The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the COVID-19 Impact on Composites Market.
It was estimated prior to this unanticipated outbreak that the COVID-19 Impact on Composites Market was expected to grow at a CAGR of 4.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Composites, also known as Fiber-Reinforced Polymer (FRP), are made from a polymer matrix that is reinforced with an engineered, man-made or natural fiber (such as carbon, glass, or aramid) or other reinforcing materials. These composites are obtained from a polymer matrix as these protect the fibers from any environmental and external damage which is strengthened with an engineered, man-made or natural fiber and then transfers the load between the fibers.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the fiber type, the market is segmented as glass fiber, carbon fiber, natural fiber, and others. The glass fiber segment held the largest share of the market in 2019, and is likely to remain dominant during the forecast period. Glass fiber exhibits superior properties such as high strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture, and is used for various applications in the construction, pipes & tanks, wind energy, marine, and transportation industries. The outbreak of COVID-19 resulted in a decline in the demand for composites due to production halt of glass fiber composites to maintain social distancing among floor workers, engineers, and other staff.
Based on the resin type, the composites market is segmented as thermoset and thermoplastic. The thermoset segment leads the market, as thermoset composites are very durable and are low on maintenance because of their rigid inter-linking molecular structure, inert chemical composition, and resistance to ultraviolet and chemical attack. The COVID- 19 outbreak led the demand for thermoset resins below the 2019 level, owing to production halt from wind energy, automotive & transportation, aerospace & defense, pipes & tanks, and other industries.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with healthy growth opportunities. The growth of the market is mainly driven by the expanding transportation, wind energy, and construction & infrastructure industries in the major economies of the region. Advancements in technology, regulatory policies, and government norms are the major drivers of the region’s composites market. The demand for composites in the region is expected to decline owing to continuous lockdown across various countries in 2020.
Some of the major players in composites market are Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., Koninklijke Ten Cate BV., Huntsman International LLC., and Solvay S.A.