Albany, NY -- (SBWIRE) -- 09/06/2018 -- In 2015, Victrex plc held the dominant share of 66.3% in the global polyetheretherketone (PEEK) market. This defined the highly consolidated vendor landscape of the market. Solvay S.A., which emerged as the second lead in the same here was far behind occupying a little over 14% of the overall market. Among other companies making their presence felt in the overall polyetheretherketone market, Evonik Industries and Panjin Zhongrun High Performance Engineering Plastic Co., Ltd have a stronger foothold, finds Transparency Market Research (TMR) in a new report.
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"On account of being technologically sensitive, the PEEK market caters to niche applications," observed the TMR report's author. This is one of the key reasons why the prime focus of producers is on constantly upgrading their product portfolios. Besides this, increasing production capacities and the development of novel products are a few strategies sought by the market players.
According to TMR, the global polyetheretherketone market, which was valued at US$451.5 mn in 2015, is expected to reach US$832.6 mn by the end of 2024. If the figures hold true, the global PEEK market will exhibit a CAGR of 7.1% between 2016 and 2024. Regionally, North America and Europe led the overall market in 2015 with a cumulative share of 60.5%. By application, the electrical and electronics segment held the dominant share of 27.6% in the market in 2015. The trend of miniaturizing electronic devices necessitates the use of plastic at a very high temperature. This is likely to drive PEEK usage in the sector.
Excellent Mechanical Properties of PEEK to Fuel its Demand
"In the last few years, the usage of PEEK has increased at a tremendous pace primarily due its exceptional mechanical properties," said a lead TMR analyst. PEEK has a much lower density than metals. Design engineers are thus increasingly using PEEK as a popular substitute for metals in diverse applications. For instance, compelled by stringent emission control norms automobile manufacturers are compelled to shift towards using lightweight materials. Spurred by this, the global polyetheretherketone market is forecast to exhibit strong growth during the course of the forecast period.
In addition, with the trend of miniaturizing electrical items gaining pace, the market is likely to witness lucrative growth opportunities. PEEK maintains its electrical performances even at high frequencies and possesses high strength at elevated temperatures. These mechanical properties make it ideal for use in the miniaturization of electrical components. Besides this, PEEK manufacturers are hoping to gain significantly from the rising use of PEEK in the medical industry. PEEK implants are bone-friendly and offer greater biocompatibility, which make them more convenient than metal implants.
High Cost of PEEK Grades Considered Major Restraint to Growth
On the downside, a large number of companies refrain from using a few grades of PEEK, which are priced higher than other high performance plastics. PEEK is often expensive due to the high cost of monomer and advanced technological requirements. This factor is restraining the market's trajectory to an extent. In addition, technological challenges in molding PEEK pose threat to the market. Stringent regulatory barriers on the use of PEEK across various application will also create bottlenecks for the global PEEK market, thereby adversely affecting its prospects for growth.
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Nevertheless, with development of new applications and rising opportunities in the emerging nations, PEEK manufacturers can expect to witness strong growth in the forthcoming years.