Report : Europe Plastics for Composites Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type [Thermoset (Polyester, Vinyl Ester, Epoxy, Polyurethane, and Others) and Thermoplastic (Polypropylene, Polyethylene, Polyvinylchloride, Polystyrene, Polyethylene Terephthalate, Polycarbonate, and Others)] and Technology (Injection Molding, Compression Molding, Pultrusion, Resin Infusion, and Others)
At 4.8% CAGR, the Europe Plastics for Composites Market is speculated to be worth US$ 6,591.33 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe plastics for composites market was valued at US$ 4,981.88 million in 2022 and is expected to reach US$ 6,591.33 million by 2028, registering a CAGR of 4.8% from 2022 to 2028. Increasing demand for lightweight materials in aerospace and automotive industries and flourishment of structure industry are the critical factors attributed to the Europe plastics for composites market expansion.
Rapid developments in material technology have been supporting variations in the structure of wind turbines. Many of these variations were primarily introduced to lower the prices of turbines. Factors such as mechanical equipment, corrosion resistance, fatigue resistance, breaking toughness, rigidity, weight, and appearance of wind turbines significantly impact their operations. Glass fiber-reinforced plastics (GRP) are the most used type of composite material in wind turbine manufacturing. Good mechanical properties and corrosion resistance, high temperature tolerance, simplified manufacturing, and favorable cost are the major benefits conferred by GRPs. These are developing opportunities for the future growth of the Europe plastics for composites market. This is expected to drive the market during the forecast period.
On the contrary, issues linked to recycling of thermoset plastics hurdles the growth of Europe plastics for composites market.
Based on type, the Europe plastics for composites market is bifurcated into thermoset, and thermoplastic. The thermoset segment held 51.4% market share in 2022, amassing US$ 2,561.67 million. It is projected to garner US$ 3,311.88 million by 2028 to expand at 4.4% CAGR during 2022–2028. Further, thermoset is segmented into polyester, vinyl ester, epoxy, polyurethane, and others. Further, thermoplastic is segmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others.
Based on technology, the Europe plastics for composites market is categorized into injection molding, compression molding, pultrusion, resin infusion, and others. The compression molding segment held 33.8% market share in 2022, amassing US$ 1,681.97 million. It is projected to garner US$ 2,189.46 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on country, the Europe plastics for composites market has been categorized into Germany, France, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 26.6% market share in 2022. It was assessed at US$ 1,327.34 million in 2022 and is likely to hit US$ 1,734.36 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.
Key players dominating the Europe plastics for composites market are Lanxess AG; Convestro AG; Celanese Corp; INEOS Group Holdings SA; Daicel Corp; Basf SE; Evonik Industries AG; Solvay SA; Saudi Basic Industries Corp; and Arkema SA, among others.
- In June 2022, Lanxess AG launched sustainable product variants to its Tepex brand composite range.
- In Nov 2022, Covestro AG partnered with Coleitec to expand the application of polyurethane composite materials.
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