Composites are used in a variety of end-use industries, including aerospace & defense, transportation, wind energy, marine, pipes & tanks, construction & infrastructure, and electrical & electronics. Led by strong end-user demand, the composites market is expected to grow at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for composites from the industries mentioned above is expected to show a sharp decline. The global composites market size is expected to grow decline from USD 74.0 billion in 2020 to USD 112.8 billion by 2025, projecting a CAGR of 8.8% during the forecast period between 2020 and 2025.
APAC is the largest market for composites. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as pipes & tanks, wind energy, and construction & infrastructure. Also, the large market share in the region for composites is due to growth is due to the increase in opportunities in the transportation industry that exist in structural applications. However, COVID-19 has affected the major countries of APAC, such as China, Japan, South Korea, India, among others. COVID-19 has slowed down the economy of the region resulting in a reduction in wind energy installations, construction activities, automobile, and aircraft production. This, in turn, has resulted in a decrease in demand for composites in the region.
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Over the past years, companies have strengthened their position in the global composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for composites from wind turbine installations, automotive and aircraft manufacturing, and construction sectors has declined sharply. For instance, the demand for composites from two major commercial aircraft manufacturers, Boeing and Airbus, has decreased drastically due to zero orders for new aircraft in January and February, respectively. In the wind energy sector, international and domestic travel bans are creating problems in the routine maintenance, operations, and procurement of materials and related equipment, thereby reducing composites demand.
The major manufacturers profiled in this report include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium), among others. The composites business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. Reduced demand for composites from several OEMs and disruption in the supply chain have compelled the composites manufacturing companies to operate at partial capacities. However, several composite manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for composites during the forecast period. For instance, Toray Industries, Inc. has designed high tensile modulus carbon fiber and thermoplastic pellets that enable efficient production of complex rigid and lightweight parts in various composites end-use industries.
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