Growing demand for lightweight is one of the significant factors influencing PEEK market growth.
The PEEK market is expected to be valued at USD 1,225.7 Million in 2027 from USD 721.4 million in 2019, registering a CAGR of 6.8% through the forecast period, according to a recent report by Emergen Research. There is a high demand in the PEEK (Polyether Ether Ketone) market due to its rising demand from the automotive industry. An increasing emphasis on safety standards and eco-friendliness are key factors driving demand in the automotive industry for PEEK, which continuously focuses on lowering production costs and enhancing performance and reliability in order to provide extended guarantees.
The rising need for automotive weight reduction, fueled by the need for better mileage and lower carbon dioxide emissions, is due to the miniaturisation and functional integration of the automotive components and modules. As a result, OEMs concentrate on advanced and creative materials, such as PEEK that have lightweight and high specific strength to produce cost-effective, performance-enhanced components. In addition, PEEK is helpful in reducing maintenance, resulting in uptime and improved efficiency, with its exceptional ductility and high fatigue strength.
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Key Highlights from Report:
- Solvay introduced KetaSpire® PEEK XT in October 2019, which offers several advantages, such as increased chemical resistance of regular PEEK and enhanced strength and rigidity at higher temperatures.
- PEEK plastic offers 80.0% overall weight savings compared to metals. The lightweight characteristic can increase the overall transmission performance, along with low friction and wear rate and exceptional corrosion resistance.
- Under exceptionally high temperatures of up to 480 degrees Centigrade, Peek Polymers retains its physical structure and physical features. It is approved for use in the food & beverage industry by the FDA. It is also immune to harsh chemicals and emits a far lesser amount of greenhouse gases.
- Due to stringent regulatory policies and technical advances in the aerospace and automotive industries in Europe, the region led with a sizable market share in 2019.
- Key participants include Celanese Corporation, Solvay SA, Darter Plastics Inc., Evonik Industries, Prototype & Plastic Mold Co. Inc., SABIC, Victrex PLC, Panjin Zhongrun High Performance Polymers Co. Ltd., Jrlon Inc., and Quadrant Epp Surlon India Ltd., among others.
Emergen Research has segmented the global PEEK market on the basis of product type, distribution channel, industry vertical, and region:
- Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Glass Filled
- Carbon Filled
- Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- Electrical & Electronics
- Oil & Gas
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/polyether-ether-ketone-market