Polyether Ether Ketone Market – Snapshot
Polyether ether ketone (PEEK) refers to a high performing engineering thermoplastic that is marked with an unusual blend of properties. The characteristics of the product range from outstanding chemical resistance to high mechanical strength to high temperature performance. The global polyether ether ketone market is likely to thrive on the widening scope of application of the product across many industries. The opaque, rigid material makes an offering of resistance to creep, fatigue, and wear. The product also offers very high temperature resistance, around 260°C temperature can be resisted by polyether ether ketone.
Increasing concerns about the environment such as high emission of carbon has resulted in generating demand for minimal fuel. This issues has compelled manufacturers of automobiles to emphasize on bringing in fuel efficiency through of overall weight of automobiles. Replacement of metals in vehicles with environment friendly and efficient alternatives is one such effective weight to diminish the weight of vehicles. In such cases, polyether ether ketone can come up as a popular substitute of metals in the automobiles sector. This factor is estimated to support growth of the global polyether ether ketone market in the years to come.
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Environment Friendly Attributes to Pave Way for Rapid Growth of the Market
The scope of application for polyether ether ketone is widened by it excellent properties. Iyt is further increasing the product lines in various areas like clinical, food, industrial, semiconductors, and transportation. It is expected that the product will make an entry diverse areas and look for opportunities in the unexplored market of the world. Polyether ether ketone emits low harmful emissions, which make it an eco-friendly product.
Some of the probable applications of the material lie in the following areas
- total replacement of disc
- osterior dynamic stabilization
- posterior rods
- interspinous process decompression systems
The above-mentioned options are likely to be explored soon by the product. This factor is estimated to encourage growth of the global polyether ether ketone market over the period of analysis.
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Polyetheretherketone (PEEK) Market: Snapshot
Due to its excellent mechanical properties, polyetheretherketone (PEEK) is found suitable for use across diverse industries. However, on account of being technologically sensitive, the PEEK market restrained to niche applications. While this could limit the scope for its expansion, strategies adopted by producers to bolster production capacities will steer lucrative opportunities for the market. In addition, the rising research funding aimed at novel product development will augment the market’s pace of gains in the coming years.
On the down side, the high cost of a few grades of PEEK might inhibit its uptake across industries. Additionally, technological challenges of molding PEEK also create hindrances for the overall market. Nevertheless, with the development of new applications the market players will have immense opportunities to capitalize on in the future. Besides this, they are also expected to gain from the increasing demand across emerging regions.
Transparency Market Research (TMR) forecasts the global polyetheretherketone market to exhibit a CAGR 7.1% between 2016 and 2024. At this pace, the overall market is likely to reach US$832.6 mn by the end of 2024. The market was valued at US$451.5 mn in 2015.
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Asia Pacific to Report Higher CAGR than Dominant Regions
Europe and North America together constitute the leading regional segment in the global PEEK market. However, during the course of the forecast period, Asia pacific is forecast to showcase a higher CAGR of more than 7%. The rising vehicle production in countries such as Japan and South Korea, coupled with the expansion of the healthcare infrastructure across the emerging nations, will prove Asia Pacific more lucrative than other regions. While the demand from Germany will seal Europe’s dominance in the global PEEK market, stagnancy witnessed in other countries will compel manufacturers to shift focus towards in emerging regions.
In Asia Pacific, PEEK manufacturers will find attractive opportunities in ASEAN, China, and India as well. Besides this, favorable growth is also expected in Latin America as the demand from countries such as Brazil and Mexico increase. In the Middle East & Africa, PEEK manufacturers will gain from the demand witnessed in the region’s large oil and gas industries.
Electrical & Electronics Sector to Exhibit Lucrative Opportunities through Forecast Period
Based on application, medical, electrical & electronics, automotive, industrial, and aerospace are the key segments in the global polyetheretherketone market. Of these, the electrical & electronics segment emerged dominant in 2015 with a share of 25% in terms of revenue. Even when subjected to high temperatures, PEEK can retain its mechanical properties, which makes it an ideal choice for manufacturing the latest models in mobile phones and other electronic devices.
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