Energy Storage Is Fastest Growing Segment Fueling The Growth Of Polyether Ether Ketone Market

 Polyether Ether Ketone Market

The global Polyether Ether Ketone Market is estimated to be valued at US$ 729.34 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Polyether ether ketone (PEEK) is a semi-crystalline thermoplastic polymer belonging to the polyaryletherketone (PAEK) family. PEEK offers high strength, toughness, and chemical resistance across a wide range of temperatures. PEEK is used in industries such as automotive, aerospace, electronics, and medical due to its ability to withstand high temperatures and harsh environments.

 

Market key trends:

Growing demand from the energy storage industry is expected to be a major trend fueling the growth of the PEEK market over the forecast period. PEEK is increasingly used in lithium-ion batteries due to its high dielectric strength, chemical resistance, and ability to withstand harsh conditions inside batteries. PEEK is now commonly used as a separator material and for electrode and battery housing application in lithium-ion batteries used in electric vehicles and stationary storage. The rapid growth of the energy storage industry is expected to drive increased consumption of PEEK in upcoming years.

 

Segment Analysis

The global polyether ether ketone market is dominated by the engineering plastics segment, which holds around 60% share of the total market. Polyether ether ketone finds extensive application in various engineering applications owing to its excellent properties such as high mechanical strength, self-lubricating nature, and resistance to chemical and heat. The dominance of the engineering plastics segment can be attributed to the growing demand for PEEK from various end-use industries such as automotive, aerospace, medical, and electronics.

 

Key Takeaways

The Global Polyether Ether Ketone Market Share is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand from the automotive and medical industries.

 

Regional analysis

Asia Pacific dominates the global polyether ether ketone market and is expected to maintain its dominance over the forecast period. This can be attributed to rapid industrialization and growing automotive production in China, India, Japan, and South Korea. North America is another major market for polyether ether ketone owing to high demand from the medical and aerospace industries in the region.

 

Key players

Key players operating in the polyether ether ketone market are Zyex Ltd., Solvay S.A., Victrex plc, Panjin Zhongrun High Performance Polymers Co. Ltd., Caledonian Industries Ltd., Quadrant EPP Surlon India Ltd., Evonik Industries AG, and Jrlon Inc.

Get More Insights Here

https://www.newsstatix.com/polyether-ether-ketone-market-size-share-growth-outlook-2023/

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