 "Global polyether ether ketone market to reach $765 mn by 2020")
Rapid industrialisation in Asian and Latin American countries, and growing demand from sectors such as automotive, packaging, medical, electrical & electronics, etc is driving the global polyether ether ketone (PEEK) market, which is expected to reach $765.7 million by 2020, according to a new study by Grand View Research Inc. The global PEEK demand is expected to reach 7,562.7 tonnes by 2020 - growing at a CAGR of 8.4 percent from 2014 to 2020 – from 4,320 tonnes in 2013.
Shift towards reducing overall weight of automobiles by substituting metals with high performance plastics is expected to drive the global polyether ether ketone market over the forecast period. Stringent regulations particularly in the US and Europe to minimise fuel consumption by improving fuel efficiency have prompted PEEK adoption across the automotive industry. “Superior performance features have also contributed towards its increasing penetration across medical, food, semiconductors, aerospace and industrial sectors. High price of PEEK compared to other plastics is expected to remain a key challenge for market participants,” said Grand View Research in a press release.
Glass filled emerged as the leading PEEK product and accounted for 47.6 percent of total market volume in 2013. The growth in demand for glass filled PEEK, which is widely used across electrical & electronics and industrial applications, is expected to be fuelled by the growing electrical & electronics industry in Asia Pacific in coming years. Carbon filled PEEK is expected to witness the highest growth of 8.8 percent from 2014 to 2020 on account of its increasing application base across clinical and aerospace industries.
“PEEK is majorly used for industrial applications which accounted for 27.6% of total market volume 2013. Stringent environment regulations for packaging are expected to drive PEEK demand for industrial applications. In addition, rapid industrialisation rates in Asian and Latin American countries are also expected to have a positive impact on the market growth over the forecast period,” added the Grand View Research report.
Strong shift in trend towards replacing metals with high performance plastics in the US and Europe will drive the demand for PEEK from automotive segment, which is expected to witness the highest growth of 8.9 percent from 2014 to 2020.
Medical and aerospace application segments are also expected to witness significant growth. Currently, polyether ether ketone is majorly used as an efficient product for spinal surgeries in medical industry. In aerospace industry, PEEK is used as a raw material for new generation passenger aircrafts.
Europe emerged as a leading regional market and accounted for 55.6 percent in 2013. Favourable regulatory scenario coupled with presence of major PEEK manufacturers is likely to drive the regional market in the near future. “Asia Pacific is expected to witness the highest growth of 15 percent from 2014 to 2020. Positive outlook on regional automotive industry is expected to drive the regional market over the forecast period,” said the report.
Shift towards reducing overall weight of automobiles by substituting metals with high performance plastics is expected to drive the global polyether ether ketone market over the forecast period. Stringent regulations particularly in the US and Europe to minimise fuel consumption by improving fuel efficiency have prompted PEEK adoption across the automotive industry. “Superior performance features have also contributed towards its increasing penetration across medical, food, semiconductors, aerospace and industrial sectors. High price of PEEK compared to other plastics is expected to remain a key challenge for market participants,” said Grand View Research in a press release.
Glass filled emerged as the leading PEEK product and accounted for 47.6 percent of total market volume in 2013. The growth in demand for glass filled PEEK, which is widely used across electrical & electronics and industrial applications, is expected to be fuelled by the growing electrical & electronics industry in Asia Pacific in coming years. Carbon filled PEEK is expected to witness the highest growth of 8.8 percent from 2014 to 2020 on account of its increasing application base across clinical and aerospace industries.
“PEEK is majorly used for industrial applications which accounted for 27.6% of total market volume 2013. Stringent environment regulations for packaging are expected to drive PEEK demand for industrial applications. In addition, rapid industrialisation rates in Asian and Latin American countries are also expected to have a positive impact on the market growth over the forecast period,” added the Grand View Research report.
Strong shift in trend towards replacing metals with high performance plastics in the US and Europe will drive the demand for PEEK from automotive segment, which is expected to witness the highest growth of 8.9 percent from 2014 to 2020.
Medical and aerospace application segments are also expected to witness significant growth. Currently, polyether ether ketone is majorly used as an efficient product for spinal surgeries in medical industry. In aerospace industry, PEEK is used as a raw material for new generation passenger aircrafts.
Europe emerged as a leading regional market and accounted for 55.6 percent in 2013. Favourable regulatory scenario coupled with presence of major PEEK manufacturers is likely to drive the regional market in the near future. “Asia Pacific is expected to witness the highest growth of 15 percent from 2014 to 2020. Positive outlook on regional automotive industry is expected to drive the regional market over the forecast period,” said the report.