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.

Report Insights:

The report focuses on market based on demographics, geography, features, and volume, among other things, and determines the most appealing segments and sub-segments. The segmentation has been based on the fact that it will not only help businesses save time, money, and other resources, but it will also allow businesses to learn more about their target audience in order to adapt campaigns and gain market share and income.

The report on COVID-19 Impact on Composites by Stratview Research helps clients in discovering the simplest opportunities to achieve success within the market with effective methods of research used while formulating the market report.

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.

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.

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.

The study conducted while compiling this market report analyses the market status, share, rate of growth, present and future trends, market drivers, opportunities and challenges, risks within the industry. This market research report delivers full knowledge about the market and competitive landscape.

Key Players

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. 

Attributes of the market report:

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value, 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. Furthermore, we have thoroughly leveraged our huge database, gathered during the preparation of our comprehensive reports on the COVID-19 Impact on Composites market, in order to take the veracity of market estimations to the next level.

The following are the key features of the report:

• Comprehensive overview of 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 forecast analysis
• Recent market segment forecast
• Competitive landscape and dynamics: Market share, product portfolio, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors
• In-depth market segmentation (Trends, Growth with Historical Forecast Analysis)

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