LOS ANGELES, Feb. 20, 2019 (GLOBE NEWSWIRE) -- World-wide Polyether Ether Ketone (PEEK) market size is anticipated to worth around USD 1.9 billion by 2026. The market is foreseeable to market a CAGR of 7.4% during the forthcoming years. Growing demand for an extremely effective material to decrease fuel consumption and to lower emission levels is expected to drive this segment.
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Expanding need for superior plastics as a substitute to metals in cars by virtue of developing requirement for high productivity and low weight materials is relied upon to drive the PEEK market.
Stringent environmental regulatory system in created markets of U.S. furthermore, Europe has constrained the automobiles market vendors to utilize choices which help reducing the fuel utilization by improving overall fuel efficiency. Such regional patterns are foreseen to decidedly affect worldwide volumes over the coming years. However, the mind-boggling expense is foreseen to contrarily affect worldwide market over the forecast period.
Outstanding performance features of PEEK including unrivalled quality and warmth opposition are relied upon to move product inclination in end-use ventures, for example, medical, food, aerospace, packaging, and semiconductors.
Carbon filled was the significant product segment and represented around 46.3% of total market share as far as income in 2018. The product discovers application in electric, industrial, and gadgets applications. Carbon filled polyether ether ketone is foreseen to witness the most elevated CAGR from 2019 to 2026.
General building and automotive and industrial application regional drove the market in 2018. Creating packaging concerns joined with stringent condition controls is depended upon to drive product require from present day application section over the coming years.
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On other hand, automobile manufacturers are concentrating on expanding eco-friendliness by diminishing automobile weight. For doing this, PEEK has developed as the best and condition well-disposed arrangement by supplanting metals. Aerospace developed as a critical application region and is relied upon to drive generally need by virtue of its expanding need in new generation passenger aircraft. These passenger aircraft primarily use carbon filled PEEK. Developing need for clinical application is additionally expected to rise as the main market driver. Polyether ether ketone has been rising as an effective product for implantable gadgets for the most part for spinal surgery and is supplanting titanium which was basically utilized for such purposes. Carbon filled PEEK is favoured more for such medical uses.
The global Polyether Ether Ketone (PEEK) market is segmented into product, application and region. On the basis product, the global Polyether Ether Ketone (PEEK) market is segmented into unfilled, carbon filled, and glass filled. On the basis application, the global Polyether Ether Ketone (PEEK) market is segmented into medical, automotive, aerospace, industrial & general engineering, and electricals & electronics. On the basis of region the global Polyether Ether Ketone (PEEK) market is bifurcated into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific.
Europe was the foremost regional market in 2018, due to strict environmental regulatory outline to limit overall automobiles weight. Asia Pacific is anticipated to observer the utmost CAGR by virtue of industrialization in India and China paired with rising environmental concerns counting harmful VOC emission levels.
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Europe was trailed by North America and Asia Pacific. Rising economies of India, China, and South Korea are likewise expected to fundamentally add to the regional growth by virtue of emerging industrial and customer packaging businesses. Europe drove the worldwide market by virtue of the stringent regulatory framework. These strict rules for the most part relating to condition and fuel consumption expanded the need in transportation division which thus brought about regional strength.
Also, developing GDPs combined with government activities to advance FDI in rising economies is foreseen to additionally help the territorial need in not so distant future. Middle East and Africa is likewise expected to develop at noteworthy rate by virtue of its rising application in industrial and automotive purposes.
The significant companies operating in the global Polyether Ether Ketone (PEEK)market are Stern Industries Inc.; Tri-Mack Plastics Manufacturing Corp.; JidaEvonik High-Performance Polymers (Changchun) Co. Ltd; Caledonian Ferguson Timpson Ltd; A. Schulman AG; Prototype & Plastic Mold Co. Inc.; J.K. Overseas; Victrex Plc; and Darter Plastics Inc.
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