Due to COVID-19, according to a research published by Markets&Markets, the global composites market size is projected to grow from USD 90.6 billion in 2019 to USD 82.9 billion by 2021, at a negative CAGR of 4.4% from 2019 to 2021. Despite this, the composites industry is expected to grow due to expected economic recovery resulting in increasing demand from wind energy, aerospace & defense, and automotive & transportation industries.
The automobile manufacturers across the globe are facing severe impact. The US, Japan, South Korea, Italy, Germany, and the UK are the most affected countries, which are the major automotive & transportation manufacturing countries. The majority of the automobile manufacturers will witness a direct impact of the pandemic situation on their 2020 revenue.
The demand for glass fiber-based composites has suffered a setback due to the outbreak of COVID-19 in the major glass fiber composite manufacturing countries- India and China. The production of glass fiber composites has been stopped or slowed down to maintain social distancing among floor workers, engineers, and other staff.
Also the demand for thermoset resins from wind energy, automotive & transportation, aerospace & defense, pipes & tanks, and other industries is expected to decline.
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28 April 2020
