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Peek Market Size, Share, Industry Trends and Forecast to 2030

Peek Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.

  • Published date -30th Jan 2024

  • Formats -PDF, CSV

  • Region -Global

Peek Market Size & CAGR in 2021

The global Peek market is expected to witness a Compound Annual Growth Rate (CAGR) of 4.5% in 2021. As a result, the market is projected to reach a value of USD 2.5 billion by the end of the year.

COVID-19 Impact on the Peek Market

The global pandemic caused by COVID-19 has had a significant impact on the Peek market. Due to lockdowns and restrictions, the demand for Peek products saw a temporary decline in 2020. However, as industries started to reopen and supply chains stabilized, the Peek market began to recover, with an increased demand for Peek materials and components in various sectors.

Peek Dynamics

Peek, or Polyetheretherketone, is a high-performance polymer known for its excellent thermal stability, chemical resistance, and mechanical properties. It is extensively used in industries such as aerospace, automotive, electronics, and healthcare. The peek market dynamics are driven by the growing demand for lightweight materials with high strength and durability characteristics.

Segments and Related Analysis

The Peek market can be segmented based on product type, application, and end-user industry. Product types include Peek resins, Peek compounds, and Peek coatings. Applications range from medical implants, automotive components, electrical connectors, and industrial machinery. End-user industries comprise healthcare, automotive, electronics, aerospace, and oil & gas.

By Region Analysis

The Peek market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America typically leads the market due to the presence of major manufacturers and end-user industries. However, the Asia Pacific region is expected to witness the highest growth rate in the forecast period due to increasing industrialization and infrastructure development.

Key Market Players and Competitive Landscape

Some key players in the Peek market include Victrex PLC, Solvay S.A., Evonik Industries AG, Celanese Corporation, and Ensinger. These companies are actively involved in product development, strategic partnerships, and acquisitions to gain a competitive edge in the market. The Peek market is highly competitive, with a focus on technological advancements and innovation.

Recent Happenings in the Peek Market

In recent news, Victrex PLC announced the launch of a new Peek resin with enhanced thermal and mechanical properties, catering to the aerospace industry's stringent requirements. Solvay S.A. introduced a Peek compound with improved chemical resistance for use in automotive applications. Evonik Industries AG unveiled a Peek-based coating solution for corrosion protection in industrial machinery.

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