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(Medical-NewsWire.com, April 02, 2018 ) Global PEEK Market (North America, South America, Asia Pacific, Middle East and Africa, Europe, Rest of World).
PEEK has various properties such as high tensile strength, flexural strength, creep resistant, and high electrical and heat resistant properties. It is widely used in the electrical and electronics industry for making parts such as special heat resistant bearing, gears, insulation patches, and high temperature connectors. PEEK has high application in the automotive industry.
Some of the most prominent enterprises operating in the global polyetheretherketone market are Victrex plc, Solvay SA, Evonik Industries, Panjin Zhongrun High Performance Polymers Co. Ltd. and Jilin Zhongyan High Performance Engineering Plastic Co., Ltd.
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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.
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.
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The market is also likely to gain from the rising demand for lightweight materials for manufacturing in automotive and aerospace segments. The use of lightweight materials is considered highly crucial in automobile manufacturing as they offer fuel efficiency thus improving the overall vehicle performance. PEEK also has good fatigue strength; it is biocompatible, and chemical resistant.
These properties are deemed essential for medical implants, which explain the increasing application of PEEK in the medical sector. Besides this, PEEK pipes are used in chemical processing and oil & gas industries. Spurred by diverse applications of PEEK across industries, its demand is forecast to gain pace in the coming years.
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