The European composites market 2023 – market developments, trends, challenges and outlook
Macroeconomic developments weigh on composites market
After a long phase of continuous growth, the composites market has seen strong fluctuations since 2018. This industrial sector is particularly dependent on macroeconomic influences. In 2023, the overall market for composites in Europe fell by 8 %.
The mood on the markets in Germany and Europe is currently rather negative within the sector. The main drivers are the persistently high energy and commodity prices. In addition, there are problems in logistics chains and a restrained consumer climate. A slowdown in global trade and uncertainties in the political arena are fueling the negative sentiment. Despite rising registration figures, the automotive industry, the most important application area for composites, has not yet returned to its old pre-2020 volume. The construction industry, the second key area of application, is currently in crisis. These factors have already caused the European composites production volume to fall significantly in recent years. There has now been another decline in Europe for 2023.
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