Pultruded Panels Market Size, Impacted by COVID-19, to Reach US$ 0.5 Billion in 2025, Says..

Stratview Research 20-08-20

Stratview Research announces the launch of a new research report on Pultruded Panels Market by End-Use Industry (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), Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.

Stratview Research maintains its approach in conducting comprehensive studies in the niche market subjects that possess huge growth potential in the long run. This time, we have developed a comprehensive report on the pultruded panels market to complete our research portfolio of the FRP Panels & Sheets Market. The report studies the short-term as well as long-term repercussions of the pandemic in the business of pultruded panels at the global, regional, as well as country levels. Also, the report estimates the possible loss that the market participants will endure due to the pandemic in the coming five years. Apart from the pandemic’s detailed impact assessment, the report forecasts the long-term market view along with the identification of low-hanging fruits for the market participants.

Pultruded Panels Market: Highlights from the Report

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 in the coming years. As a result, the pultruded panels market is expected to reach US$ 0.5 billion in 2025.

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Market Segmentation

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 to sustain in this crucial time as well as to leverage healthy growth opportunities in the long run. 

By End-Use Industries: Building & construction is the largest application

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.

By Resin Type: Polyester resin dominates driven by lower cost and good properties

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.  

By Fiber Type: Glass fibers are mainly used to make pultruded panels 

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.

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Regional Analysis: North America to remain the largest market for pultruded panels

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.

Key Players

There is a high synergy between other pultruded products with pultruded panels. Most of the companies having pultrusion process capability are either fabricating pultruded panels or have the capability to fabricate pultruded panels. The supply chain of this market comprises raw material suppliers, pultruded panel suppliers, distributors/part brokers, tier players, and end-users. 

The key players in the pultruded panels market are 

  • Strongwell Corporation
  • Creative Pultrusion, Inc.
  • Exel Composites Oyj
  • Bedford Reinforced Plastics
  • Röchling Group (Glastic Corporation)
  • Fibergrate Composite Structures Inc.
  • Fiber-Tech Industries, Inc.

New product developments and strategic alliances are the key strategies adopted by major players to gain a competitive edge in the market.

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 on 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.

This report studies the pultruded panels market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:

Pultruded Panels Market, By End-Use Industry Type:

  • Building & Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Pultruded Panels Market, By Matrix Type:

  • Polyester Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Vinyl Ester Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Other Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Pultruded Panels Market, By Reinforcement Type:

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

Pultruded Panels Market, By Region:

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

Stratview Research has several high value market reports in the advanced materials industry. Please refer to the following link to browse through our reports:

Other related reports from Stratview Research:
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Fiber-Reinforced Plastic (FRP) Panels & Sheets Market by Process Type (Continuous Laminates, Pultruded Panels, Prepreg Laminates, Sandwich Construction, and Others), by End-Use Industry Type (Aerospace & Defense, Building & Construction, Recreational Vehicle, Transportation, Marine, and Others), by Resin Type (Thermoset Composites {Polyester and Others} and Thermoplastic Composites), by Fiber Type (Glass Composites and Carbon Composites), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.

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