Global Composites Market to Exhibit a Negative CAGR of 4.4% Between 2019 & 2021 due to the Halt of Manufacturing Operations Worldwide Amid COVID-19
DUBLIN, May 26, 2020 /PRNewswire/ -- The "COVID-19 Impact on Composites Market by Fiber Type (Glass Fiber, Carbon Fiber and Natural Fiber), Resin (Thermoset Resin and Thermoplastic Resin), End-use Industry and Region - Global Forecast to 2021" report has been added to ResearchAndMarkets.com's offering.
The Global Composites Market is projected to decline from USD 90.6 billion in 2019 to USD 82.9 billion by 2021, at a negative CAGR of 4.4% between 2019 and 2021.
Composites offer exceptional properties, such as stiffness, strength, tenacity, density, and thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties offered by the composites, conventional materials such as aluminum steel are preferred less in high-performance applications.
However, global pandemic disease COVID-19 has forced the automotive, wind blades, and aircraft manufacturers to shut down their operations, which is expected to decrease the demand for composites in 2020.
Natural fiber composites are the fastest-growing fiber type of composites market in terms of value.
Natural fiber composites are projected to register the highest CAGR in terms of value between 2019 and 2021. Natural fibers, such as flax, hemp, jute, and kenaf, along with a polymer matrix, such as polypropylene, epoxy, polyethylene, or polyesters, form the natural fiber composite. The use of natural fiber composites is growing as an alternative to glass fiber composites in many end-use industries.
Thermoplastic composites are the fastest-growing resin type of composites, in terms of value.
Thermoplastic composites are the fastest-growing resin type. The thermoplastic composites are easy to remold, and reform and hence can be reused. Thus, the companies are investing in R&D for the mass production of thermoplastic composites to reduce its cost.
However, continuous lockdown in the US, Spain, Italy, India, and other countries has paused the production of automobiles, aircraft parts, wind blades, and other components, which have affected adversely to the composite manufacturers and might reduce the demand for composites from various end-use industries.
Wind energy is the fastest-growing end-use industry of composites, in terms of value.
The wind energy end-use industry is expected to register the highest CAGR during the forecast period. The use of composites in wind turbines provides high tensile strength, helping manufacturers to achieve larger blades and higher energy output. Due to its corrosion resistance properties, composites have helped the wind industry to grow by allowing wind turbines to work in the harshest environments.
Due to COVID-19, there is partial production in various wind blade manufacturing facilities. A delay in production and supply of wind components may postpone the installation schedule, thereby affecting the future demand for composites in the wind energy sector.
APAC is the fastest-growing composites market.
APAC is projected to register the highest CAGR in terms of value in the global composites market during the forecast period. APAC dominated the composites industry in 2019. The composites manufacturing companies have ample opportunities in the APAC market in comparison to the European and North American counterparts owing to low-cost labor and raw materials.
Various wind blade manufacturers and automotive companies have halted their production sites across various countries to avoid further spread of coronavirus. This halt in production has led to reduced demand for composites in various Asian countries, including India and China.
