Report : Europe Advanced Composites Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Fiber Type (Carbon Fiber Composites, Aramid Fiber Composites, Glass Fiber Composites, and Others), Matrix Type [Epoxy Resin, Phenolics, Polyester Resin, Polyurethane Resin, Polyphenylene Sulfide (PPS), Polyetherimide (PEI), and Others], and End-Use Industry (Aerospace & Defense, Automotive, Wind Energy, Building & Construction, Electrical & Electronics, and Others)

At 10.0% CAGR, the Europe Advanced Composites Market is speculated to be worth US$ 28,306.07 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the Europe advanced composites market was valued at US$ 15,999.44 million in 2022 and is expected to reach US$ 28,306.07 million by 2028, registering a CAGR of 10.0% from 2022 to 2028. Growing demand for lightweight materials in aerospace & defense industry and rising use of advanced composites in wind energy and automotive industries are the critical factors attributed to the Europe advanced composites market expansion.

Rapid developments in material technology continue to support variations in the structure of wind turbines. Many of these variations were primarily introduced to reduce the prices of turbines. Factors such as corrosion resistance, fatigue resistance, toughness, rigidity, weight, and appearance of wind turbines significantly impact their operations. Further, glass fiber-reinforced plastics (GRP) is the most used type of composite material in wind turbine manufacturing. A few of the major benefits of using GRPs include advanced mechanical properties, high corrosion resistance, high-temperature tolerance, simplified manufacturing, and favorable costs. Several government initiatives are increasing the demand for advanced composites in the wind energy sector. Lightweight materials offer excellent potential for increasing vehicle efficiency as their acceleration requires less energy than heavier ones. Substituting cast iron and traditional steel components with lightweight materials, such as high-strength steel, aluminum (Al) alloys, magnesium (Mg) alloys, carbon fiber, and polymer composites, can reduce the weight of a vehicle body and chassis by up to 50%, thereby reducing the fuel consumption of a vehicle. The application of composites in the automotive sector is growing at a significant pace. In this sector, plastics are used in large quantities to produce composites. Plastic composites have excellent acoustic and thermal properties, which makes them ideal for vehicle interior parts. Furthermore, they are suitable for the manufacturing of nonstructural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. Therefore, growing demand for composites from the automotive industry for the manufacturing of fuel-efficient, lightweight vehicles such as electric vehicles (EVs) is driving the Europe advanced composites market growth.

On the contrary, high cost and recyclability issues of advanced composites hurdles the growth of Europe advanced composites market.     

Based on fiber type, the Europe advanced composites market is segmented into carbon fiber composites, aramid fiber composites, glass fiber composites, and others. The carbon fiber composites segment held 57.0% share of Europe advanced composites market in 2022, amassing US$ 9,116.44 million. It is projected to garner US$ 17,656.61 million by 2028 to expand at 11.6% CAGR during 2022–2028.   

Based on matrix type, the Europe advanced composites market is segmented into epoxy resin, phenolics, polyester resin, polyurethane resin, polyphenylene sulfide (PPS), polyetherimide (PEI), and others. The epoxy resin segment held 24.7% share of Europe advanced composites market in 2022, amassing US$ 3,946.55 million. It is projected to garner US$ 8,010.63 million by 2028 to expand at 12.5% CAGR during 2022–2028.

Based on end-use industry, the Europe advanced composites market is segmented into aerospace & defense, automotive, wind energy, building & construction, electrical & electronics, and others. The aerospace & defense segment held 42.7% share of Europe advanced composites market in 2022, amassing US$ 6,826.40 million. It is projected to garner US$ 12,330.29 million by 2028 to expand at 10.4% CAGR during 2022–2028.

Based on country, the Europe advanced composites market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 28.8% share of Europe advanced composites market in 2022. It was assessed at US$ 4,614.60 million in 2022 and is likely to hit US$ 8,390.79 million by 2028, exhibiting a CAGR of 10.5% during the forecast period.

Key players dominating the Europe advanced composites market are Avient Corp, Ensinger GmbH, Johns Manville Corp, Mitsubishi Chemical Corp, Owens Corning, SGL Carbon SE, Solvay SA, Tecnaro GmbH, Teijin Ltd, and Toray Industries Inc among others. 

  • In 2022, Ensinger GmbH acquired the StyLight thermoplastic composite business of INEOS Styrolution.  
  • In 2022, Avient Corporation acquired DSM Protective Materials (Dyneema brand) and announced its plan to explore sale option for its Avient Distribution business. 

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