The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
An up to date business intelligence report compiled at Persistence Market Research (PMR) notifies that the shares in the global automotive composites market are moderately consolidated among a handful of players who have the technological expertise to cater to diverse demands. In the automotive industry, the current trend is to develop vehicles that are fuel efficient, and a number of players are transforming their business to meet these changing requirements. For instance, Toray Industries has inaugurated a new production facility in Japan that is expected to starting churning out electrode sheets for nearly 100,000 fuel cell vehicles each year from 2018 onwards. Toray’s new carbon fiber composite is expected to be stronger and lighter with complex shapes.
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Toho Tenax is another reputed name in the global automotive composites market, providing customized products from lightweight electric hybrids to high-performance racing cars. Some of the popular products from the company are Tenax Filament Yarn, Tenax ThermoPlastics, Tenax Short Fibers, Tenax Dry Reinforcements, Tenax Part via Preform, and Tenax Prepreg. Solvay S.A. is another key holding a strong position in the global automotive composites market, offering its DForm® component technology that serves the high and medium volume automobile market, providing high deposition rates and ease of processing with its continuous fiber advanced molding system.
Global Automotive Composites Market to Attain Valuation of US$7,019.7 million by 2022
As per the projections of the PMR report, the demand in the global automotive composites market will swell at an impressive CAGR of 8.9% over the course of the forecast period of 2017 to 2022. In terms of revenue, the scopes in this market are estimated to be worth US$7,019.7 by the end of 2022, considerably more than the market’s evaluated worth of US$4,589.7 million in 2017. The analysts of the report have identified SGL Group from Germany, Mitsubishi Chemical Company from Japan, and Owens Corning and Plasan Carbon Composites from the U.S. as some of the other companies currently ahead of the curve in the global automotive composites market.
Based on composite materials, the PMR report segments the market for automotive composites into polymer matrix, ceramic matrix, and metal matrix. On the basis of manufacturing process, the market has been bifurcated into injection and continuous process, compression process, and manual process. The market has also been categorized on the basis of composite components, into engine and drivetrain components, exterior, and interior. Geographically, Asia Pacific has been picked out as the region with maximum opportunities. By the end of 2022, this region is anticipated to provide for more than half of the total demand in the global automotive composites market.
Top companies profiled in this report are:
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