The Europe composites market size is projected to reach USD 27.5 billion by 2025 and anticipated to grow at a CAGR of 7.5% during the forecast period 2019 to 2025, according to a new report by Million Insights. Rising demand for lightweight composites in automotive industry is a major factor to drive the regional market growth. In addition, growth of Europe aerospace & defense industry has triggered the demand for composites in recent years and this trend is anticipated to continue over the forecast period. The presence of a large number of aerospace giants including Ariane Group, Dassault Aviation, and Airbus has augmented the product demand in this region.
Due to growing fuel price, the demand for fuel-efficient vehicles has increased. Additionally, rising environmental concern and strict government regulations for the emission of harmful gases is enforcing automotive manufacturers to develop lightweight vehicles, thereby expected to fuel the market growth. Vehicle weight plays an important role to affect vehicle emission of harmful gasses and fuel efficiency. Thus, favorable lightweight properties of composites replaced the usage of steel and aluminum in the automotive industry, which is projected to drive the regional market growth. In Europe, strict government regulations are enforcing OEMs to manufacture low gas emission vehicles, thereby expected to rise in the application of composites in the manufacturing of vehicles.
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In 2018, glass fiber accounted for the largest Europe composites market share of 60.3% in terms of revenue. The growth of wind energy and automotive industries is expected to surge the market growth in this region. Carbon fiber is projected to register 10.0% CAGR in terms of volume over the forecast period due to rising application of composite material in the construction industry.
Thermoplastic resin is estimated to grow at the fastest CAGR of more than 9.0% in terms volume, from 2019 to 2025. Rising demand for high performance and cost-effective resins in the renewable energy industry is projected to propel the market growth in Europe.
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Further key findings from the report suggest:
• In 2018, the market was valued USD 16.6 billion and is expected to register at a CAGR of 7.5% during the forecast period, from 2019 to 2025.
• In 2018, the thermosetting segment dominated the Europe market and is projected to exhibit a CAGR of more than 7.0% in terms volume over the forecast period due to its extensive use in high temperature applications.
• In 2018, resin transfer molding process sales was 164.1 kilo tons and projected to witness significant growth during the forecast period. RTM is reliable process for gaining high strength-to-weight ratio as well as mid-volume production from 200 to 10,000 parts in a year.
• Wind energy segment is expected to witness robust growth in Europe, from 2019 to 2025.
• The France market was estimated around USD 3.0 billion and projected to register over 7.0% over the forecast period. The growth is attributed to advancement in manufacturing facilities of automotive and aerospace sectors.
• Hexcel Corporation, DowDuPont, Toray Industries, Teijin Limited, and Huntsman International LLC are prominent players operating in the market.
• In 2019, Teijin Limited has announced to supply an intermediate advanced composite material, Tenax TPUD to Boeing commercial airplanes structural parts.
Million Insights 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
Europe Composites Resin Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2025)
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
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
Europe Composites Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2025)
• Rest of Europe
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