The global Polyether Ether Ketone Market is estimated to be valued at US$ 729.34 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Polyether ether ketone (PEEK) is a semi-crystalline thermoplastic polymer belonging to polyaryletherketone family. PEEK exhibits high strength, stiffness, toughness and chemical resistance making it suitable for applications in aircraft interiors, medical implants, electronics etc. Market key trends: Rising demand for lightweight yet strong materials from aerospace industry is a key trend fueling growth of the global PEEK market. PEEK is 15% lighter than aluminum and 40% lighter than steel. It offers fatigue strength of over 95% of aluminum and titanium alloys. Due to its properties, PEEK is increasingly replacing metal components in aircraft brakes, engine components and other high strength applications where reduction of weight is needed. Growing demand for medical implants made from biocompatible PEEK material is another major trend driving the PEEK market growth over the forecast period. Here is the segment analysis and key takeaways for the given Polyether Ether Ketone market: Segment Analysis The global Polyether Ether Ketone market is dominated by the medical & healthcare segment. PEEK offers excellent biocompatibility and strength making it suitable for medical implants and surgical instruments. It can withstand heat and pressure during sterilization processes. PEEK polymers have strength close to that of metals but are lighter in weight. These properties have led to growing adoption of PEEK in various medical applications like spinal implants, dental implants, hip and knee replacements. Key Takeaways The Global Polyether Ether Ketone Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing demand from the medical and healthcare industry. PEEK's biocompatibility and high strength makes it suitable for various medical implants and devices. Regional analysis North America dominates the global PEEK market currently due to high consumption in medical applications. The region is expected to continue its dominance over the forecast period supported by growing healthcare spending and presence of advanced healthcare infrastructure. Asia Pacific is expected to be the fastest growing region due to increasing medical tourism and rising healthcare expenditure in countries like China and India. Key players Key players operating in the Polyether Ether Ketone market are Zyex Ltd., Solvay S.A., Victrex plc, Panjin Zhongrun High Performance Polymers Co. Ltd., Caledonian Industries Ltd., Quadrant EPP Surlon India Ltd., Evonik Industries AG, and Jrlon Inc. Zyex Ltd and Victrex plc are the major players focusing on expanding their production capacities especially for medical grade PEEK polymers. Read more: https://www.ukwebwire.com/polyether-ether-ketone-market-insights-trends/
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