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Europe Polyether Ether Ketone (peek) Market Size

The Europe Polyether Ether Ketone (PEEK) market is experiencing growth, driven by its extensive application across various industries due to its lightweight, high strength, and thermal resistance properties. Despite a decline during the COVID-19 pandemic, the market has rebounded, with significant demand from the aerospace and electrical and electronics sectors. The aerospace industry, in particular, is a major contributor to the market's expansion, alongside the increasing demand for electronics in the region. Germany and France are leading consumers, with the United Kingdom showing the fastest growth rate.

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Market Size of europe polyether ether ketone (peek) Industry

Europe Polyether Ether Ketone (peek) Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 296.17 Million
svg icon Market Size (2029) USD 419.22 Million
svg icon Largest Share by End User Industry Aerospace
svg icon CAGR (2024 - 2029) 7.20 %
svg icon Largest Share by Country Germany
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Europe Polyether Ether Ketone (peek) Market Analysis

The Europe Polyether Ether Ketone (peek) Market size is estimated at 296.17 million USD in 2024, and is expected to reach 419.22 million USD by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).

296.17 Million

Market Size in 2024 (USD)

419.22 Million

Market Size in 2029 (USD)

3.75 %

CAGR (2017-2023)

7.20 %

CAGR (2024-2029)

Largest Market by End-user Industry

35.88 %

value share, Aerospace, 2023

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Owing to the high demand for lightweight and high-impact resistance PEEK-based materials replacing traditional metal parts, the aerospace industry occupied the largest market share.

Fastest Growing Market by End-user Industry

8.60 %

Projected CAGR, Electrical and Electronics, 2024-2029

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The growth of this segment is attributed to the rising demand for use in high-end applications, such as smart devices and electronic insulators used in harsh environmental conditions.

Largest Market by Country

20.16 %

value share, Germany, 2023

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Due to the escalating demand for PEEK-based products in major industries, including machinery, aerospace, and automotive in recent years, Germany occupied the highest market share.

Fastest Growing Market by Country

8.22 %

Projected CAGR, United Kingdom, 2024-2029

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Due to the increasing demand for high-performance materials, majorly from the aerospace industry, the United Kingdom is likely to be the fastest-growing market in the region.

Leading Market Player

97.95 %

market share, Victrex, 2022

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With the largest production capacity of 7,150 tons of PEEK resin in Europe, Victrex occupied the highest market share. The company offers different grades and forms of PEEK products for a variety of industrial applications.

Growing demand for high quality aircraft components to drive the market growth

  • PEEK resin is widely used across numerous industries due to its lightweight nature, high strength, low fatigue, and low flammability. It possesses remarkable resistance to combustion, withstanding temperatures up to approximately 600°C.
  • In 2020, the PEEK market in Europe faced a decline, a phenomenon attributable to the COVID-19 pandemic. The market value decreased by 20.43% in comparison to 2019, a result of supply chain disruptions, raw material shortages, and nationwide lockdowns in various countries across the region. Despite these setbacks, the demand for PEEK rebounded, showing a growth rate of 15.32% in 2021, driven primarily by a more reliable supply of raw materials.
  • One major industry where PEEK resin finds significant application is aerospace. It is extensively used in manufacturing interior aircraft parts, flight control components, and various other parts. The escalating production of aerospace components in the region is anticipated to spur the demand for PEEK resin in the years to come. It is projected that the revenue from aircraft component production will increase to USD 348 billion by 2029 from USD 224 billion in 2022.
  • The electrical and electronics industry is the fastest-growing consumer of PEEK resin in Europe, with a CAGR of 8.75% in terms of value during the forecast period, 2023-2029. The usage of PEEK resin in this industry is forecasted to reach approximately 402 tons by 2029. The burgeoning demand for European electronics is expected to further drive the demand for PEEK resin. For example, the electronics market in the region is projected to grow from USD 166.7 billion in 2023 to USD 219.8 billion in 2027.
Europe Polyether Ether Ketone (peek) Market

Germany is the largest consumer of PEEK resin in the region

  • Europe accounted for 37% of the global consumption of PEEK resin in 2022. Due to its ability to withstand high temperatures, resistance to radiation and chemicals, along with good strength-to-weight ratio, PEEK resin is widely used in various industries all over the region.
  • In 2022, Europe consumed a total volume of 2,478 tons of PEEK resin out of which Germany accounted for the consumption of 514 tons, making it the largest consumer of PEEK in the region. This can be attributed to the aerospace industry which accounted for nearly 19% by volume compared to the overall aerospace in the Europe PEEK market. Additionally, the rising global demand for German machine tools and equipment has also served as a growth factor for the PEEK resin market. The industrial and machinery segment in the country accounts for USD 17 million of the overall Europe market which stood at USD 80 million.
  • France is the second-largest consumer of PEEK resin in Europe led by the aerospace industry followed by the electrical & electronics industry which comprises nearly 66% and 14%, respectively of France's total PEEK consumption in those segments.
  • The United Kingdom PEEK market is the fastest-growing segment and is predicted to witness a CAGR of 8.54% in terms of value during the forecast period [2023-2029]. The country's aerospace industry is the second largest consumer of PEEK in Europe during 2022 and is expected to see a surge in the production of aerospace components from USD 44 billion in 2022 to USD 70.8 billion by 2029 which is likely to raise the consumption of PEEK resin in the future.

