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According to the new market research report “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″, The global composites market size is expected to decline from 90.6 billion in 2019 to USD 82.9 billion by 2021, at a negative growth rate of 4.4% over 2019. The composites industry is expected to decline in 2019 due to supply chain disruption caused by the COVID-19 pandemic.
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The glass fiber composites have superior attributes, such as strength, flexibility, durability, stability, lightweight, and resistance to heat, temperature, and moisture. Glass fiber composites are used in different end-use industry segments, such as construction, wind, pipe & tanks, marine, and transportation. There is a high demand for glass fiber composites from the wind energy and construction & infrastructure industries. It is expected to decline due to lockdown resulting in reduced wind capacity installations and the temporary suspension of operations in the automotive, aerospace, and construction industries.
In thermoset composites, thermoset resin is used as a matrix with fibers, including glass fiber, carbon fiber, natural fiber, and others. Currently, thermoset resins are widely used for manufacturing composites, as when uncured, they are in a liquid state at room temperatures. This unique property of thermoset resin allows for the convenient impregnation of reinforcing fiber. But, because of the lockdown situation occurred due to COVID-19, many floor workers are unable to work in manufacturing facilities, which has resulted in the reduction in output of several resins, such as epoxy resins. Thus, the demand for thermoset resins is expected to decline during the forecast period.
Browse and in-depth TOC on “COVID-19 Impact On Composites Market – Global Forecast to 2021”
47 – Tables
22 – Figures
75 – Pages
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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 aforementioned industries is expected to show a sharp decline. The global composites market size is expected to decline from USD 90.6 billion in 2019 to USD 82.9 billion by 2021, projecting a negative CAGR of 4.4% between 2019 and 2021.
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, due 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. These OEMs have announced the indefinite closure of their plants in North America and other regions. Boeing has closed its factories in Seattle and the 787 Dreamliner plant in South Carolina. Airbus also has stopped production at its plant in Alabama, US.
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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), Koninklijke Ten Cate bv. (Netherlands), 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 has compelled the companies to operate at partial capacities.
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/covid-19-impact-on-composite-market.asp
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