The global composites market, valued at approximately USD 100 billion in 2023, is expected to grow at a 7.2% compound annual growth rate (CAGR) from 2023 to 2030.
The RECREATE Exploitation Manager (META Circularity) in cooperation with AVK and Cobat Compositi, prepared a Composites Market Situation Analysis, providing a comprehensive view of the current state of the composites market and identifying key opportunities for growth.
The report explores the evolving trends in the European and global markets, with a focus on the increasing demand for high-value composite materials like Carbon Fiber Reinforced Plastics (CFRP) and Glass Fiber Reinforced Plastics (GFRP), particularly in industries like automotive, wind energy, and construction.
The global composites market, valued at approximately USD 100 billion in 2023, is expected to grow at a 7.2% compound annual growth rate (CAGR) from 2023 to 2030[1]. In Europe, the market was valued at USD 20.27 billion in 2023 and is projected to reach USD 31.54 billion by 2030, with a slightly lower CAGR of 6.3%[2]. Despite this growth in value, production volumes in Europe declined by 8% in 2023, reflecting shifting industry dynamics and rising opportunities for advanced composites[3].
Key sectors, such as the automotive industry, are undergoing transformation as manufacturers adopt lightweight materials to meet new EU regulations. These regulations, including mandates for set percentage of recycled plastics in vehicles by 2031[4], are driving increased demand for recycling technologies and sustainable materials. RECREATE is well-positioned to capture this market with its cutting-edge solutions in recycling and remanufacturing of composite materials.
Additionally, the wind energy sector, which relies heavily on GFRP for turbine blades, is projected to generate more than 200 kilotons of composite waste annually by 2040. RECREATE’s technologies for lifecycle extension and reuse of composite materials will play a crucial role in addressing this growing energy industry waste challenge.
For a detailed breakdown of these trends and more, you can access the full market report by clicking the button below:
Sources:
[1] Grand View Research. (2023). Composites Market Size, Share & Trends Analysis Report By Product Type, By Manufacturing Process, By End-use, By Region, And Segment Forecasts, 2023 – 2030. Available at: grandviewresearch.com.
[2] Market Data Forecast. (2023). Europe Composites Market Research Report 2024-2029. Available at: marketdataforecast.com.
[3] JEC Group. (2023). Overview of the Global Composites Market 2023-2028. Available at: jeccomposites.com.
[4] European Commission. (2024). End-of-Life Vehicles: Revision of EU Rules. Available at: ec.europa.eu.