Europe Polyether Ether Ketone (peek) Industry Segmentation

Aerospace, Automotive, Electrical and Electronics, Industrial and Machinery are covered as segments by End User Industry. France, Germany, Italy, Russia, United Kingdom are covered as segments by Country.

  • PEEK resin is widely used across numerous industries due to its lightweight nature, high strength, low fatigue, and low flammability. It possesses remarkable resistance to combustion, withstanding temperatures up to approximately 600°C.
  • In 2020, the PEEK market in Europe faced a decline, a phenomenon attributable to the COVID-19 pandemic. The market value decreased by 20.43% in comparison to 2019, a result of supply chain disruptions, raw material shortages, and nationwide lockdowns in various countries across the region. Despite these setbacks, the demand for PEEK rebounded, showing a growth rate of 15.32% in 2021, driven primarily by a more reliable supply of raw materials.
  • One major industry where PEEK resin finds significant application is aerospace. It is extensively used in manufacturing interior aircraft parts, flight control components, and various other parts. The escalating production of aerospace components in the region is anticipated to spur the demand for PEEK resin in the years to come. It is projected that the revenue from aircraft component production will increase to USD 348 billion by 2029 from USD 224 billion in 2022.
  • The electrical and electronics industry is the fastest-growing consumer of PEEK resin in Europe, with a CAGR of 8.75% in terms of value during the forecast period, 2023-2029. The usage of PEEK resin in this industry is forecasted to reach approximately 402 tons by 2029. The burgeoning demand for European electronics is expected to further drive the demand for PEEK resin. For example, the electronics market in the region is projected to grow from USD 166.7 billion in 2023 to USD 219.8 billion in 2027.
End User Industry
Aerospace
Automotive
Electrical and Electronics
Industrial and Machinery
Other End-user Industries
Country
France
Germany
Italy
Russia
United Kingdom
Rest of Europe
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Europe Polyether Ether Ketone (peek) Market Size Summary

The Europe Polyether Ether Ketone (PEEK) market is poised for significant growth, driven by its extensive application across various industries such as aerospace and electronics. PEEK resin is favored for its lightweight, high strength, and exceptional resistance to high temperatures and chemicals, making it ideal for demanding environments. The aerospace sector, in particular, is a major consumer of PEEK, utilizing it for manufacturing aircraft components. The increasing production of aerospace parts in Europe is expected to further boost the demand for PEEK resin. Additionally, the electrical and electronics industry is emerging as a rapidly growing sector for PEEK consumption, fueled by the rising demand for advanced electronic products and technologies. This growth trajectory is supported by the region's robust industrial base and technological advancements.

Despite challenges posed by the COVID-19 pandemic, which temporarily disrupted supply chains and reduced demand, the PEEK market in Europe has shown resilience and is on a recovery path. The market is characterized by a consolidated structure, with leading companies like BARLOG Plastics GmbH, Evonik Industries AG, Solvay, Victrex, and Zhejiang Pengfulong Technology Co., Ltd. dominating the landscape. These companies are actively investing in product development and expansion to cater to the growing needs of various industries. The forecast period anticipates a steady increase in PEEK consumption, driven by the ongoing demand in aerospace, electronics, and other industrial applications, positioning Europe as a key player in the global PEEK market.

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Europe Polyether Ether Ketone (peek) Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 End User Industry

      1. 1.1.1 Aerospace

      2. 1.1.2 Automotive

      3. 1.1.3 Electrical and Electronics

      4. 1.1.4 Industrial and Machinery

      5. 1.1.5 Other End-user Industries

    2. 1.2 Country

      1. 1.2.1 France

      2. 1.2.2 Germany

      3. 1.2.3 Italy

      4. 1.2.4 Russia

      5. 1.2.5 United Kingdom

      6. 1.2.6 Rest of Europe

Europe Polyether Ether Ketone (peek) Market Size FAQs

The Europe Polyether Ether Ketone (peek) Market size is expected to reach USD 296.17 million in 2024 and grow at a CAGR of 7.20% to reach USD 419.22 million by 2029.

In 2024, the Europe Polyether Ether Ketone (peek) Market size is expected to reach USD 296.17 million.

Europe Polyether Ether Ketone (peek) Market Report Snapshots

Europe Polyether Ether Ketone (peek) Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029