The Europe Composites Market was valued at 16 billion, and it is expected to grow at a CAGR of 7.21% in the period between 2023 and 2028.
The stringent policies regarding the environment have made it difficult for plastics and opened doors for the growth of the composites market in Europe. The ease of handling of non-utilized plastic material is also a driving factor. PE-base composites are the highest contributor in the European region, thus PE-based composites add to the overall growth of the industry.
The usage of composites in aerospace, and wind energy turbines is growing and these options often come cheap as compared to their counterparts that help in the growth of the industry. The demand for lightweight materials is also increasing in Europe which allows growth opportunities for the composites market. Environmental concerns have also raised the production of carbon-based composites.
The composites market industry is affected by volatile prices and alternatives. The European region is one of the largest markets of the Composites market but the Asian Pacific region is growing the fastest and more growth can be expected in that locale. The mechanical strength of these composites is a major drawback that hinders the growth of the industry.
Europe Composites Market - By Type:
With a revenue share of 71%, the thermoset is recorded as the major shareholder of the European composites market.
The aerospace and defense industry is rapidly growing in the European region triggering high demands for lightweight and rigid materials. In this scenario, the composites market comes in handy as it solves both problems at an affordable price. The automotive and transport segment also dominated the market with advantages such as fuel savings etc.
Fiberglass is made up of glass composites and is the largest product segment in the European region as it has very good bulk strength and weight properties.
Europe is one of the largest markets for composites thanks to the huge investments in the pharmaceutical sector. The UK and Germany have invested a lot in healthcare facilities.
The importance of safe packaging has increased and plastics are becoming second choices to composites.
Germany has also invested a lot in its automotive and wind energy industries and this has led to an increase in demand for the composites market. European regulations are forcing OEMs to reduce the emissions of CO2 by vehicles and further regulations are expected towards fuel products in the coming years.
Europe was the early hotspot for the virus in early 2021and it had a severe impact on major European economies as most of them were shut. It has negatively affected the demand for composites across various end-use industries such as aerospace & defence, automotive & transportation, wind energy, construction & infrastructure, and pipes & tanks. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers have compelled aircraft and automobile manufacturers to operate at reduced or sometimes at zero capacities. This has led to a reduction in demand for composites. However, the demand from the packaging industry increased in this period which led to more production of composites. The market is expected to recuperate from 2021.
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