Polyether Ether Ketone Market Expected to Witness a Sustainable Growth by 2024
The global polyetheretherketone (PEEK) market has a consolidative vendor landscape, the analysts of Transparency Market Research (TMR) estimates based on a detailed investigation. The key players in the polyetheretherketone (PEEK) market, including Solvay S.A., Evonik Industries, and Panjin Zhongrun High Performance Engineering Plastic Co., Ltd are operating in the global polyetheretherketone (PEEK) market. In 2015, Victrex plc accounted for the dominant share of 66.3% in the global polyetheretherketone (PEEK) market. This defined the highly consolidated vendor landscape of the market.
According to TMR, the global polyetheretherketone (PEEK) market is estimated to expand at a CAGR of 7.1% over the forecast period from 2016 to 2024. With this robust CAGR, the market is expected to attain a value of US$832.6 mn by the end of 2024 from a value of US$451.5 mn in 2015.
Over the most recent couple of years, the use of PEEK has expanded at a gigantic pace essentially due its remarkable mechanical properties. PEEK has a much lower thickness than metals. Configuration engineers are in this way progressively utilizing PEEK as a mainstream substitute for metals in assorted applications. For example, constrained by stringent discharge control standards carmakers are constrained to move towards utilizing lightweight materials. Prodded by this, the worldwide polyetheretherketone market is figure to display solid development over the span of the gauge time frame.
Furthermore, with the pattern of scaling down electrical things picking up pace, the market is probably going to observe worthwhile development openings. PEEK keeps up its electrical exhibitions even at high frequencies and has high quality at raised temperatures. These mechanical properties make it perfect for use in the scaling down of electrical parts. Other than this, PEEK makers are planning to pick up essentially from the rising utilization of PEEK in the restorative business. PEEK inserts are bone accommodating and offer more noteworthy biocompatibility, which make them more helpful than metal inserts.
Staggering expense of PEEK Grades Considered Major Restraint to Growth
On the drawback, an extensive number of organizations shun utilizing a couple of evaluations of PEEK, which are estimated higher than other superior plastics. PEEK is regularly costly because of the mind-boggling expense of monomer and progressed innovative prerequisites. This factor is limiting the market’s direction to a degree. What’s more, innovative difficulties in trim PEEK present danger to the market. Stringent administrative hindrances on the utilization of PEEK crosswise over different application will likewise make bottlenecks for the worldwide PEEK market, accordingly antagonistically influencing its prospects for development.