The global polyether ether ketone (PEEK) market is expected to reach USD 1.03 billion by 2024, according to a new report by Grand View Research, Inc. Increasing high-performance plastics demand as a substitute to metals in automobiles on account of growing need for high efficiency and low weight materials is expected to drive overall industry demand in near future.
The stringent environmental regulatory framework in developed markets of the U.S. and Europe has forced the automobile industry participants to use such an alternative which helps in decreasing fuel consumption by enhancing overall fuel efficiency. Such regional trends are anticipated to positively impact global volumes over the forecast period.
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Excellent performance features including superior strength and heat resistance are expected to propel product preference in end-use industries such as food, medical, aerospace, semiconductors and packaging sectors.
Glass filled was the major product segment and accounted for approximately 44.9% of total market volume in 2015. The product finds application in industrial, electric & electronics applications. Carbon filled is anticipated to witness at the highest CAGR from 2016 to 2024.
Further key findings from the report suggest:
The global PEEK market demand was 5,048.2 tons in 2015 and is expected to exceed 10,000 tons by 2024, growing at a CAGR of 8.5% from 2016 to 2024
Automotive emerged as the leading consumer of PEEK and accounted for 28.1% of total volume in 2015. It is also expected to witness the highest growth of 9.4% over the forecast period. Increasing need for a highly efficient material which will help in reducing fuel consumption resulting in lower emission levels is expected to drive this segment.
The product is widely used for industrial applications including packaging, textile, and printing. Growing waste disposal concerns coupled with strict environmental regulations related to packaging is anticipated to positively impact PEEK demand in industrial applications.
Europe was the leading regional market and with demand share estimated at 54.2% in 2015.Stringent environmental regulatory framework to curb overall weight of automobiles is expected to drive the regional market.
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