The Europe Composites Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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.
Key Players:
- Teijin Limited
- Toray Industries, Inc.
- Owens Corning
- Nippon Electric Glass Co., Ltd.
- Huntsman International LLC
- SGL Group
- Hexcel Corporation
- DowDuPont Inc
- Compagnie de Saint-Gobain S.A.
- Weyerhaeuser Company
- Momentive Performance Materials, Inc.
Request free sample to get a complete analysis of top-performing companies @ https://www.millioninsights.com/industry-reports/europe-composites-market/request-sample
Growth Drivers:
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.
End-use Outlook:
- Automotive & Transportation
- Aerospace & Defense
- Electrical & Electronics
- Wind Energy
- Construction & Infrastructure
- Pipes & Tanks
- Marine
Regional Outlook:
Western European countries have dominated the largest market share, in 2018. The penetration of new aircraft manufacturers in this region is projected to increase competition among key aircraft manufacturers, which is expected to propel the Europe composites market growth over the forecast period. In addition, significant demand for composites in the defense sector will boost the market growth over the forecast period in Europe.
In Europe, Germany accounted for the largest market share, in 2018 and expected to retain its position during the forecast period. The emergence of Future Combat Air System projects will drive the demand for composites by aerospace application.
U.K. is projected to grow at a CAGR of over 6.0% in terms of revenue over the forecast period. Rising demand for products by electronic and electrical sectors is majorly fueling the market growth in this country.
COVID-19 Impact Analysis:
The outbreak of the COVID-19 virus has negatively impacted the market. In Europe, government across several countries such as Germany, U.K., Spain and others have imposed lockdowns and stopped physical business operations of numerous industries including aerospace & defense, marine, automotive and electrical and electronics in order to prevent spread of virus infection. This scenario has declined sales of composites in Europe.
However, several countries in Europe are looking for fast recovery from economic crises which is expected to drive the demand for composites across end-use verticals post-pandemic.
Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
No comments:
Post a Comment