The European composites market 2024 – market developments, trends, challenges and outlook
Composites market continues downward trend
The European composites industry was unable to halt the downward trend in 2024. European production volumes fell significantly for the third year in a row.
The current development is largely due to structural weaknesses in key application areas as well as economic and industrial challenges in the core European regions. Germany, which remains the largest economy within the EU, is particularly affected. According to an initial estimate by EUROSTAT, GDP rose by 0.7% in the eurozone and by 0.8% in the EU. In the same period, it is estimated to have fallen by 0.2% in Germany. This negative trend was triggered by general economic weaknesses, particularly in the manufacturing and industrial sectors. The automotive industry and the construction and infrastructure sector in particular, as the most important application industries for the composites industry in Europe, are currently showing strong negative trends.
The picture for the composites industry is similar. The decline in absolute market volume in Europe was coupled with a growing global market. This drove the gap between the European and global composites industry ever wider. Europe’s market share has been declining for many years.
AVK’s Market Report for Fiber Reinforced Plastics / Composites 2024 sheds light on developments, trends and challenges and looks to the future. This press release is an abridged version of the report.
You can find the entire 2024 market report at: https://www.avk-tv.de/presse-publikationen/presse/