ALBANY, New York, February 28, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Polyetheretherketone (PEEK) Market for Automotive, Industrial, Aerospace, Electrical & Electronics, Medical and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global polyetheretherketone market was valued at US$ 451.5 Mn in 2015 and is projected to reach US$ 832.6 Mn by 2024 at a CAGR of 7.1% from 2016 to 2024.
PEEK is a semi-crystalline, high-performance thermoplastic polymer belonging to the polyaryletherketone (PAEK) family. PEEK has outstanding mechanical, thermal, tribological and chemical resistance properties. Further, the polymer is bio-compatible and can be molded using conventional plastic processing techniques such as injection molding, extrusion and compression molding. PEEK is generally used in specialty applications in the automotive, industrial, aerospace, electrical & electronics and medical industries. The mega trends of light weighting and metal substitution is likely to fuel the demand for PEEK during the next decade.
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In terms of application, electrical & electronics was the largest segment of the PEEK market, accounting for more than 25% share in terms of revenue in 2015. The growing trend of miniaturization of electronic devices necessitates the use of plastics having very high temperature resistance and mechanical strength. This factor is anticipated to drive PEEK usage in the electrical & electronics industry during the forecast period. The aerospace segment was projected to grow at a speedy CAGR of 8.4% due to rapid growth in the number of aircrafts manufactured across the world. The industrial, automotive and medical application segments were also anticipated to provide lucrative opportunities during the forecast period
The consumption of PEEK was higher in industrialized countries such as U.S, Germany, Japan and South Korea. Europe dominated the PEEK market accounting more than 35% of the total market share in 2015. Asia Pacific is projected to grow at the fastest rate during the next decade with a CAGR of 7.6%. Middle East & Africa & Latin America were also anticipated to grow at fast rates albeit from very low base volumes.
The global polyetheretherketone market is dominated by a single company, Victrex plc that accounted for more than 60% of the market share in 2015. Other PEEK producers are Solvay SA, Evonik Industries, Panjin Zhongrun High Performance Polymers Co. Ltd. and Jilin Zhongyan High Performance Engineering Plastic Co., Ltd.
The report segments the global Polyetheretherketone as follows:
Polyetheretherketone Market: Application Analysis
- Electrical & Electronics
Polyetheretherketone Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- South Africa
Rest of MEA
Browse Other Related Market Research Reports:
- Methyl Ethyl Ketone Market: http://www.transparencymarketresearch.com/methyl-ethyl-ketone.html
- Global Ketone Market: http://www.transparencymarketresearch.com/ketone-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research