The German Association for Reinforced Plastics (AVK) has published “European Fiber Reinforced Plastics/Composites Market 2023,” its annual market report. Key points are as follows.
The German Association for Reinforced Plastics (AVK) has published “European Fiber Reinforced Plastics/Composites Market 2023,” its annual market report. Key points are as follows.
According to the latest JEC data, the global composites market will total 13 million tons in 2023. This is an increase of around 5% compared to the 2022 figure of 12.3 million tons.
In comparison, European composites production fell by 8% in 2023, with the total European composites market at 2.559 million tons, compared to 2.781 million tons in 2022. As a result, the market is falling, back to 2014 levels
Overall, the European market has less momentum than the global market. Europe's share of the global market is currently around 20%. The Americas have seen a slight increase in market share and now account for slightly more than 30%. Asia now accounts for approximately 50% of the global market.
The largest share of total composites production goes to the transportation industry, which accounts for nearly 50 percent of the market volume. The next two largest markets are the electrical/electronics industry and construction/infrastructure applications. The transportation sector includes automotive production as well as commercial vehicles, aviation, and public transportation. The construction/infrastructure sector includes pipelines, containers, tanks, profiles, and others. Electrical/electronic applications include switches, outboards, telecommunication equipment and control cabinets, among others.