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Global PEEK market demand was 4,320 tons in 2013 and is expected to reach 7,562.7 tons by 2020, growing at a CAGR of 8.4% from 2014 to 2020.
PEEK is majorly used for industrial applications which accounted for 27.6% of total market volume 2013. Stringent environment regulations for packaging are expected to drive PEEK demand for industrial applications. In additon, rapid industrialization rates in Asian and Latin American countries are also expected to have a positive impact on the market growth over the forecast period. Automotive is expected to witness the highest growth of 8.9% from 2014 to 2020. Strong shift in trend towards replacing metals with high performance plastics in the U.S. and Europe is expected to drive the segment growth over the forecast period.
Medical and aerospace application segments are also expected to witness significant growth. Currently, PEEK is majorly used as an efficient product for spinal surgeries in medical industry. In aerospace industry, PEEK is used as a raw material for new generation passenger aircrafts.
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