By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the Glass Filled PEEK market in North America can be attributed to several key factors. The exceptional biocompatibility, sterilization resistance, and non-toxic nature of glass-filled PEEK position it as an optimal choice for applications in the medical and healthcare sectors. In 2021, the United States witnessed a substantial national healthcare expenditure of $4.3 trillion, equivalent to $12,914 per person. Projections by the Centers for Medicare and Medicaid Services estimate a further increase to $6.2 trillion by 2028.
Notably, the U.S. allocated nearly 16.8% of its gross domestic product (GDP) to healthcare in 2019, as reported by the Commonwealth Fund. Given North America's pivotal role in the healthcare industry, the rising demand for cutting-edge materials in the manufacturing of medical devices and equipment stands poised to significantly contribute to the expansion of the glass-filled PEEK market.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLASS FILLED PEEK MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Europe Glass Filled PEEK Market accounts for the second-largest market share as the healthcare sector in Europe, renowned for its sophistication, consistently pursues cutting-edge materials for advancements in medical devices and equipment. In 2020, among the EU Member States, Germany and France allocated the highest healthcare expenditure relative to GDP, standing at 12.8% and 12.2%, respectively. Germany, leading in current healthcare expenditure, invested €432 billion in 2020, followed by France with €281 billion, Italy with €160 billion, and Spain with €120 billion.
The exceptional biocompatibility, sterilization resistance, and non-toxic attributes of glass-filled PEEK position it as a compelling choice for integration into medical applications. This strategic advantage has the potential to significantly contribute to the growth of the market within the healthcare industry. Further, the German Glass Filled PEEK Market held the largest market share, and the UK Glass Filled PEEK Market was the fastest-growing market in the European region
The Asia-Pacific Glass Filled PEEK Market is expected to grow at the fastest CAGR from 2023 to 2032. The region's market expansion is primarily fueled by the burgeoning aerospace and automotive industries. Within the aerospace sector, glass-filled PEEK finds application in the assembly of cabin components such as seats, overhead bins, and interior panels, as well as in critical engine components, particularly those in the high-temperature zones of jet engines. In the automotive realm, its utilization extends to engine components, interior and cabin elements, as well as suspension and chassis parts.
This dynamic presents a significant opportunity for market growth in the region. Notably, recent developments, such as the substantial 32.3% year-over-year increase in India's domestic revenue passenger kilometers in March 2022, as reported by the International Air Transport Association, exemplify the robustness of the aerospace sector. Furthermore, the Indian government's ambitious plans to expand the aviation infrastructure, including the target of 220 operational airports by 2025 and the emphasis on unmanned aircraft systems, augur well for the continued growth and opportunities in the glass-filled PEEK market.
Moreover, China’s Glass Filled PEEK Market held the largest market share, and the Indian Glass Filled PEEK Market was the fastest-growing market in the Asia-Pacific region.
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