Polyetheretherketone Market
REPORT DESCRIPTION
Polyetheretherketone( PEEK) Market( Application- Automotive, Industrial, Aerospace, Electrical & Electronics, and Medical)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016- 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.
“ 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.
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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.
Excellent Mechanical Properties of PEEK to Fuel its Demand
Transparency Market Research
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