Europe Composites Market Size, Share & Trends Analysis Report By Manufacturing Process, By Product (Carbon Fiber, Glass Fiber), By Application (Automotive & Transportation, Electrical & Electronics), By Region, And Segment Forecasts, 2023 - 2030

Europe Composites Market Size, Share & Trends Analysis Report By Manufacturing Process, By Product (Carbon Fiber, Glass Fiber), By Application (Automotive & Transportation, Electrical & Electronics), By Region, And Segment Forecasts, 2023 - 2030

Europe Composites Market Growth & Trends

The Europe composites market size is expected to reach USD 35.59 billion by 2030, registering a CAGR of 6.3% during the forecast period, according to a new report by Grand View Research, Inc. 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 2022, with a revenue share of 55.6%. 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 8.6% in terms of volume from 2023 to 2030 owing to its ascending requirement in the construction industry.

Europe Composites Market Report Highlights

• The Europe composites market was worth USD 19.35 billion in 2022 and is projected to expand at a CAGR of 6.3% over the forecast period
• Wind energy is projected to emerge as the fastest-growing application segment in Europe over the forecast period
• In 2022, The Germany accounted for the largest revenue share of 32.8%, driven by rising demand from the aerospace and automotive industries.

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