Victrex is a world leader in high-performance thermoplastic polymers and composites. Its PEEK and PAEK-based polymer solutions are used in a broad range of markets including automotive, aerospace, medical devices and semiconductors.
You initially declined the offer to join Victrex in 2017. What made you change your mind?
At the time, I had just taken on a role as CEO of Iceland’s largest insurance company, a listed entity. I had gone through extensive regulatory approvals, so when I was headhunted, I initially refused. However the recruiter was persistent, and after signing an NDA, I learned the company was Victrex.
Once I saw the technology and ambition behind the company’s strategy, I realized it was something I wanted to be part of. The innovation pipeline was rare, and the potential impact excited me. I eventually accepted the offer, and despite the challenges of leaving my previous role so soon, it was the right decision. To this day, I remain in awe of what our technology enables—whether in lightweighting initiatives, clinical benefits, or disruptive innovation.
For those who may not be familiar, can you explain exactly what Victrex polymers do and their respective applications?
Victrex is built around PEEK, a thermoplastic polymer that was first developed within ICI in the late 1970s. It is highly temperature-resistant, wear-resistant, lightweight, dimensionally stable, biocompatible, and an excellent insulator. Because of its broad functionality, PEEK is chosen when multiple performance demands must be met.
It is used across industries. In aerospace, PEEK is found in cabling, fasteners, and thermal acoustic blankets, with future growth focused on large structural parts made from PEEK composites. In automotive, it's used in ABS braking systems, valves, and bearings, and is now being adopted in high-voltage electric motors and battery insulation. Energy applications include flexible pipes for subsea use, where corrosion resistance and lightweight properties are critical. PEEK is also widely used in semiconductors, consumer electronics, and medical devices, including cutting-edge orthopedic implants.
How has demand evolved over the past five years, and which regions are driving the most growth potential?
The last five years have been incredibly volatile for the chemical industry. Demand collapsed when COVID hit, then rebounded sharply, leading to supply chain shortages. This prompted a shift from "just-in-time" to "just-in-case" inventory strategies. Then, following the invasion of Ukraine, demand fell again, leading to another downturn.
Industrial demand has been recovering since early 2024, though not in a traditional V- or U-shaped rebound. Instead, it's a slower, more gradual recovery. Aerospace is picking up, with Airbus surpassing pre-COVID production levels, while automotive is shifting from combustion engines to electric motors. Electronics and semiconductors, after a rough 2023, are also improving. In terms of geography, Asia—especially China—has been a key growth area, particularly in automotive and electronics. The U.S. remains resilient, while Europe struggles with high energy costs.
Supply chains are one of the most commonly cited challenges in 2025. You’ve previously commented that if a supply chain doesn’t exist, Victrex will build it. Can you elaborate?
Most chemical companies focus on making raw materials, but we go further. Because PEEK was designed to replace metals, its applications often require developing new processing techniques. To accelerate adoption, we have built in-house capabilities to manufacture films, gears, and even orthopedic implants.
For example, nobody was designing PEEK gears, so we did it ourselves, proving to OEMs that they worked. In medical applications, we developed the capability to injection-mold knee implants, overcoming technical barriers that had deterred adoption. Similarly, we created composite materials for aerospace and subsea applications. By stepping into these gaps, we have been able to drive new market opportunities for PEEK.
There is a large global movement and push towards zero plastics. You’ve called Victrex’s products the ‘good’ kind of plastic. Is there such a thing?
Plastics cover a vast range of materials, and their impact depends on how they are used. PEEK enables significant energy savings by replacing heavier metals. In aerospace alone, our material reduces weight enough to save three times our Scope 1 and 2 emissions annually.
Recyclability is also key. PEEK is highly recyclable, with minimal waste generated during production. Airbus, for instance, is incorporating it into its Clean Sky 2 project, aiming for lighter, more efficient, and recyclable aircraft structures. While recycling small amounts from end-of-life automotive applications remains a challenge, larger applications—such as aircraft, subsea pipes, and electric motors—make PEEK a strong candidate for circular economy models.
Looking ahead to the next 5-10 years, what’s the next frontier for high-performance plastics?
Disruptive innovation is hard to predict. Even when technology proves viable and cost-effective, adoption remains a challenge. Clayton Christensen’s Innovator’s Dilemma explains why new materials often face resistance despite their advantages.
That said, there are clear growth areas. High-voltage electric motors and batteries require better insulation, creating a major opportunity for PEEK. Aerospace is moving toward thermoplastics, increasing PEEK usage per aircraft. Semiconductor manufacturing is demanding more durable materials, while consumer electronics are incorporating PEEK in antennas and battery insulation. In medical applications, PEEK-based knee implants could revolutionize orthopedics, offering better longevity and biocompatibility than metal implants. As industries advance, the need for high-performance materials will only grow.
The chemical industry has at times received a bad reputation. How do you view the industry's role in the future?
The modern world would not exist without chemistry, and it will not exist without a strong understanding and deployment of it. That deployment must happen on an industrial scale. While the industry has made mistakes in the past, dismissing its role is short-sighted. Chemistry is integral to a better future in multiple ways—what matters is how we deploy it and approach innovation responsibly.
It has often been called the “mother of all industries,” and in many ways, it is. As an old chemist, I find it fascinating what can be achieved through chemistry. The real challenge is ensuring we operate responsibly at scale for the benefit of the world.
