Product ID: SQMIG15E2143
Global Polyether Ether Ketone (PEEK) Market Size, Share, Growth Analysis, By Product(Unfilled, Carbon Filled), By Technology(3D Printing, Extrusion), By Application(Medical, Automotive) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2143 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
92 |
Figures:
75
Global Polyether Ether Ketone (PEEK) Market Insights
Polyether Ether Ketone (PEEK) Market size was valued at around USD 2.04 Billion in 2019 and is expected to reach a value of USD 3.72 Billion by 2031, at a CAGR of 7.8% over the forecast period (2024-2031).
Growing environmental concerns, such as huge carbon emissions, have prompted an invitation for reduced fuel consumption. This pressing issue has compelled automakers to focus on increasing fuel efficiency by reducing overall car weights. One way to reduce vehicle weight is to replace metals used in vehicles with much more effective and environmentally friendly options. As a result, PEEK has emerged as a potential metal substitute in the automotive sector.
The unique characteristics of PEEK are widening the application scope and product lines in transportation, semiconductors, industrial, food, and clinical areas. PEEK is expected to enter a diverse market and explore opportunities in untapped markets during the forecast period due to its environmentally friendly characteristics, such as lower harmful emissions. The overall market is projected to attract a wide range of applications in the medical field during in the forecast period. It is currently used for spinal surgery, but it is expected to be used for more clinical applications and commercial medical products in the upcoming years.
In the medical industry, there is a need for research and development to start investigating untapped clinical applications. PEEK product currently has limited application in the field due to a lack of long-term clinical data, but it is expected to increase over the forecast period due to its huge potential as a replacement. Pricing exists as a major restraint for the Polyether Ether Ketone (PEEK) market. It is one of the most expensive polymer products on the market. The high cost is expected to have a negative impact on the global market during the forecast period.
US Polyether Ether Ketone Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Polyether Ether Ketone (PEEK) Market Report Snapshots
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