Europe Transportation Composites Market: Industry Analysis and Forecast (2023-2029)
Europe Transportation Composites Market was valued at USD 6.27 billion in 2022 And Market size is estimated to grow at a CAGR of 4.5 % .
Format : PDF | Report ID : SMR_811
Europe Transportation Composites Market Definition:
Transportation composites are employed in a wide range of markets, including aquatics, aerospace and defense, automotive, and more. Composites are appropriate for use in automobiles because they have increased abrasion resistance, greater immobility, high modulus, remarkable strength, low density, superior chemical resistance, and less creep.
Further, the Europe Transportation Composites Market is segmented by type, End User, and geography. Based on type, the Europe Transportation Composites Market is segmented under Thermoset and Thermoplastic. End User channel, the market is segmented under Airways, Roadways, waterways, and Railways. By geography, the market covers the major countries in Europe i.e., Italy, Germany, United Kingdom, Russia, France, and the Rest of Europe For each segment, the market sizing and forecasts have been done based on value (in USD Billion).
Transportation Composites COVID 19 Insights:
The weight reductions for a given level of strength, and the use of composites in the automotive and transportation market are significant. Vehicle weight reduction increased fuel economy, and the use of more modern materials are all priorities in the automobile and rail market. COVID-19 is wreaking havoc on automobile manufacturers all over the globe. Italy, Germany, the United Kingdom, Russia, France, and the Rest of Europe are the most affected countries, which are all major vehicle and transportation manufacturers. In 2021, the majority of automakers will experience a direct financial impact from the epidemic.
Europe Transportation Composites Market Dynamics:
Market Challenges: The Europe Transportation Composites Market has several challenges, including stringent environmental regulations and legislation, as well as increased landfill disposal restrictions and pricing. Furthermore, in a variety of markets, the rising use of life cycle assessment as part of the material selection process is putting composite end-of-life waste management under the microscope.
Furthermore, the growing amount of plastic waste has pushed legislators all over the world to enact strict environmental regulations. The passage of single-use plastic legislation in asseverations has drawn attention to government efforts to address the problems caused by plastic waste. As a result, strict environmental regulations will obstruct the growth of the Europe Transportation Composites Market over the period.
Restraints: In the Europe Transportation Composite market tight environmental rules and legislation, as well as rising limitations and pricing for rubbish disposal, are all putting pressure on the market. In addition, the expanding use of life cycle inspection as part of the material selection process in a variety of markets makes composite end-of-life waste management a hot topic.
For example, in the United Kingdom, it is believed that 90% of garbage now ends up in landfills, pushing the market to confront substantial societal and industrial challenges. Furthermore, the growing amount of plastic waste has spurred governments all over the world to establish strict environmental rules. The introduction of single-use plastic bags in several countries has highlighted government efforts to solve the problems produced by plastic waste.
Market Opportunities: in the Europe market the use of transportation composites in the aerospace market has expanded and improved. Thermoplastic basic structures for business jets and commercial aircraft are being expanded by aircraft manufacturers. Long fiber reinforced thermoplastics technology was first used by aircraft manufacturers. To develop as a viable option for boatbuilding and maritime constructions using transportation composites. Other powerboat sales climbed by 4% in 2020 over 2019, according to the National Marine Manufacturers Associations, based in Chicago, Illinois.
Europe Transportation Composites Market Segment Analysis:
By Type: there are two types of transportation composites thermoset and thermoplastics.
Thermosets are stable at high and dynamic temperatures, thermoset composites are suited for use in cookware, sanitary applications, and appliances. Thermoset composites also offer excellent insulating properties, making them ideal for working with hot materials and in high-temperature environments. UL94 HB, V-0, & 5VA for electrical applications, which may be found in UL File E53587, can be formulated to attain UL approval and flammability performance. Thermoset Composites are resistant to most industrial solvents and caustic chemicals. Because of this, they're ideal for exposed industrial companies, food processing, kitchens, and marine environments. Because thermoset composites are permanently hardened as a result of a crosslinking mechanism, they cannot be recycled or transformed.
Thermoplastic: Unlike thermoset resins, thermoplastic resins as matrix materials have the advantage of being able to deform and reform the composite generated. The composite that results is easily recyclable. Various types of thermoplastic resins are employed as matrix materials in the manufacture of composites. Complex material shapes can be easily created with thermoplastic composites. Because they can be stored at room temperature, they can also be used to construct large structures. When the thermoplastic material is heated, it softens and becomes thermoformable and heat-weldable.
It is possible to recover and reuse the material by melting it. Because of all of these benefits, Arkema's R&D is particularly interested in the development of thermoplastic resins for composite parts.
