Report : Europe Composites Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Others), Resin Type [Thermoset (Polyester, Vinyl Ester, Epoxy, Polyurethane, and Others) and Thermoplastic (Polypropylene, Polyethylene, Polyvinylchloride, Polystyrene, Polyethylene Terephthalate, Polycarbonate, and Others)], and End Use Industry (Automotive, Aerospace and Defense, Wind, Construction, Marine, Sporting Goods, and Others)
At 5.0% CAGR, the Europe Composites Market is speculated to be worth US$ 25,145.13 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe Composites Market was valued at US$ 18,760.27 million in 2022 and is expected to reach US$ 25,145.13 million by 2028, registering a CAGR of 5.0% from 2022 to 2028. Increasing demand for lightweight materials from automotive & aerospace industry and rising utilization of glass-fiber composites in end-use industries are the critical factors attributed to the Europe Composites Market expansion.
Automotive manufacturers prefer lightweight materials for manufacturing automobiles while ensuring safety and performance. Lightweight materials have excellent potential for increasing fuel efficiency. A 10% decrease in vehicle weight can result in a 6–8% enhancement in fuel economy. Substituting cast iron and traditional steel components with lightweight materials such as high-strength steel, aluminum alloys, magnesium alloys, carbon fiber, and polymer composites can reduce the weight of a vehicle body, thereby reducing the fuel consumption of a vehicle. Advanced materials such as carbon fiber composites have the potential to reduce the weight of automotive components by 50-75%. The application of composites in the automotive sector continues to grow. Plastic composites have excellent acoustic and thermal properties compared to composites of nonrenewable origin, making them ideal for vehicle’s interior parts. Further, they are suitable for the manufacturing of non-structural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. Therefore, the high demand for composites from the automotive industry for the manufacturing of fuel-efficient, lightweight vehicles, coupled with growing sales of electric vehicles, is driving the composites market. In addition, aircraft manufacturers are making efforts to enlarge primary thermoplastic structures in business jets and commercial aircraft. They have been the early adopters of long fiber-reinforced thermoplastics. Materials such as composites and polymers are significantly lighter than steel, brass, alloys, iron, etc. The use of these materials allows manufacturers to reduce the weight of airplane parts, subsequently facilitating fuel cost reductions. In March 2021, the government of UK announced five innovative aerospace projects funded by an investment of ~US$ 123.8 million to revolutionize aerospace manufacturing in the UK. These initiatives focus on creating lightweight materials and components that reduce fuel consumption and help in the adoption of hybrid and electric planes. The development of super lightweight aerospace composites enables significant mass savings in aerospace components. Thus, the increasing need for light-weight materials to construct aviation components and parts is also a significant factor contributing to the growth of the Europe composites market.
On the contrary, challenges in recycling of thermoset composites hampers the Europe Composites Market.
Based on fiber type, the Europe composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held 76.8% share of Europe Composites Market in 2022, amassing US$ 14,408.70 million. It is projected to garner US$ 19,533.79 million by 2028 to expand at 5.2% CAGR during 2022–2028.
Based on resin type, the Europe composites market is segmented into thermoset and thermoplastic. The thermoset is segmented into polyester, vinyl ester, epoxy, polyurethane, and others. The Thermoplastic is segmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others. The thermoset segment held 51.5% share of Europe Composites Market in 2022, amassing US$ 9,669.68 million. It is projected to garner US$ 12,657.97 million by 2028 to expand at 4.6% CAGR during 2022–2028.
Based on end use industry, the Europe composites market is segmented into automotive, aerospace and defense, wind, construction, marine, sporting goods, and others. The automotive segment held 24.4% share of Europe Composites Market in 2022, amassing US$ 4,585.50 million. It is projected to garner US$ 6,417.41 million by 2028 to expand at 5.8% CAGR during 2022–2028.
Based on country, the Europe Composites Market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 33.0% share of Europe Composites Market in 2022. It was assessed at US$ 6,187.99 million in 2022 and is likely to hit US$ 7,897.14 million by 2028, exhibiting a CAGR of 4.1% during the forecast period.
Key players dominating the Europe Composites Market are DuPont de Nemours Inc; Gurit Holding AG; Hexion Inc; Mitsubishi Chemical Holdings Corp; Nippon Electric Glass Co Ltd; Owens Corning; SGL Carbon SE; Solvay SA; Teijin Ltd; and Toray Industries Inc, and among others.
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