The new report by Expert Market Research titled, ‘Europe Composites Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the Europe composites market, assessing the market based on its segments like products, resins, manufacturing process, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028):
• Forecast CAGR (2023-2028): 8.3%
The European composites market is increasing due to rising demand for lightweight materials in industries including wind energy, automotive and transportation, and aerospace and military. Over the projected period, factors such as rising demand for wind energy and strong product demand from the automotive industry are expected to enhance the market.
Industry Definition and Major Segments
Composites are made up of carbon fiber and other materials. A carbon-fiber-reinforced polymer is formed by molding it with plastic resin. The high temperature, high stiffness, low thermal expansion, low weight, and great chemical resistance of these fibers make them extremely desirable for use in industrial and other applications.
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The industry can be divided based on the products as:
• Carbon Fibre
• Glass Fibre
The industry can be segmented based on resins as:
The industry can be divided based on the manufacturing processes as:
• Layup Process
• Filament Winding Process
• Injection Moulding Process
• Pultrusion Process
• Compression Moulding Process
• Resin Transfer Moulding Process
The industry can be broadly categorised based on its end-use segments into:
• Automotive and Transportation
• Aerospace and Defence
• Wind Energy
• Electrical and Electronics
• Construction and Infrastructure
• Pipes and Tanks
Based on region, the market is segmented into:
• United Kingdom
Composite materials are crucial in the production of automobile and aerospace parts. Concerns about fuel usage and CO2 emissions have prompted manufacturers to employ carbon fiber composite materials as metal component alternatives. The demand for composites in the automotive sector is predicted to rise as a result of technological advancements that reduce manufacturing cycle time.
The automobile industry’s growing demand for high-quality composite materials is likely to drive investments in innovative manufacturing processes. Toray, Hexcel Corporation, Teijin Limited, and SGL Group all make composites using their patented technology. To develop and test CFRP materials, SGL Group partnered with several research institutions and academic institutes. Over the projected period, the market is expected to benefit from the rising demand for composites in the automotive industry. The demand for fuel-efficient vehicles has grown as gas costs have risen.
Because of its superior strength-to-weight ratio, composites are most commonly used to replace aluminum, wood, and steel. The advent of rigorous environmental rules in Europe has compelled automakers to use composites in their production. Regulations are driving OEMs to dramatically cut carbon dioxide (CO2) emissions created by vehicles around the world, particularly in Europe. Proposed laws in several nations are projected to boost product demand in this area even further. Aerospace is one of the most rapidly expanding industries in Europe.
Because of its lightweight and high rigidity, this industry’s product usage is expanding. The fundamental goal of employing composite materials in aviation is to reduce weight and create machines with better performance. Germany was forecasted to be the largest market in Europe, and this dominance is expected to continue during the forecast period. Due to increased demand from the aerospace and automotive industries, the country is one of the region’s leading producers of composites.
Key Market Players
The major players in the market are SGL Group, Florian Madec Composites, Veplas Group, Gurit Holdings, ARRK Group, Loiretech, Teledyne CML Composites, TPI Composites, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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