The global Polyether Ether Ketone (PEEK) market is projected to reach USD 664.3 million by 2021, at a CAGR of 6.3% from 2016 to 2021. With its exceptional properties, including stiffness and strength at high temperatures, PEEK proves to be a tough contender to its substitutes or competitors in the high performance polymers family. It has been replacing several other polymers as well as traditional metals in a wide range of applications.
With the revolution in the manufacturing sector for the production of light weight products, the need for high performance polymers with exceptional weight reduction properties, such as PEEK, has increased significantly. This revolution for light weight products is expected to lead to the aerospace and automotive industries emerging as high end users of PEEK over the coming years.
From 2016 to 2021, electrical & electronics is projected to be the fastest growing end user segment in the PEEK market. This segment is expected to continue to lead in the coming years owing to the high demand from the Asia-Pacific region, Europe, and North America. Moreover, the increasing demand for electrical & electronics products from the emerging countries of the Asia-Pacific region is also boosting the growth of the PEEK market.
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The Asia-Pacific region is projected to be the fastest-growing PEEK market from 2016 to 2021. The PEEK market is well established in Europe and North America, while in China, India, and other APAC countries, this market is projected to grow significantly from 2016 to 2021. The growth of the Asia-Pacific region is supplemented by the technological developments of the end user industries, growth of the transportation and electronics sectors, coupled with the growing medical/healthcare industry in emerging economies such as Indonesia, India, and China. The key players active in the PEEK market are focusing on the expansions strategy to strengthen their market penetration in the Asia-Pacific market.
On the basis of end users, the PEEK market has been categorized into electrical & electronics, aerospace, automotive, oil & gas, medical, and others. The others segment includes defense, building & construction, and food & beverage industries. The primary types of PEEK available in the marketplace are glass filled, carbon filled, and unfilled. The glass filled segment is projected to be the fastest-growing type segment from 2016 to 2021, owing to the high demand from the electrical & electronics industry.
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