Polyetheretherketone (PEEK) Market Expand at a CAGR 7.1% During 2016-2024

Posted by pranav suryawanshi on September 27th, 2019

Due to its excellent mechanical properties, polyetheretherketone (PEEK) is found suitable for use across diverse industries. However, on account of being technologically sensitive, the PEEK market restrained to niche applications. While this could limit the scope for its expansion, strategies adopted by producers to bolster production capacities will steer lucrative opportunities for the market. In addition, the rising research funding aimed at novel product development will augment the market’s pace of gains in the coming years.

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On the down side, the high cost of a few grades of PEEK might inhibit its uptake across industries. Additionally, technological challenges of molding PEEK also create hindrances for the overall market. Nevertheless, with the development of new applications the market players will have immense opportunities to capitalize on in the future. Besides this, they are also expected to gain from the increasing demand across emerging regions.  Transparency Market Research (TMR) forecasts the global polyetheretherketone market to exhibit a CAGR 7.1% between 2016 and 2024. At this pace, the overall market is likely to reach US2.6 mn by the end of 2024. The market was valued at US1.5 mn in 2015.

• Asia Pacific to Report Higher CAGR than Dominant Regions 

Europe and North America together constitute the leading regional segment in the global PEEK market. However, during the course of the forecast period, Asia pacific is forecast to showcase a higher CAGR of more than 7%. The rising vehicle production in countries such as Japan and South Korea, coupled with the expansion of the healthcare infrastructure across the emerging nations, will prove Asia Pacific more lucrative than other regions. While the demand from Germany will seal Europe’s dominance in the global PEEK market, stagnancy witnessed in other countries will compel manufacturers to shift focus towards in emerging regions.

The information Presented in this Review is Based on Press-Release by TMR

In Asia Pacific, PEEK manufacturers will find attractive opportunities in ASEAN, China, and India as well. Besides this, favorable growth is also expected in Latin America as the demand from countries such as Brazil and Mexico increase. In the Middle East & Africa, PEEK manufacturers will gain from the demand witnessed in the region’s large oil and gas industries.