Polyetheretherketone (PEEK) Market Size Expected to Hit USD 1.7 Billion by 2034 with a 7.4% CAGR Increase| Exclusive Report by Transparency Market Research Inc.

High-performance engineering thermoplastic Polyetheretherketone (PEEK) finds applications in the automotive, electrical and electronics, aerospace, and medical sectors.

Wilmington, Delaware, United States, Transparency Market Research, Inc. , Sept. 27, 2024 (GLOBE NEWSWIRE) — The global polyetheretherketone (PEEK) market (폴리에테르에테르케톤 시장) was projected to attain US$ 776.8 million in 2023. It is anticipated to garner a 7.4% CAGR from 2024 to 2034, and by 2034, the market is likely to attain US$ 1.7 billion.

High-performance engineering thermoplastic Polyetheretherketone (PEEK) is a member of the polyketone family. Due to its remarkable mechanical, thermal, and chemical qualities may be used in various ways.

A semicrystalline performance thermoplastic is called PEEK. Some of PEEK’s most important qualities include its resistance to high temperatures, wear, chemicals, creep, and strength.

PEEK may be produced in many organic ways. Step-growth polymerization by dialkylation of bisphenolate salts is a typical procedure. A polar aprotic solvent with a high melting temperature is used for the synthesis. It is utilized in several industries, including chemical, aerospace, automotive, medical, electrical, electronics, and industrial.

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Key Findings of Market Report

• PEEK is used in a variety of under-the-hood applications as a metal substitute.
• PEEK parts are employed in piston units because they can tolerate high temperatures and offer superior tribological interaction.
• In addition, it is utilized in washers, bearings, and seals to guarantee improved performance in temperature variations.
• With engine compartments getting smaller, PEEK offers a heavier metal replacement.
• The growth of the polyetheretherketone (PEEK) market is being driven by the rise of the automotive sector.
• The market for PEEK is being driven by the growth in lightweight automotive parts and noise reduction. Low carbon emissions and fuel economy are guaranteed by lightweight automobile parts.
• The need for lightweight automotive parts is being driven by the electrification of cars.
• The market value of electric cars is increasing due to their increased manufacturing worldwide.

Market Trends For Polyetheretherketone (PEEK)

• PEEK is widely utilized to create connections and insulators in electronic equipment due to its excellent temperature resilience and flame resistance. PEEK performs exceptionally well in these circumstances, as these components must endure high temperatures as well as mechanical stress.
• The need for improved materials is being driven by the development of small electrical devices. As a result, developments in the electrical and electronics industries are promoting favorable market dynamics.
• PEEK is commonly utilized because of its resistance to high processing temperatures in the semiconductor manufacturing industry. It is appropriate for crucial components in semiconductor equipment because to its superior chemical resistance and mechanical stability. In the manufacture of semiconductors, PEEK wafer carriers are employed.
• These carriers are useful for carrying fragile semiconductor wafers during processing because they have improved stiffness, chemical resistance, and low weight. The market for polyetheretherketone (PEEK) is primarily driven by the need for consumer electronics and the fast industrialization of the world.

Global Market for Polyetheretherketone (PEEK): Regional Outlook

Various reasons propel the polyetheretherketone (PEEK) market growth throughout the regions. These are:

• Asia Pacific led the worldwide market in 2023, according to regional insights from the polyetheretherketone (PEEK) sector. Throughout the projection period, the polyetheretherketone (PEEK) market share is anticipated to grow due to the fast digitization and increase in demand for 5G connection.
• The electronics industry in this region is being supported by adopting new technologies, including augmented reality, robots, virtual reality, and artificial intelligence. Furthermore, the industrial sector’s technical improvements are accelerating market growth.

Global Polyetheretherketone (PEEK) Market: Key Players

New developments in the polyetheretherketone (PEEK) sector include lightweight automobile components and advancements in electronics. In order to satisfy customer expectations across a range of sectors and expand their product line, manufacturers are introducing new items. Globalizing their brands and enhancing their overall company performance, top firms in the sector are investing in business growth.

The following companies are well-known participants in the global polyetheretherketone (PEEK) market:

• Victrex plc.
• Solvay,
• Evonik Industries,
• Pan Jin Zhongrun High Performance Polymer Co., Ltd.,
• Jilin Zhongyan High Performance Engineering Plastic Co., Ltd.

Few of key developments by the players in this market are:

• Victrex PLC, a well-known manufacturer of high-performance polymer solutions, introduced a new implantable PEEK-OPTIMA polymer, in March 2023. This polymer is specifically made to be used in medical device additive manufacturing processes like Fused Deposition Modeling (FDM) and Fused Filament Fabrication (FFF).
• A new grade of KetaSpire PEEK, KT-850 SCF 30, was developed in July 2022 by the international chemical manufacturer Solvay, based in Belgium. This grade was created specifically for the precision braking system and e-mobility pump components.

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Global Polyetheretherketone (PEEK) Market Segmentation

• Application
  • Automotive
  • Industrial
  • Aerospace
  • Electrical & Electronics
  • Medical
  • Others
• By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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