PEEK Market worth $664 million by 2021
The PEEK Market is expected to grow from USD 490 million in 2016 to USD 664 million by 2021, at a compound annual growth rate (CAGR) of 6.3% during the forecast period. Among the key factors driving the market, the growing demand for lightweight and high-performance materials in various industries such as electrical & electronics, aerospace, automotive, oil & gas, and medical is the major one.
Browse 114 market data Tables and 40 Figures spread through 156 Pages and in-depth TOC on "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"
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The glass-filled segment accounted for the largest share in the PEEK market in 2015.
The PEEK market, based on type, has been segmented into three categories, namely, glass filled, carbon filled, and unfilled. Among these three, glass filled is the most widely used type of PEEK in the electrical & electronics and transportation (aerospace and automotive) industries.
Electrical & electronics is the fastest-growing end-user segment of the PEEK market.
Based on end-user, the PEEK market has been segmented into electrical & electronics, aerospace, automotive, oil & gas, medical, and others. Electrical & electronics was the largest segment of the PEEK market, by end-user, in 2015. It is also projected to be the fastest-growing segment during the forecast period. PEEK has several applications in the electrical & electronics industry, which include electrical connectors, cable sheaths, computer machinery, and transformers.
Europe is the largest PEEK market and is expected to register decent growth during the forecast period.
Europe accounts for the largest share of the market. The major drivers for the market in this region are the growing demand from the automotive, electrical & electronics, and aerospace industries. The use of PEEK is significant in the automotive industry as Europe has strict environmental regulations that compel vehicle manufacturers to reduce emission levels. PEEK, a lightweight alternative to traditional materials are widely used in the automotive industry to manufacture different automobile components in the region.
The major players in the PEEK market are Victrex plc (UK), Solvay S.A. (Belgium), Evonik Industries AG (Germany), and Panjin Zhongrun High Performance Polymers Co. Ltd., (China).
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