A composite material is a substance comprising of two or more constituent materials with considerably dissimilar physical or chemical possessions that, when mixed, generate a substance with dissimilar characteristics from the individual components.
According to the report analysis, ‘Impact of COVID-19 on Composites Market to reach USD XX million by 2026’ states that the composites industry is projected to augment due to projected economic recovery resulting in augmenting the requirement from wind energy, aerospace & defense, and automotive & transportation industries. The effective increase in the demand for composites materials from automotive & transportation segment due to the weight savings property of composites for a delivered the strength level make the usage of composites important in the automotive & transportation industry.
The automobile and rail industries are aimed on raising weight, augmenting the vehicle presentation and harnessing more advanced materials. The Car producers around the world face serious impressions because of COVID-19. The most exaggerated regions are the US, Japan, South Korea, Italy, Germany, and the UK, which are the major producing regions in the automobile & transportation industry. Several automakers will observe a strong effect on their 2020 sales from the pandemic condition. Not only has this, the effective augment in the environmental issues and the quest for high-strength lightweight material to advance the fuel efficiency have put composites in the aerospace & defense industry at the front. The COVID-19 pandemic has generated an ongoing calamity for the worldwide aerospace and defense industry. A drastic decrease in sales and cash flow tends to be unavoidable in the aircraft manufacturing industry for most airlines, as well as for OEMs and their contractors. This enormous effect on the manufacturers of materials will principally affect the market for the composites in aircraft introduction.
Major market player included in this report are A. Schulman, Royal Tencate, Polynt S.P.A, Exel Composites, Core Molding Technologies, Strongwell Corporation, Menzolit GmbH, Continental Structural Plastics, Saertex, GKN Aerospace and several others. Moreover, the corporates around this market are effectively functioning more prominently for leading the highest market growth and dominating the handsome value of market share around the globe during the short span of time.
Whereas, the regional analysis of Impact of COVID 19 on Composites market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The APAC is the composite’s major customer owing to strong requirement from China, Japan, India and several other nations. Noteworthy end-use composite industries on the APAC market involve, among others, housing, automobile & transportation, aerospace & defense, and wind energy. The advances in technology, regulatory guidelines, and policy standards are some of the major aspects of APAC’s composites market. However, the COVID-19 pandemic is projected to decrease the region’s requirement for composites owing to ongoing lockdown around various countries throughout 2020.
Furthermore, the composites industry is increasing due to the augment in demand for high performance materials, across the globe. The requirement for composites is projected to decrease in 2020 owing to COVID-19. However, the end of lockdown and recovery in the end-use industries will inspire the requirement throughout the forecast period.
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Ankur Gupta, Head Marketing & Communications