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Polyether Ether Ketone (PEEK) market estimated to be worth US$831 mln by 2018

Polyether Ether Ketone (PEEK) market estimated to be worth US$831 mln by 2018

Polyether ether ketone (PEEK) is a semi-crystalline high temperature thermoplastic that offers a unique combination of exceptional performance characteristics. PEEK has excellent long term chemical resistance and also offers thermal and mechanical properties, and is used to make some specialized components, which are used in their various applications. PEEK has excellent strength, rigidity and toughness at elevated temperatures, chemical resistance to most common solvents, low moisture absorption, superior electric properties, FDA compliance, and relatively low smoke and gas emissions. Based on its unique properties, PEEK has been largely classified into three types, including unfilled PEEK, carbon filled PEEK, and glass filled PEEK. 

The global Polyether Ether Ketone (PEEK) Market is estimated to be worth US$831 mln by 2018, as per ResearchandMarkets. The market volume is expected to grow at a CAGR of 8.2% from 2013 to 2018. The high demand of industrial, electronics & electrical, automotive from across the globe will boost the demand of PEEK. PEEK implants are increasingly being preferred in the medical industry due to its light weight and increased compatibility with the human body. The demand of PEEK in medical will continue to grow from the developing and emerging markets. However, developed markets’ demand for PEEK will register higher growth as compared with the developing markets in the coming five years. The global PEEK market is currently dominated by Europe and North America. The demand from the industrial, automotive, and aerospace segments fuelled the growth in these regions. In the coming few years, demand from the emerging countries is likely to increase on the back of rising awareness about the benefits of PEEK in various applications. Europe is the largest region, both in terms of volume and value. U.S., China, Japan, Germany, France, Italy, and U.K. are likely to remain major markets for PEEK. The major players of PEEK include Victrex Plc. (U.K.), Solvay Speciality Polymers (U.S.), Panjin Zhongrun High Performance Polymers (China), and Jida Evonik High Performance Polymers (China).

As per Transparency Market Research Reports, Polyether ether ketone, a thermoplastic polymer possessing high strength and chemical resistance compared to other traditional substitutes such as polyethylene. PEEK belongs to the family of polyaryletherketone and is obtained by polymerization of bisphinolate salts. PEEK is often mixed with carbon, glass or is supplied as unfilled PEEK as per the end user applications. Several physical characteristics such as light weight, low moisture absorption, superior mechanical & electrical properties and ability to retain its properties at high temperatures have been driving demand for PEEK. Major end user applications of PEEK include automotive, aerospace and insulation among others. PEEK is semi crystalline and a bio compatible material hence the material has been gaining acceptance as implants in the medical field. MRI compatibility, sterilization resistance and lack of toxicity are among other major characteristics that make PEEK suitable for various medical implants applications such as spine devices. Research and development activities to increase the medical application scope of PEEK are expected to offer huge growth opportunity during the forecast period. Automotive is among the major application segment - With depleting renewable fuel resources and increasing fuel prices, fuel efficiency has become a major driver for the demand for automobiles. Weight of the vehicle is among the major factors influencing fuel efficiency and PEEK is a light weight and high strength material thus increasing demand for light weight vehicle has been a major factor fuelling growth for PEEK market. Comparatively low environmental hazards during production have made PEEK compliant with several environmental regulations. Hence increasing demand for eco friendly and efficient material also have been major factors driving PEEK market growth. Europe followed by North America dominates the global demand for PEEK and the trend is expected to continue in the near future. Stringent environmental regulations regions have been the foremost driver PEEK market in these regions. The U.S, U.K, France, Germany are among major regions driving demand for PEEK in Europe and North America. Asia Pacific comprises of two of the largest countries in terms of population namely India and China. These regions are also among the major emerging economies in terms of GDP growth rate and increasing disposable income has led to growth in several end user industries such as automobiles. Owing to increasing awareness about PEEK coupled with growth in end user industries, Asia Pacific is expected to be the fastest growing region for PEEK demand in the near future. Emerging economies of Africa and South America are expected to offer huge growth opportunities for PEEK market. Increasing awareness in new geographic segment coupled with research and development activities to increase application scope of PEEK are expected to offer huge growth opportunity for the market.

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