The global Polyether Ether Ketone (PEEK) market is projected to reach USD 664.3 Million by 2021, at a CAGR of 6.3% from 2016 to 2021. In the global PEEK market, newer applications and product grades are expected to be developed in industries such as aerospace and defense. Key manufacturers are working on newer applications, and sample trials are being undertaken to test PEEK performance across verticals. Apart from this, rapid growth in the use of PEEK in the aerospace and medical industries in North America is expected to lead to the high growth of the PEEK market during the next five years.
Europe accounts for the largest share of the market. The major drivers for the market in this region are the growing demand from the automotive, electrical & electronics, and aerospace industries. The use of PEEK is significant in the automotive industry as Europe has strict environmental regulations that compel vehicle manufacturers to reduce emission levels. PEEK, a lightweight alternative to traditional materials are widely used in the automotive industry to manufacture different automobile components in the region.
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In 2015, Victrex plc (U.K.) accounted for the largest market share in the PEEK market and is expected to maintain its market position in future. Recently, Victrex plc expanded its nameplate capacity of PEEK to 7,150 tons to meet the growing demand in the market. Another key player in the PEEK market, Solvay S.A. (Belgium), accounted for the second largest share of the PEEK market in 2015.
Victrex plc (U.K.) is projected to continue its dominance in the market over the coming years. It is a debt free company, and generated the highest profit margins in the PEEK market in 2015. To establish its strong hold in the North American region and to compete with Solvay S.A. in North America, the company acquired Kleiss Gears, a US polymers gears producer for USD 6 million in 2015. The company has established a major Polymer Innovation Centre in northern England in 2015, and has added new capacities to cater to the increasing demand in the PEEK market. The company also expanded its distribution network for Victrex PEEK globally.
Solvay S.A. (Belgium), another key player operating in the PEEK market, recently expanded its PEEK production capacity to 2,500 tons by establishing a new plant for PEEK production in Georgia (U.S.) in 2016. In addition, the company is investing in high-growth areas and regions such as, North America, Europe, and the Asia-Pacific. The company has adopted new product launches, acquisitions, and expansions strategies to strengthen its market position as a leader in the PEEK market. For instance in 2015, Solvay S.A. acquired EPIC Polymer (Germany), a long-fiber thermoplastics technology provider, to provide innovative products to its customers.
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