PEEK Market by Type (Glass Filled, Carbon Filled, Unfilled), End User (Electrical & Electronics, Aerospace, Automotive, Oil & Gas, Medical), Region (Europe, North America, Asia-Pacific, Middle East, South America, Africa) - Global Forecast to 2021
Northbrook, IL -- (SBWIRE) -- 08/10/2018 -- The global PEEK market is driven by the strong growth in the demand for light weight high performance materials across various end-use sectors, especially electrical & electronics, aerospace, automotive, oil & gas, and medical. Advancements in terms of product innovations and technologies in the market are also expected to create strong investment opportunities for global players.
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Electrical & electronics is the largest end user segment of the global PEEK market
Based on end users, the PEEK market has been segmented into electrical & electronics, aerospace, automotive, oil & gas, medical, and others. The electrical & electronics segment accounted for the largest share of the PEEK market in 2015; and is projected to be the fastest-growing segment from 2016 to 2021. PEEK has various applications in the electrical & electronics industry, including electrical connectors, cable sheaths, computer machinery, transformers, and so on.
Glass filled was the largest type segment of the PEEK market
Based on type, the PEEK market has been segmented into glass filled, carbon filled, and unfilled. Glass filled is the most common PEEK type and is projected to grow at the highest CAGR during the forecast period. It is widely used in the electrical & electronics, and transportation (aerospace and automotive) industries.
The Asia-Pacific is the fastest growing market for PEEK from 2016 to 2021
The Asia-Pacific region is emerging as the leading consumer of PEEK due to the increasing demand from domestic markets. Increasing applications of PEEK in the electrical & electronics, aerospace, and automotive applications are expected to bring new opportunities to the market. In addition, countries such as China and South Korea are known as the major hubs for the production of electronic components. Moreover, the high economic growth rate, growing manufacturing industries, cheap labor, the growing electronics market, and the global shift of consumption and production capacities from the developed markets to emerging markets are a few factors leading to the growth in demand for PEEK in the Asia-Pacific region.
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The key players operational in the PEEK market include Victrex plc (U.K.), Solvay S.A. (Belgium), Evonik Industries AG (Germany), and Panjin Zhongrun High Performance Polymers Co. Ltd., (China), among others.
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