LONDON--(BUSINESS WIRE)--The global polyether ether ketone (PEEK) market size is expected to grow by USD 236.29 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The increased demand for high-performance polymers is expected to be one of the major factors driving the growth of the market. High-performance polymers possess properties that make them ideal for use at high temperatures. They are usually available in the form of powder or pellets that can be heat-cured to suit the requirement. These high-performance polymers are costlier than engineering and commodity polymers. However, the cost factor is mitigated when the performance is considered. High-performance polymers offer advantages such as increased strength and stiffness, heat resistance, chemical resistance, and corrosion resistance over their metal counterparts.
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As per Technavio, the regulatory norms emphasizing use of lightweight materials for fuel efficiency will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Polyether Ether Ketone (PEEK) Market: Regulatory Norms Emphasizing Use Of Lightweight Materials for Fuel Efficiency
The automotive segment increasingly prefers light and durable materials. Automakers are striving to manufacture light and improved vehicle exterior and interior parts that can improve the fuel efficiency of the vehicle. The area of material science, especially composites, has been complimentary to the evolution of PEEK in the automotive sector. Reducing the weight of an automotive by using polymer composites has helped OEMs to meet the low carbon emission regulations. Automakers in the US are also trying to achieve the set average fleet fuel efficiency target of 50 miles per gallon by 2025, as per the Corporate Average Fuel Economy (CAFE) legislation. These opportunities are compelling polymer manufacturers to develop advanced and innovative products. Therefore, the acceptance of PEEK in the automotive is expected to drive the growth of the market.
“Factors such as the recyclable nature of PEEK, and the increasing focus on rapid industrialization will have a significant impact on the growth of the polyether ether ketone market value during the forecast period,” says a senior analyst at Technavio.
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Polyether Ether Ketone (PEEK) Market: Segmentation Analysis
This market research report segments the polyether ether ketone (PEEK) market by application (Electrical and electronics, automotive, aerospace, oil and gas, and others), type (glass-filled PEEK, carbon-filled PEEK, and unfilled PEEK), and geography (Europe, APAC, North America, South America, and MEA).
The European region led the polyether ether ketone (PEEK) market in 2019, followed by APAC, North America, South America, and MEA respectively. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as the increasing demand for high-performance automotive components in the region, and the booming 3D printing sector .
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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