Polyether Ether Ketone Market Share, Analysis, Growth Impact and Demand By Regions Till 2027
Polyether Ether Ketone Market Overview
Polyether Ether Ketone Market Share is projected to be worth USD 1225.8 million by 2027, registering a CAGR of 6.9% during the forecast period (2021-2027).
Special properties of the PEEK market such as high chemical resistance and greater dimensional stability over conventional materials have been driving the global demand for PEEK in high-end applications, which include medical, aerospace, and others like automotive. The market for PEEK is likely to be expanding at a good pace; however, it still faces some restraints. The high price of PEEK in the market and increasing competition from hybrid polymers and composites are some of the major inhibitors for the Polyether Ether Ketone Market.
PEEK is used in the manufacturing of various interior and exterior components in the automotive and aerospace industries. The most valued properties are its high heat resistance, lightweight, amongst others like the high dimensional stability, and high chemical resistance. In the aerospace industry, it is important to use interiors and materials that are fire retardant and emit less smoke followed by toxic gases in case of fire. PEEK fulfills these important needs and requirements, and thus, results in its high demand in the aerospace industry.
The PEEK market, by end-user, witnessed the domination by the electrical and electronics sector in 2018. This global market segment is projected to grow at the highest CAGR between the ongoing forecast period. The growth of this sector is due to the rising demand from end applications that extend to the electrical & electronics industry, including electrical connectors, transformers, and others like the cable sheath.
Market Segmentation
The Polyether Ether Ketone Market has been segmented based on the following:
By Type
Glass Filled
Carbon Filled
Unfilled
Others
By End-Use Industry
Electrical & Electronics
Aerospace
Automotive
Oil & Gas
Medical
Others
By Region
Asia-Pacific
Europe
North America
The Middle East
South America
Africa
Regional Analysis
The Asia-Pacific region as a part of the Polyether Ether Ketone Market is emerging as the leading consumer because of the increasing demand from domestic markets. Increasing applications in the electrical & electronics, aerospace, and automotive applications will bring new opportunities to the market. In addition, the emergence of the market functions in countries such as China and South Korea is known as the major hubs for the production of electronic components. Moreover, the rise of factors like high economic growth rate, growing manufacturing industries, amongst others like cheap labor, the growing electronics market, and the global shift of consumption and production capacities from the end of the developed markets to emerging markets are a few factors leading to the growth in demand in the Asia-Pacific region.
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Industry News
In March 2014, Celanese Corporation (U.S.) and Southwire Company LLC (U.S.), as a part of the Polyether Ether Ketone Market in the North American region emerged as the largest wire and cable producer, introduced utility transmission lines – C7 Overhead Conductor with a multi-stranded composite core.
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