(Aviation-NewsWire.Com, September 18, 2021 ) Global lockdown, companies operating at partial capacities, and disruption in the supply chain to negatively affect the growth of composite manufacturing companies
Composites are used in a variety of end-use industries, including aerospace &defense, transportation, wind energy, marine, pipes& tanks, construction & infrastructure, and electrical & electronics. Led by strong end-user demand, the composites marketis expected to grow at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for composites from the aforementioned industries is expected to show a sharp decline. The global composites market size is expected to decline from USD 90.6 billion in 2019 to USD 82.9 billion by 2021, projecting a negative CAGR of 4.4% between 2019 and 2021.
Over the past years, companies have strengthened their position in the global composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers& acquisitions. However, due to lockdown announced by several countries in 2020, the demand for composites from wind turbine installations, automotive and aircraft manufacturing, and construction sectors has declined sharply. For instance, the demand for composites from two major commercial aircraft manufacturers, Boeing and Airbus, has decreased drastically due to zero orders for new aircraft in January and February, respectively. These OEMs have announced the indefinite closure of their plants in North America and other regions. Boeing has closed its factories in Seattle and the 787 Dreamliner plant in South Carolina. Airbus also has stopped production at its plant in Alabama, US.
The major manufacturers profiledin this report includeOwens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), Koninklijke Ten Cate bv. (Netherlands), Huntsman International LLC. (US), and Solvay (Belgium), among others.The composites business of these companies is severely affected due to the outbreak of COVID - 19 pandemic.Reduced demand for composites from several OEMs and disruption in the supply chain has compelled the companies to operate at partial capacities.
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