Polyether Ether Ketone (PEEK) Market- Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025
Polyether Ether Ketone (PEEK) is a colorless semi-crystalline poly-aromatic thermoplastic polymer with high heat and mechanical resistant properties. PEEK can withstand high temperature up to 500° F, thus, can be used with boiling water or superheated steam in sterilization equipment and autoclave. In solid state, PEEK is readily machinable. For instance, filled grades of PEEK can be machined by Computer Numerical Control (CNC) milling machine and can be used to produce high quality plastic parts that are thermally and electrically stable. Owing to its high performance, it is increasingly used in biomedical applications such as orthopedic surgery, spine surgery, and maxillo-facial surgery. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/1005 Owing to high temperature feasibility, cost effectiveness, high performance in corrosive and extreme weather conditions, and lightweight properties, PEEK is increasingly used for application in automotive, electrical and electronic, and medical industries. This is one of the factors driving growth of the Polyether Ether Ketone (PEEK) market. It is used for reducing the overall weight of the product and is a better replacement for metals in automotive and medical applications such as for artificial bone and surgical instruments. Europe is expected to hold dominant position in the global polyether ether ketone (PEEK) market, with 38.8% market share, and exhibiting a CAGR of 8.1% over the forecast period (2017-2025). Rapid advancement in medical and health care application has fueled demand for PEEK in the region, owing to its usage in artificial bones as an alternative to metal and diagnostic devices such as diabetes homecare products, dialysis equipment, and orthopedics appliances. According to the Centre for the Promotion of Imports (CBI) Ministry of Foreign Affairs, the total production of surgical instruments in Europe was valued at US$ 15.25 billion in 2015, with an annual average increase of 12.4% during the period of 2011-2015. Germany accounted for major share of 31%, followed by Belgium and the Netherlands. Asia Pacific is projected to be the fastest growing region in the global polyether ether ketone (PEEK), especially such as China, South Korea, and India, with a CAGR of 12.0% and to be valued at US$ 269.6 million by 2025. This is mainly owing to rising purchasing power, rapid industrialization, and rapid expansion of the automobile