Companies Profiled
- Hexcel Corporation (US)
- Huntsman International LLC. (US)
- Koninklijke Ten Cate BV (Netherlands)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Nippon Electrical Glass Co. Ltd. (Japan)
- Owens Corning (US)
- SGL Group (Germany)
- Solvay (Belgium)
- Teijin Limited (Japan)
- Toray Industries, Inc. (Japan)
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Inclusion
1.3.1 Analysis of COVID-19 on Raw Material Industry
1.3.2 Analysis of COVID-19 on End-use Industry
1.4 Market Scope
1.4.1 Composites Market Segmentation
1.4.2 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology
3 COVID-19 Assessment
3.2 COVID-19 Economic Assessment
3.2.1 COVID-19 Economic Impact - Scenario Assessment
4 Covid-19 Impact on Composites Industry Ecosystem
4.1 Value Chain of Composites Industry
4.2 Impact on Value Chain
4.2.1 Raw Materials
4.2.2 Intermediates
4.2.3 Molder
4.2.4 OEM/Assembly
4.3 Macroeconomic Indicators
4.3.1 Drivers
4.3.1.1 Government Stimulus Packages
4.3.1.2 Tax Incentives
4.3.1.3 Low Crude Oil Prices
4.3.2 Restraints
4.3.2.1 Impact on Supply Chain and Logistics
4.3.2.2 Lower Capacity Utilization
4.3.2.3 Liquidity Crunch
5 Customer Analysis
5.1 Shift in the Automotive Industry
5.1.1 Disruption in the Industry
5.1.2 Impact on Customers' Output & Strategies to Resume/Improve Production
5.1.2.1 Impact on Revenue Generated from Customers
5.1.2.2 Most Affected Countries
5.1.2.3 Short-Term Strategies to Manage Cost Structure and Supply Chains
5.1.2.4 Impact on Electric Vehicle (EV) Demand due to Lower Oil Prices
5.1.3 New Opportunities
5.1.3.1 Measures Taken by Customers
5.1.3.2 Customers' Perspective on Growth
5.2 Shift in the Aerospace Industry
5.2.1 Disruption in the Industry
5.2.2 Impact on Customers' Output & Strategies to Resume/Improve Production
5.2.2.1 Impact on Customers' Revenue
5.2.2.2 Most Affected Countries
5.2.2.3 Short-Term Strategies to Manage Cost Structure and Supply Chains
5.2.3 New Opportunities
5.2.3.1 Opportunity in Drones Market for Supply and Delivery
5.2.3.2 Measures Taken by Customers
5.2.3.3 Customers' Perspective on Growth
5.3 Shift in the Wind Energy Industry
5.3.1 Disruption in the Industry
5.3.2 Impact on Customers' Output & Strategies to Resume/Improve Production
5.3.2.1 Impact on Customers' Revenue
5.3.2.2 Most Affected Countries
5.3.2.3 Short-Term Strategies to Manage Cost Structure and Supply Chains
5.3.3 New Opportunities
5.3.3.1 Measures Taken by Customers
5.3.3.2 Customers' Perspective on Growth
6 Strategies of Composites Companies to Fight COVID-19 Impact
6.1 Impact on Composites Companies
6.1.1 Production Disruption
6.1.2 Decline in Demand
6.1.3 Regions/Countries Affected
6.1.4 Raw Material Supply Disruption
6.1.4.1 Disadvantages due to Raw Material Supply Hindrance
6.1.4.2 Advantages due to Raw Material Supply Hindrance
6.2 Winning Strategies to Gain Market Share
6.2.1 Short-Term Strategies
6.2.2 Mid-Term Strategies
6.2.3 Long-Term Strategies
7 Impact of COVID-19 Pandemic on Composites Market
7.1 Fiber Type
7.1.1 Glass Fiber Composites
7.1.2 Carbon Fiber Composites
7.1.3 Natural Fiber Composites
7.1.4 Others
7.2 Resin Type
7.2.1 Thermoset Composites
7.2.2 Thermoplastic Composites
7.3 End-use Industry
7.3.1 Automotive & Transportation
7.3.2 Aerospace & Defense
7.3.3 Wind Energy
7.3.4 Construction & Infrastructure
7.3.5 Pipes & Tanks
7.3.6 Marine
7.3.7 Electrical & Electronics
7.3.8 Others
7.4 Region
7.4.1 North America
7.4.1.1 US
7.4.1.2 Canada
7.4.2 Europe
7.4.2.1 Germany
7.4.2.2 France
7.4.2.3 Uk
7.4.2.4 Italy
7.4.2.5 Spain
7.4.2.6 Russia
7.4.2.7 Rest of Europe
7.4.3 APAC
7.4.3.1 China
7.4.3.2 Japan
7.4.3.3 India
7.4.3.4 South Korea
7.4.3.5 Rest of APAC
7.4.4 Middle East & Africa (MEA)
7.4.4.1 UAE
7.4.4.2 Saudi Arabia
7.4.4.3 Rest of MEA
7.4.5 Latin America
7.4.5.1 Brazil
7.4.5.2 Mexico
7.4.5.3 Rest of Latin America
For more information about this report visit https://www.researchandmarkets.com/r/fyzxpi
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