Polyetheretherketone Market
“ In the last few years, the usage of PEEK has increased at a tremendous pace primarily due its exceptional mechanical properties,” said a lead TMR analyst. PEEK has a much lower density than metals. Design engineers are thus increasingly using PEEK as a popular substitute for metals in diverse applications. For instance, compelled by stringent emission control norms automobile manufacturers are compelled to shift towards using lightweight materials. Spurred by this, the global polyetheretherketone market is forecast to exhibit strong growth during the course of the forecast period.
In addition, with the trend of miniaturizing electrical items gaining pace, the market is likely to witness lucrative growth opportunities. PEEK maintains its electrical performances even at high frequencies and possesses high strength at elevated temperatures. These mechanical properties make it ideal for use in the miniaturization of electrical components. Besides this, PEEK manufacturers are hoping to gain significantly from the rising use of PEEK in the medical industry. PEEK implants are bonefriendly and offer greater biocompatibility, which make them more convenient than metal implants.
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High Cost of PEEK Grades Considered Major Restraint to Growth On the downside, a large number of companies refrain from using a few grades of PEEK, which are priced higher than other high performance plastics. PEEK is often expensive due to the high cost of monomer and advanced technological requirements. This factor is restraining the market’ s trajectory to an extent. In addition, technological challenges in molding PEEK pose threat to the market. Stringent regulatory barriers on the use of PEEK across various application will also create bottlenecks for the global PEEK market, thereby adversely affecting its prospects for growth.
Nevertheless, with development of new applications and rising opportunities in the emerging nations, PEEK manufacturers can expect to witness strong growth in the forthcoming years.
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