How is the European market for Fiber-Reinforced Plastics / Composites developing?
A recent study published by the AVK – Federation of Reinforced Plastics, a partner of the RECREATE consortium, has shed light on the current landscape of the composites industry through a comprehensive analysis of market developments, trends, challenges, and prospects. The findings underscore a nuanced picture, characterised by both opportunities and obstacles.
Over the years, the composites market has experienced a trajectory of steady growth, establishing itself as a vital component across diverse sectors such as construction, infrastructure, mobility, and electrical/electronics. However, since 2018, the market has encountered notable fluctuations, influenced significantly by macroeconomic factors. This trend has especially impacted key segments like construction and automotive, which now grapple with substantial challenges.
According to data from the JEC, the global composites market witnessed a modest yet notable growth, reaching a volume of 13 million tons in 2023, marking a 5% increase from the previous year. Conversely, the European market experienced a decline of 8% in production volume during the same period, totaling 2,559 kilotons. This regression reflects a return to levels observed in 2014.
Despite these fluctuations, the outlook for composites remains promising. With their unique properties, composites are poised for extensive utilisation across various present and future applications. Moreover, the industry’s inherent culture of innovation continues to drive advancements, tracing its roots back to the pioneering developments of the 1920s. From enabling breakthroughs in the wind energy sector to fostering continuous innovation, composites have proven their versatility and adaptability over time.
As industries navigate through uncertainties, the resilience and adaptability of composites emerge as pivotal assets. While challenges persist, the foundation of innovation and versatility positions composites as a cornerstone of future advancements across industries. With strategic foresight and innovative approaches, stakeholders can harness the potential of composites to navigate through dynamic market landscapes and emerge stronger.
For those interested in delving deeper into the report, it is openly available for download here: https://www.recreatecomposites.eu/wp-content/uploads/2024/05/avk_marketreport_2024_final_eng.pdf
