Composites Market Trends - What will be the Short-term Impact of COVID-19? | SGL Carbon, Solvay, EXEL GROUP, Composite Solutions Corp, Owens Corning, Toray Industries, Inc., etc

The global composites market is anticipated to gain momentum from their possession of several beneficial properties. Composites have long lifespan, high strength, and are capable of resisting corrosion. They are mainly used to build resilient structures such as seawalls, bridges, drainage/water systems, and roads. Fortune Business Insights™ provided this information in a recent study, titled, “Composites Market Size, Share & Industry Analysis, By Matrix (Polymer matrix composites, Ceramic matrix composites and Metal matrix composites), by Polymer matrix composites (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset, Thermoplastics}), by Application, and Regional Forecast, 2019-2026.” The study further mentions that the composites market size stood at USD 93.68 billion in 2018 and is projected to reach USD 163.23 billion by 2026, thereby exhibiting a CAGR of 7.26% in the forecast period.

COVID-19 Impact Analysis:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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Highlights of the Report:

• Extensive research on the influential vendors and enterprises present in the market.
• Notable technological advancements, prevalence expansion strategies, and import & export status of the participants.
• A conclusion with elaborate data triangulation and breakdown.
• 360-degree overview of the competitive landscape.

Drivers & Restraints-

Ability to Fulfil Changing Consumer Demand to Aid Growth

Composites are considered to be global entities that help in fulfilling the growing demand of the consumers for a wide range of unique composite structures, design patterns, and highly engineered parts. The market is capable of serving numerous highly vertical industries, such as wind power, consumer goods, marine, aerospace, and automotive. These industries use composites as per their cost thresholds, consumer demand, regulations, and part performance requirements. In the aerospace industry, for instance, the process technology, cost, and material vary greatly, as compared to the automotive industry. Being diverse materials, composites can be adopted in a large number of applications. They are very durable, lightweight, stiff, and robust. However, the strict environmental legislation and rules may obstruct the composites market growth in the near future.

Segment-

Need to Lower Weight of Vehicles to Drive Growth of Automotive Segment

In terms of application, the market is grouped into defence & aviation, maritime, wind power, consumer goods, pipes & tanks manufacturing, electrical & electronics goods, building & construction, automotive, and others. Out of these, the automotive segment held 28.78% composites market share in 2018. This growth is attributable to the increasing usage of composites in the industry to lower the weight of the vehicles.

Regional Analysis-

Asia Pacific to Lead Stoked by the Presence of Numerous Industry Giants

Asia Pacific is expected to dominate the market throughout the forthcoming years backed by the rising demand for composites from well-developed industries, such as electrical & electronics, automotive & transportation, building & construction, and aerospace. Apart from that, the rapid urbanization in several countries in this region is opening doors to opportunities for industry giants, such as Mitsubishi and Toray. These companies are opening their offices in Asia Pacific. North America, on the other hand, procured USD 27.61 billion revenue in 2018. It is anticipated to remain in the second position owing to the high demand from the aerospace and defense industry.

Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/composites-market-102295

Competitive Landscape-

Key Players Focus on the Strategy of Acquisition to Strengthen Position

The companies present in the market are constantly focusing on strengthening their position and expanding their product portfolio. To do these, they are adopting the strategy of mergers and acquisitions. Below are two of the latest industry developments:

• September 2019: The entire composites business of Ashland Global Holdings Inc. was successfully acquired by INEOS Enterprises. The deal also includes the acquisition of the company’s BDO facility located in Germany. It would help INEOS to fulfil its goal of becoming one of the leading specialty chemical companies in the market.

• July 2019: Matrix Composites, Inc. was acquired by ITT Inc. to improve the latter’s product portfolio with technologically advanced and differentiated businesses. It would also refine Matrix’s ability to better serve its existing and new aerospace consumer with the help of an expanded set of composite skills.

Fortune Business Insights™ lists out the names of all the composites manufacturers operating in the global market. They are as follows:

• Huntsman International LLC.
• Owens Corning
• Teijin Limited
• Hexcel Corporation
• Toray Industries, Inc.
• Composite Solutions
• Mitsubishi Chemical Holdings Corporation
• Exel Group
• SGL Carbon
• Veplas D.D.
• Solvay
• Others

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