Polyether Ether Ketone
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 (2018-2025)
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 (2018-2025)
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<strong>Polyether</strong> <strong>Ether</strong> <strong>Ketone</strong> (PEEK) Market- Insights, Size, Share,<br />
Opportunity Analysis, and Industry Forecast till 2025<br />
<strong>Polyether</strong> <strong>Ether</strong> <strong>Ketone</strong> (PEEK) is a colorless semi-crystalline poly-aromatic<br />
thermoplastic polymer with high heat and mechanical resistant properties. PEEK can<br />
withstand high temperature up to 500° F, thus, can be used with boiling water or<br />
superheated steam in sterilization equipment and autoclave. In solid state, PEEK is<br />
readily machinable. For instance, filled grades of PEEK can be machined by<br />
Computer Numerical Control (CNC) milling machine and can be used to produce<br />
high quality plastic parts that are thermally and electrically stable. Owing to its high<br />
performance, it is increasingly used in biomedical applications such as orthopedic<br />
surgery, spine surgery, and maxillo-facial surgery.<br />
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Owing to high temperature feasibility, cost effectiveness, high performance in<br />
corrosive and extreme weather conditions, and lightweight properties, PEEK is<br />
increasingly used for application in automotive, electrical and electronic, and medical<br />
industries. This is one of the factors driving growth of the <strong>Polyether</strong> <strong>Ether</strong> <strong>Ketone</strong><br />
(PEEK) market. It is used for reducing the overall weight of the product and is a<br />
better replacement for metals in automotive and medical applications such as for<br />
artificial bone and surgical instruments.<br />
Europe is expected to hold dominant position in the global polyether ether ketone<br />
(PEEK) market, with 38.8% market share, and exhibiting a CAGR of 8.1% over the<br />
forecast period (2017-2025). Rapid advancement in medical and health care<br />
application has fueled demand for PEEK in the region, owing to its usage in artificial<br />
bones as an alternative to metal and diagnostic devices such as diabetes homecare<br />
products, dialysis equipment, and orthopedics appliances. According to the Centre<br />
for the Promotion of Imports (CBI) Ministry of Foreign Affairs, the total production of<br />
surgical instruments in Europe was valued at US$ 15.25 billion in 2015, with an<br />
annual average increase of 12.4% during the period of 2011-2015. Germany<br />
accounted for major share of 31%, followed by Belgium and the Netherlands. Asia<br />
Pacific is projected to be the fastest growing region in the global polyether ether<br />
ketone (PEEK), especially such as China, South Korea, and India, with a CAGR of<br />
12.0% and to be valued at US$ 269.6 million by 2025. This is mainly owing to rising<br />
purchasing power, rapid industrialization, and rapid expansion of the automobile
sector in these countries. According to Automotive Component Manufacturers<br />
Association of India (ACMA), the Indian automobile industry accounts for 7.1% of the<br />
country’s GDP in 2017. Two wheelers automobile segment accounts for 80% share<br />
in the Indian automobile market and this is attributed to increasing middle-class and<br />
young population. Owing to growth of the automotive industry, there is an increasing<br />
use of polyether ether ketone in automotive parts, such as engine, gaskets,<br />
transmission rings, friction rings, and thrust washers, which is in turn driving growth<br />
of the market.<br />
Among product type, glass-filled polyether ether ketone (PEEK) segment holds<br />
dominant position in the polyether ether ketone (PEEK) market, with a market share<br />
of 80.6% and was valued at US$ 364.4 million in 2016.<br />
Major Players in the <strong>Polyether</strong> <strong>Ether</strong> <strong>Ketone</strong> (PEEK) Market:<br />
Some of the major players operating in the global polyether ether ketone (PEEK)<br />
market are Zyex Ltd., Solvay S.A., Victrex plc, Panjin Zhongrun High Performance<br />
Polymers Co. Ltd., Caledonian Industries Ltd., Quadrant EPP Surlon India Ltd.,<br />
Evonik Industries AG, and Jrlon Inc.<br />
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