Panjin Zhongrun High Performance Polymers Co. Ltd., (China), among others.
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