Lucintel Forecasts European Automotive Composites Market to Reach $5.7 Billion by 2028

According to the recent study the European automotive composites market is projected to reach an estimated $5.7 billion by 2028 from $4.1 billion in 2022, at a CAGR of 5.6% from 2022 to 2028. Growth in this market is primarily driven by increasing automotive production and growing demand for lightweight materials to achieve higher fuel efficiency and reduce greenhouse gas emissions.

Browse 86 figures/charts and 28 tables in this 146-page report to understand trends, opportunities and forecast in European automotive composites market by material type (SMC, BMC, GMT, SFT, LFT, CFT, Phenolic, PU, Natural Fiber, Carbon thermoset composites), by resin type(PP, PBT, Vinyl Ester, PA, Epoxy, Polyester, Phenolic and others), by fiber type (glass fiber, carbon fiber and natural fiber composites),by resin group (Thermoplastic and Thermoset Composites), and by application (interior, exterior, power train system, under body system, electrical and electronics and others).

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“Short fiber thermoplastic (SFT) market is expected to remain the largest segment during the forecast period.”

Based on material type, the European automotive composites market is segmented into SMC, BMC, GMT, SFT, LFT, CFT, Phenolic, PU, Natural Fiber, Carbon thermoset composites. Lucintel forecasts that the short fiber thermoplastic (SFT) market is expected to remain the largest segment due to ease of processing and better capability of making parts in complex geometry.

“Within the European automotive composites market, the power train system/engine components segment is expected to remain the largest resin type.”

Lucintel forecasts that power train system/engine components will remain the largest market by value and by volume over the forecast period due to increasing demand of composites in air intake manifold, engine cover/cam cover, radiator end cap, drive shaft, and suspension applications. Underbody Systems is expected to witness the highest growth over the forecast period.

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Major players of European automotive composites market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Magna International Corporation, Menzolit, Lorenz Kunststofftechnik GmbH, Ranger Italiana, Continental Structural Plastics, Lanxess, Hanwha, BASF, DSM, Quadrant Plastic Compositesand others are among the major European automotive composites providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/european-automotive-composites-market.aspx or helpdesk@lucintel.com.

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