COVID-19 Impact On Composites - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global COVID-19 Impact On Composites Market is accounted for $90.60 billion in 2019 and is expected to reach $149.94 billion by 2027 growing at a CAGR of 6.5% during the forecast period. Some of the key factors propelling the market growth include increasing use of composites in commercial aircraft, government stimulus packages, increase in the use of carbon fiber in wind blades, and low crude oil prices. However, impacts on supply chain and logistics lower capacity utilization are expected to restrain the market growth.
Composites which are in natural or synthetic form are also called as fiber-reinforced polymer (FRP) composites. These composites are obtained from a polymer matrix as these protects the fibers from any environmental and external damage which is strengthen with an engineered, man-made or natural fiber and then transfers the load between the fibers. Composite is a physical combination of two or more materials as to produce a combination of structural properties which is not present in any individual component.
By resin type, thermoset composites segment is expected to grow at the significant rate during the forecast period. Thermoset composites are very durable and low on maintenance because of their rigid inter-linking molecular structure, inert chemical composition, and resistance to ultraviolet and chemical attack. However, due to COVID- 19, the demand for thermoset resins from wind energy, automotive & transportation, aerospace & defense, pipes & tanks, and other industries is expected to decline.
On the basis of geography, APAC is the major consumer of composite owing to high demand from China, Japan, India, and other countries. Major end-use industries of composites in the APAC market include construction, automotive & transportation, aerospace & defense, and wind energy, among others. Advancements in technology, regulatory policies, and government norms are some of the major factors driving the composites market in APAC. However, the COVID-19 pandemic is expected to reduce the demand for composites in the region owing to continuous lockdown across various countries.
Some of the key players in COVID-19 impact on composites market include Huntsman International LLC., TPI Composites, Inc, Hexagon Composites, Schulman, Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., Koninklijke Ten Cate bv., HITCO Carbon Composites, Inc., Solvay, Exel Composites, The Quadrant Group of Companies, Core Molding Technologies, Continental Structural Plastics, Menzolit GmbH, and GKN Aerospace.
Resin Types Covered:
• Thermoplastic Composites
• Thermoset Composites
Fiber Types Covered:
• Ceramic Matrix Composites
• Metal Matrix Composites
• Polymer Matrix Composites
End Users Covered:
• Construction & Infrastructure
• Marine & Oil & Gas
• Aerospace & Defense
• Wind Energy
• Automotive & Transportation
• Filament Winding
• Compression Molding
• Pultrusion Process
• Layup Process
• Injection Molding
• Resin Transfer Molding
• Other Technologies
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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