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.
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.
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.
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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multiple sections of the report, such as the market size and forecast, drivers,
challenges, trends, and more. Request a free sample report
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