COVID-19 Impact on Composites Market Forecast & Growth Analysis

Market Insights

COVID-19 impact on composites market is likely to witness a CAGR of 4.2% during the forecast period. The major factor contributing to the growth of the market for composites is mainly the increasing demand for high-performance materials from numerous industries.

Market Share Analysis

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COVID-19 Impact on Composites Market Share: By Fiber Type

Based on the fiber type, the market is segmented as glass fiber, carbon fiber, natural fiber, and others. The glass fiber segment held the largest share of the market in 2019, and is likely to remain dominant during the forecast period. Glass fiber exhibits superior properties such as high strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture, and is used for various applications in the construction, pipes & tanks, wind energy, marine, and transportation industries. The outbreak of COVID-19 resulted in a decline in the demand for composites due to production halt of glass fiber composites to maintain social distancing among floor workers, engineers, and other staff.

COVID-19 Impact on Composites Market Share: By Resin Type

Based on the resin type, the composites market is segmented as thermoset and thermoplastic. The thermoset segment leads the market, as thermoset composites are very durable and are low on maintenance because of their rigid interlinking molecular structure, inert chemical composition, and resistance to ultraviolet and chemical attack. The COVID-19 outbreak led the demand for thermoset resins below the 2019 level, owing to production halt from wind energy, automotive & transportation, aerospace & defense, pipes & tanks, and other industries.

Regional Analysis

In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with healthy growth opportunities. The growth of the market is mainly driven by the expanding transportation, wind energy, and construction & infrastructure industries in the major economies of the region. Advancements in technology, regulatory policies, and government norms are the major drivers of the region’s composites market. The demand for composites in the region is expected to decline owing to continuous lockdowns across various countries in 2020.

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Some of the major players in the market are-

• Owens Corning
• Toray Industries, Inc.
• Teijin Limited
• Mitsubishi Chemical Holdings Corporation
• Hexcel Corporation
• SGL Group
• Nippon Electrical Glass Co. Ltd.
• Koninklijke Ten Cate BV.
• Huntsman International LLC.
• Solvay S.A. 

Market Scope & Segmentation

Composites, also known as Fiber-Reinforced Polymer (FRP), are made from a polymer matrix that is reinforced with an engineered, man-made or natural fiber (such as carbon, glass, or aramid) or other reinforcing materials. These composites are obtained from a polymer matrix as these protect the fibers from any environmental and external damage which is strengthened with an engineered, man-made or natural fiber and then transfers the load between the fibers.

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

COVID-19 Impact on Composites Market Size, Share, & Forecast, by Fiber Type:

• Glass Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Carbon Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Natural Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

COVID-19 Impact on Composites Market Size, Share, & Forecast, by Resin Type:

• Thermoset (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Thermoplastic (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

COVID-19 Impact on Composites Market Size, Share, & Forecast, by End-Use Industry Type:

• Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Wind Energy (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Construction & Infrastructure (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Pipes & Tanks (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Electrical & Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

COVID-19 Impact on Composites Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the fiber types by end-use industry type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.