According to the recent report by Research & Markets, by 2030 the Europe composites market size will reach USD 35.59 billion, with a further increase of 6.3% during the forecasting period. The product demand across the region will be driven by the growing demand for lightweight materials in the automotive industry.
It was the growth of the aerospace and defense industry in Europe to provoke the demand for composites over the past few years. This tendency is expected to continue over the forecast period.
Strict rules and growing concerns for pollution have forced automotive industries to improve their technologies and to develop vehicles with pollution decrease.
A significant factor, which affects fuel efficiency and vehicular pollution, is the overall weight of the vehicle.
Properties of composites, as the higher strenght to weight ratio, have produced their spread in the automotive industry as a replacement for aluminum and steel.
OEMs are forced to reduce CO2 emissions from vehicles by the strict environment directives, but at the same time automotive manufacturers are compelled to use composites in the production process.
In 2022 the largest product segment in the Europe market has been glass fiber, which had a revenue share of 55.6%. The growth of german automative and wind energy industries will drive the european market. Carbon fiber is expected to register a CAGR of 8.6% of volume from 2023 to 2030, thanks to its increasing demand in the construction industry.
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16 February 2024
