The global polyether ether ketone (PEEK) market is expected to reach USD 1.03 billion by 2024, according to a new report, now available on ASDReports. Increasing high-performance plastics demand as a substitute to metals in automobiles on account of growing need for high efficiency and low weight materials is expected to drive overall industry demand in near future.
The stringent environmental regulatory framework in developed markets of the U.S. and Europe has forced the automobile industry participants to use such an alternative which helps in decreasing fuel consumption by enhancing overall fuel efficiency. Such regional trends are anticipated to positively impact global volumes over the forecast period.
Excellent performance features including superior strength and heat resistance are expected to propel product preference in end-use industries such as food, medical, aerospace, semiconductors and packaging sectors.
Glass filled was the major product segment and accounted for approximately 44.9% of total market volume in 2015. The product finds application in industrial, electric & electronics applications. Carbon filled is anticipated to witness at the highest CAGR from 2016 to 2024.