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Leading Market Leader – COVID-19 Impact on Composites Market

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Leading Market Leader – COVID-19 Impact on Composites Market

November 24
00:20 2021
Leading Market Leader - COVID-19 Impact on Composites Market
Browse 47 market data Tables and 22 Figures spread through 75 Pages and in-depth TOC on “COVID-19 Impact on Composites Market”
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

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.

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. However, COVID-19 has affected the entire world disastrously, and APAC is one of the most affected regions, globally. The deadly virus has affected various major markets in APAC, including China and India. It has forced the government to lock down the that resulted in slow down across various sectors, including wind energy, aerospace & defense, and transportation. Wind energy is one of the most widely affected industries in China, and it is expected to reduce the wind energy installations in the country in 2020.

To know about the assumptions considered for the study download the pdf brochure 

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.

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.

Recent Developments:

  • Toray Carbon Fibers (Europe) stopped production from March 17th, 2020, due to the COVID-19 impact.
  • SGL is expecting a fall in its revenue by around 10%-15% in 2020 due to effects from the COVID-19 pandemic.
  • For Owens Corning in many countries, glass fiber sites have been temporarily impacted by government directives.                                           
  • In July 2019, Owens Corning announced the signing of a definitive agreement where it will acquire Saint-Gobain’s Reinforcement and Composites business for $640 million. This would build Owen’s Corning’s position as a market leader in glass reinforcements and composites.
  • In October 2017, Hexcel entered into a contract with UTC Aerospace Systems to supply advanced composites for various commercial aerospace programs. This helped the company to underscore its position as a leader in carbon fiber reinforcements in the commercial aerospace industry. 
  • In April 2018, Toray expanded the large tow carbon fiber production capacity at its US-based subsidiary, Zoltek Companies, Inc. They are also planning to increase the production capacity of Zoltek’s Hungarian and Mexican facilities. This will lead to Zoltek’s total annual production capacity of approximately 25,000 tons.

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