Competitive Landscape in Global PEEK Market
The report titled “Global PEEK Market Outlook to 2025- By Type (Glass Filled, Unfilled and Carbon Filled), By Application (Oil & Gas, Electronics & Electrical, Aerospace & Defense, Automotive, Medical and Others) and By Region (Europe, Asia-Pacific, North America, South America and MEA)” provides in-depth analysis of the Global PEEK industry. The report covers various aspects including market overview and genesis, value chain analysis, market size by revenue and by sales volume, overall PEEK market segmentation by type, by application and by region. It also covers country snapshots for 12 countries (Germany, Italy, France, UK, US, Canada, China and Taiwan, Japan, South Korea, India, Brazil and Saudi Arabia) including the market segmentation by application in each country. It also provides comprehensive information on trends and developments, issues and challenges in the PEEK market along with the regulatory framework of the industry, SWOT and Porter’s Five Force Analysis. A detailed competitive landscape including competitive scenario, cross comparison matrix, strength and weakness for major players, market share on the basis of sales volume and production capacity for top five players and company profiles are also included in the report. The report concludes with the future projections for the above mentioned market segments and analyst recommendations that involves key strategies for the existing players to ensure their profitability for the coming years and suggestions for potential entrants highlighting the major opportunities and cautions.
Global PEEK Market Overview and Size
Technological developments and increase in environmental awareness have necessitated the application of PEEK in different industries including oil & gas, electronics & electrical, aerospace, automotive and medical. For a long time, the Global PEEK industry has observed sluggish growth in demand. But in the past couple of years, demand of PEEK is growing at a rapid pace as a result of which the global PEEK production capacity has increased. The industry is booming with expanding sales volume owing to fluctuating oil prices, increase in availability of cheaper PEEK grades and increase in environmental regulation related to CO2 emission.
Global PEEK Market Segmentation
By Type (Glass Filled, Unfilled and Carbon Filled): Glass filled grades of PEEK grabbed the highest share followed by unfilled and carbon filled grades in terms of both revenue and sales volume during the year 2018. Lower cost, better physical properties and increase in application in oil & gas and electronics & electrical industry are the key factors attributing to rapid growth in glass filled segment. With emerging applications of PEEK in medical, aerospace and food processing industry the unfilled segment is expected to grow at the fastest pace by 2025.
By Application (Oil & Gas, Electronics & Electrical, Aerospace & Defense, Automotive, Medical and others): Oil & Gas industry had a highest share followed by electronics & electrical, aerospace & defense, automotive, medical and others in terms of both revenue and sales volume during the year 2018. Fluctuating oil prices, growth in semiconductor industry, increase in air traffic and increase in environmental awareness are few of the factors driving the growth in the top 3 segments. By 2025, automotive segment is expected to grow at fastest pace in terms of sales volume. Increase in demand of electric vehicles and vehicles with automated transmission system will drive the growth in the segment.
By Region (Europe, Asia-Pacific, North America, South America and MEA): Europe is the biggest market for PEEK followed by Asia-Pacific, North America, South America and MEA in terms of sales volume during the year 2018. In terms of revenue the market is lead by Europe followed by North America, Asia-Pacific, South America and MEA during the year 2018. Booming aerospace & defense and automotive industry drive the growth in PEEK market in Europe. The PEEK market in Asia-Pacific is driven by increase in demand from electronics and semiconductor industry in the region. Surge in demand of medical grade PEEK which is the most expensive grade has driven the growth in North America in terms of revenue.
Competitive Landscape in Global PEEK Market
The market has been observed to be at the growth stage, with the competition been highly concentrated owing to the presence of only five major players including Victrex, Solvay, Evonik, Jilin Zhongyan High Performance Plastic and Panjin Zhongrun High Performance Polymer with a collective market share of around 97-98% in terms of sales volume in 2018. The competition between the companies is increasing over the years as the patents of the market leader Victrex have expired and the market is opening up for the other players. It was also observed that the companies are increasing their production capacity which is an indication of increasing competition.
Global PEEK Market Future Outlook and Projection
Global PEEK market is expected to expand significantly in terms of both sales volume and revenue by the year ending 2025. This is owing to multitude of factors namely increase in competition, introduction of electric vehicles, increase in use of automated vehicles, development in 3D printing technology and technological upgradation in different manufacturing processes. Growth in environmental awareness and adoption of regulation regarding CO2 emission will continue to be the major factor driving the growth in the industry.