DUBLIN--(BUSINESS WIRE)--The "Global Polyether Ether Ketone (PEEK) Market Outlook 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global polyether ether ketone (PEEK) market is expected to record a CAGR of over 6.8% during the forecast period of 2019-2024.
The major factors driving the market studied are increasing usage of lightweight materials and increasing usage in electrical & electronics.
- Availability of cheaper alternatives is expected to hinder the growth of the market studied.
- The rising number of applications in the healthcare industry is likely to act as an opportunity for the market studied over the forecast period.
- Europe is the largest market for the polyether ether ketone (PEEK) market and North America is the fastest growing market.
Key Market Trends
Healthcare Industry to Dominate the Market
- The global PEEK market in the healthcare industry is expected to grow at a good rate, because of its increasing medical applications, due to its columnar stiffness, biocompatibility, and torsion strength in very thin walls.
- The healthcare sector is the fastest-growing sector in the global PEEK market. as it is quite established in developed countries, like the United States, etc. and also, with growing penetration in emerging economies, like India and ASEAN countries, due to the ongoing urbanization.
- Medical grade PEEK is used in orthopedics, sterilization cases & trays, medical & dental devices, hemodialysis membranes, etc. Orthopedics occupy the largest share, in terms of consumption.
- Many medical device manufacturers now use implantable PEEK, as a way to improve the biocompatibility of load-bearing implants. It makes implants much more bone-friendly and more compatible with diagnostic imaging than metal implants.
- Currently, PEEK is increasingly becoming the new standard biomaterial, across a wide range of implant applications.
- There is a growing interest in the potential benefits of enhancing the Osseo-conductivity of PEEK with coatings, to provide direct bone on-growth by integrating calcium phosphate and hydroxyapatite within PEEK polymeric base.
- With the increasing applications of PEEK in the healthcare industry is further projected to drive the market during the forecast period.
North America to Dominate the Global Market
- North America dominated the global market with United States accounting for the largest consumption.
- The US PEEK market is expected to grow at a good rate, because of growing end-user industries, like automotive, aerospace, electrical & electronics, etc., which is expected to drive the PEEK market.
- Automotive is one of the major industries in the United States. In 2017, the total motor vehicle production of the United States was 11,189,985 units. In 2018, the number increased by 1.1% to 11,314,705 units being the second highest producer globally. The country showed strong demand for automotive with lightweight car production reaching 12 million units, and further, it is expected to increase during the forecast period. This is expected to add to the demand for PEEK in the country.
- Furthermore, the electrical & electronics market in the United States is driven by continuous R&D and investment for innovative products. Also, in the United States, consumer electronics has a huge market, and it is expected to register a good growth rate, because of increasing demand for tablets, smartphone, smart drones, and headsets, which is expected to drive the PEEK market.
- Furthermore, the matured aerospace industry boomed, due to growing profits and sales, in recent years. The US defense sector has increased defense spending for equipment, such as planes, etc., which is projected to drive the market for PEEK products, in the country, thus increasing the market in the North America region.
The global polyether ether ketone (PEEK) market is consolidated in nature. The major companies include Victrex plc, Solvay, Jilin Province Zhongyan Polymer Materials Co., Ltd., and Evonik Industries AG.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Usage of Lightweight Materials
4.1.2 Increasing Usage in Electrical & Electronics
4.2.1 Availability of Cheaper Alternatives
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Glass Filled
5.1.2 Carbon Filled
5.2 End-user Industry
5.2.2 Electrical & Electronics
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle East & Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 A. Schulman, Inc.
6.4.2 Aetna Plastics Corp.
6.4.3 Caledonian Ferguson & Timpson Ltd.
6.4.4 CBC Co. Ltd
6.4.5 Celanese Corporation
6.4.6 Evonik Industries AG
6.4.7 J.K. Overseas
6.4.8 Jilin Province Zhongyan Polymer Materials Co. Ltd.
6.4.9 Parkway Products, LLC
6.4.11 Quadrant AG
6.4.12 RTP Company
6.4.15 Victrex plc
6.4.16 ZYEX Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Number of Applications in the Healthcare Industry
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/b2x652