The Europe composites market size is anticipated to reach USD 27.5 billion by 2025,
according to a new report by Grand View Research, Inc., registering a 7.5% CAGR
during the forecast period. Increasing demand for lightweight materials in the
automotive industry is expected to drive product demand across the region. The
growth of the aerospace and defense industry in Europe has triggered the demand
for composites over the past few years and this trend is expected to continue
over the forecast period. The presence of aerospace giants such as Airbus,
Dassault Aviation, and Ariane Group in the region has propelled product demand.
Rising fuel prices has generated the need
for fuel-efficient vehicles. Stringent regulations and growing environmental
concerns regarding pollution control have forced automotive manufacturers to
enhance their technologies and develop vehicles resulting in reduced levels of
pollution. One of the most important factors affecting fuel efficiency and
vehicular pollution is the overall weight of the vehicle. Favorable properties
of composites, including higher strength to weight ratio, have led to their
widespread use in the automotive industry as a replacement for aluminum and
steel, which is anticipated to boost the market over the forecast period.
Stringent environment regulations, especially in Europe, are forcing OEMs to significantly
reduce CO2 emissions from vehicles. They have also compelled automotive
manufacturers to include composites in the production process, which is
expected to propel product demand in the coming years.
Glass fiber was the largest product segment
in the Europe market in 2018, with a revenue share of 60.3%. The growth of
automotive and wind energy industries in Germany is expected to drive the
regional market. Carbon fiber is likely to register a CAGR of 10.0% in terms of
volume from 2019 to 2025 owing to its ascending requirement in the construction
industry.
Thermoplastic resin is projected to emerge
as the fastest-growing segment at a CAGR of 9.4%, in terms of volume, over the
forecast period. Ascending demand for cost-effective and high-performance
resins in the renewable energy industry is expected to drive the regional
market.
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https://www.grandviewresearch.com/industry-analysis/europe-composites-market
Further key findings from the report suggest:
· The Europe composites market was worth USD
16.6 billion in 2018 and is projected to expand at a CAGR of 7.5% over the
forecast period
· The thermosetting resin segment dominated
Europe market in 2018 and is expected to register a CAGR of 7.3%, in terms of
volume, from 2019 to 2025 owing to their widespread use in high temperature
applications
· The resin transfer molding process segment
was estimated at 164.1 kilo tons in 2018 and is expected to grow over the
forecast period. RTM is the ideal process for obtaining high strength-to-weight
ratio and mid-volume production ranging from 200 to 10,000 parts per year
· Wind energy is projected to emerge as the
fastest-growing application segment in Europe over the forecast period
· The France market was valued at close to
USD 3.0 billion and is expected to register a CAGR of 7.4% from 2019 to 2025.
Product demand is expected to be propelled by latest advancements in
manufacturing facilities in aerospace and automotive sectors
· Key players in the market include Teijin
Limited, Owens Corning, Hexcel Corporation, Huntsman International LLC,
DowDuPont, and Toray Industries
· In January 2019, Teijin Limited announced
that it will supply Tenax TPUD, which is an intermediate advanced composite
material for structural parts of Boeing commercial airplanes.
Grand View Research has segmented the
Europe composites market on the basis of product, resin, manufacturing process,
end use, and country:
Europe Composites Product Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2015 - 2025)
·
Carbon Fiber
·
Glass Fiber
·
Others
Europe Composites Resin Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2015 - 2025)
·
Thermosetting
·
Thermoplastic
·
Others
Europe Composites Manufacturing Process
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
·
Layup Process
·
Filament Winding Process
·
Injection Molding Process
·
Pultrusion Process
·
Compression Molding Process
·
Resin Transfer Molding Process
·
Others
Europe Composites End-use Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2015 - 2025)
·
Automotive & Transportation
·
Aerospace & Defense
·
Electrical & Electronics
·
Wind Energy
·
Construction & Infrastructure
·
Pipes & Tanks
·
Marine
·
Others
Europe Composites Regional Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2015 - 2025)
·
Germany
·
France
·
U.K.
·
Spain
·
Italy
·
Rest of Europe
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
