Pultruded Panels Market Report
Pultruded Panels Market is Segmented by End-Use Industry Type (Building & Construction, Transportation, Aerospace & Defense, and Others), by Matrix Type (Polyester Composites, Vinyl Ester Composites, and Other Composites), by Reinforcement Type (Glass Composites and Carbon Composites), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Pultruded Panels Market is Segmented by End-Use Industry Type (Building & Construction, Transportation, Aerospace & Defense, and Others), by Matrix Type (Polyester Composites, Vinyl Ester Composites, and Other Composites), by Reinforcement Type...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Pultrusion requires no additional recognition for its contribution to the composites industry. The technology has earned a remarkable position over a period of time, especially in building & construction. A multitude of applications including rebars, structural profiles, windows, gratings, ladder rails, panels, and handrails, are increasingly fabricated through this process. Now, the composites industry stakeholders are heavily betting on the technology for the further penetration of composite materials in the mammoth construction sector, which still relies on the traditional materials, preferably steel.
Among all applications of pultrusion, panels are considered one of its major applications and are used in a gamut of end-use industries including building & construction, defense, and transportation. The panels made via pultrusion are gradually becoming a choice in all the major composite markets, driven by their inherent benefits including shorter lead time, higher strength, higher fiber-to-resin ratio, customizable parts, design flexibility, and uniform thickness.
The pultruded composites market is extremely fragmented with the presence of more than 500 companies equitably present across the world out of which some major companies have been efficacious in attaining indisputable market leads in their region. All the key market participants have gained excellent product development capabilities, an excellent distribution network, and a good customer base in various end-use industries.
Impact of COVID-19 on the Pultruded Panels Market
The rapid spread of the pandemic across the world has suddenly paused the composites industry's growth. All the composites industry verticals are somehow affected by the pandemic. Pultruded panel, an application occupying a diminutive share of the total composites industry, could not escape itself from the pandemic and is anticipated to mark a huge decline in its sales in 2020.
Stratview Research followed a three-way approach to understand as well as estimate the severity and recovery cycle of the market from the pandemic. Primary interviews with the industry stakeholders; past industry downturns caused by recession and pandemic; and available authentic data sources disclosing the possible decline due to the pandemic were considered as a base to estimate the pandemic’s impact on the pultruded panels market. The collective outcome of the study suggests that the market will follow a V-shaped recovery as it recorded in other downturns (The Great Recession); however, the recovery cycle would be slackened, taking a longer time than the ones taken during the great recession.
Also, there will be a double-digit decline in the demand for pultruded panels in the year 2020, followed by a hefty recovery in 2021 and a sequential growth pattern in the coming years. As a result, the pultruded panels market is expected to reach US$ 0.5 billion in 2025.
It becomes extremely crucial for the market participants to target the right applications/products. Our segment analysis will help them to build their short- as well as long-term growth strategies in order to sustain in this crucial time as well as to leverage healthy growth opportunities in the long run.
Among a gamut of end-use industries, building & construction, transportation, and aerospace & defense are the major ones, leveraging the benefits of pultruded panels. However, Building & Construction is expected to remain the largest market for pultruded panels in the coming five years. The demand for pultruded panels in building & construction is worryingly being affected by the pandemic. However, a quick recovery is anticipated in the coming years, filling the voids generated due to the pandemic. Transportation and aerospace & defense are anticipated to mark a huge decline in their pultruded panels’ demand in 2020 while anticipating a healthy recovery recouping their 2019-market size by 2025.
The selection of a resin system varies from application to application. Polyester, vinyl ester, and epoxy are the most common resin systems used widely in pultruded panels. Among all the resin systems, polyester composite is anticipated to maintain its lead in the market in the foreseen future. The resin system is also dominant in the entire pultruded composites market, driven by several factors including its lower cost and good properties.
Similar to resins, the selection of fiber for panels depends on several parameters including cost, performance, weight, etc. Glass fiber and carbon fiber are used in pultruded panels. Glass fiber composite is expected to maintain its supremacy in the market over the next five years, whereas carbon composite is expected to maintain its excellent growth pace by 2025. Carbon composites offer large number of benefits over glass composites. However, the high cost of carbon fiber restricts its widespread usage in the market, limited to high-performance applications demanding enormous weight saving.
In terms of region, North America is expected to remain the largest market for pultruded panels during the forecast period, mainly driven by the USA. Despite registering massive business loss in the region, the region is anticipated to maintain its lead in the global market in the coming five years, propelled by the huge demand for composites coupled with a robust supply chain.
After absorbing the COVID shockwave, Asia-Pacific, another major pultruded panels market, is anticipated to bounce back fast, imprinting an overall healthy recovery in the coming years. Increasing penetration of composite materials with pultrusion as one of the major manufacturing processes will further augment the demand for pultruded panels in the region. China, India, Australia, and Japan to be the growth engines of the region’s market during the forecast period.
The pultruded panels market is segmented into the following categories.