The market was estimated at USD 564.79 million in 2016. The market is projected to reach USD 920.40 million by 2021, at an estimated CAGR of around 10.3% during the forecast period, 2017-2022.
PEEK, a high performance plastic material, refers to a semi-crystalline organic thermoplastic polymer, which exhibits excellent mechanical and chemical resistant properties. PEEK offers the following properties-
Owing to the aforementioned properties, the demand for and usage of PEEK in commercial and industrial applications is continually increasing.
The global PEEK market has been segmented based on type and end-user industry. By type, the market has been segmented into glass filled, carbon filled, and unfilled. In 2016, in terms of revenue, the carbon filled type is expected to witness the highest CAGR of 10.68% during the forecast period. By end-user industry, the market has been segmented into aerospace, electrical & electronics, automotive, healthcare, and others.
The market is driven by numerous factors such as increasing demand and usage of lightweight materials and growing usage in the electrical and electronics industries. Irrespective of the abovementioned reasons, availability of cheaper alternatives is expected to hinder the polyether ether ketone market growth.
The market based on geography has been further segmented into Asia-Pacific, North America, Europe, South America, and Middle East and Africa. In 2016, in terms of revenue, Europe has been estimated to dominate the global PEEK market, with a market share of 36%.
A rising number of applications in the healthcare industry are expected to offer numerous opportunities for the growth of the market. Some of the major companies dominating the market with their products and services are Solvay SA, Victrex, Jida Evonik High Performance Polymers (Changchun) Co. Ltd., Jilin Zhongyan High Performance Plastics Co. Ltd., and Shenyang Chemical Co. Ltd.
Key Deliverables in the Study