By End Users, Highways are likely to be the fastest-growing mode of transportation in terms of value. Roads are likely to be the fastest-growing mode of transportation. Composites are used in automobiles, military vehicles, buses, commercial vehicles, and racing, including Formula 1 and touring cars. They offer non-corrosiveness, non-conductivity, flexibility, low maintenance, long lifespan, and design flexibility, to name a few benefits. Glass fiber composites are widely used in automotive interior and exterior components. Composites' lightweight properties and high strength help OEMs meet stringent environmental regulations by reducing vehicle weight and fuel consumption. As a result, a large truck transporting composites is in high demand.
The market was dominated by Europes, which accounted for 21 % of the market share. Rising demand is likely to be driven by the region's robust car manufacturing market, as well as a high prevalence of electrical and electronic component manufacturers. The Europe region is the fastest growing in the composites market.
The Europe area's robust vehicle manufacturing market, combined with a high prevalence of electrical and electronic component companies, is expected to propel composites demand in the region. The market in Europe is being influenced by growing demand from the automotive sector, an increase in defense budgets in several nations, and an increase in demand from the electronics industry. Furthermore, increased manufacturer awareness of the product's benefits is expected to provide the region's market growth a boost.
The Europe automotive composites sector is likely to grow at a 7.5 % CAGR by 2027. The region is the world's leading producer of gasoline-powered vehicles. In addition, Europe produces a large number of composites, offering Europe automakers a competitive advantage. Growing demand in key areas such as automotive and transportation, aerospace and defense, building and construction, and electrical and electronics is likely to present market players with significant opportunities. Moreover, the rising urbanization of cities, as well as the presence of various manufacturers such as Toray Market Inc. and Mitsubishi Chemical Holdings Corporation, are expected to boost the regional market.
Europe continues to dominate the transportation composites market, with France accounting for 70% of glass fiber production. However, the market has been drifting downward in recent years as a result of the implementation of rigorous environmental and industrial restrictions. In the Europe Transportation Composites Market, innovation is assisting firms in achieving market competitiveness. Traditional lay-up production is being phased out in Italy, Germany, the United Kingdom, Russia, France, and the Rest of Europe.
Europe Transportation Composites Market Key Players Insights:
The market is characterized by the existence of several well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.
The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the Europe market, key players in the market, particularly in this region, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.
The objective of the report is to present a comprehensive analysis of the Europe Transportation Composites Market to the stakeholders in the industry. The report provides trends that are most dominant in the Europe Transportation Composites Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Europe Transportation Composites Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Europe Transportation Composites Market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Europe Transportation Composites Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Europe Transportation Composites Market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Europe Transportation Composites Market. The report also analyses if the Europe Transportation Composites Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Europe Transportation Composites Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Transportation Composites Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Transportation Composites Market is aided by legal factors.
Europe Transportation Composites Market Scope:
Europe Transportation Composites Market Scope
Market Size in 2022
USD 6.27 Bn.
Market Size in 2029
USD 8.53 Bn.
by End User
North America- United States, Canada, and Mexico
Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe
Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC
Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa
South America – Brazil, Argentina, Rest of South America
Europe Transportation Composites Market KEY PLAYERS:
- Arenal PCS B.V.(Netherland)
- Nivus Gmbh (Weston)
- Monitor Technologies, LLC(Spain)
- Redwave (Austria)
- Bema (Haderslev)
Frequently Asked Questions
The segments covered in the Europe Transportation Composites Market report are based on Type, End User.
The market size of the Europe Transportation Composites Market by 2029 is expected to reach USD 8.53 Billion.
The forecast period for the Europe Transportation Composites Market is 2023-2029
The market size of the Europe Transportation Composites Market in 2022 was valued at USD 6.27 Billion.
- Scope of the Report
- Research Methodology
- Research Process
- Europe Transportation Composites Market: Target Audience
- Europe Transportation Composites Market: Primary Research (As per Client Requirement)
- Europe Transportation Composites Market: Secondary Research
- Executive Summary
- Competitive Landscape
- Stellar Competition matrix
- Europe Stellar Competition Matrix
- Key Players Benchmarking: - by Product, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
- Mergers and Acquisitions in Industry: - M&A by Region, Value, and Strategic Intent
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- PESTLE Analysis
- PORTERS Five Force Analysis
- Value Chain Analysis
- Stellar Competition matrix
- Europe Transportation Composites Market Segmentation
- Europe Transportation Composites Market, by Type (2022-2029)
- Europe Transportation Composites Market, by End User (2022-2029)
- Europe Transportation Composites Market, by Country (2022-2029)
- United kingdom
- Rest of Europe
- Europe Transportation Composites Market, by Type (2022-2029)
- Company Profiles
- Key Players
- Company 1
- Company Overview
- Product Portfolio
- Financial Overview
- Business Strategy
- Key Developments
- Arenal PCS B.V.
- NIVUS Gmbh
- Monitor Technologies
- Company 1
- Key Players
- Key Findings