The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Composite Laminates Market.
It was estimated prior to this unanticipated outbreak that the Composite Laminates Market was expected to reach estimated value of US$ 1.0 billion in 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Composite laminate is made by impregnating reinforcement fiber with thermoset or thermoplastic resins via a continuous or discontinuous lamination process. It is used in a wide range of applications, owing to its various benefits, such as durability, lightweight, mold resistance, high strength-to-weight ratio, easy to clean, high moisture resistance, chemical resistance, low maintenance, high impact resistance, and easy installation.
Composite laminates hold a diminutive share (about 1%) of the overall composite end-products market, as it has a very unique manufacturing process and requires technical know-how to enter into the market. Key market participants have gained excellent product development capabilities and high brand identity after dedicating eons of efforts in research and market presence. Today, manufacturing composite laminates for different industries is a tortuous job, owing to high technological requirements coupled with the high cost of raw materials, a key factor limiting the number of suppliers active in the market.
The composite laminates market declined over the past five years (2014-2019), majorly due to the decline in the North American RV’s shipments due to the impact of the US-Sino Trade war in 2018-2019 and industrial recession in 2014-2015. While the market was looking for a recovery in the year 2020, the pandemic deepened the existing market challenges, such as declining shipment trends of RVs, especially in North America. A huge decline in construction activities due to the lockdown in several countries has further propagated the worsening market conditions. Also, according to International Monetary Fund (IMF), there will be an estimated cumulative loss of US$ 9 trillion in the global economy for the year 2020 and 2021, a key indicator that signposts huge impact on the growth of the major end-use industries including building & construction and recreational vehicles.
It is difficult to state that when the impact of the pandemic starts to fade away. However, it is predicted that the demand for composite laminates would stabilize in 2021. Further, it is anticipated that the market will gradually recover from 2022 onwards, following a similar trendline registered during the great recession; however, the recovery may take a longer time than the ones taken during the great recession.
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Based on the end-use industry type, the composite laminates market is segmented into building & construction, recreational vehicle, transportation, and others. Building & Construction is expected to remain the largest as well as the fastest-growing segment of the market during the forecast period. Composite laminates are marking an increased presence by replacing most of their arch-rival materials including PVC, aluminum, and finished gypsum. All the major players have a vast product portfolio for targeting applications of the building & construction industry.
Recreational vehicles and transportation are other two major markets, occupying sizeable demand for composite laminates. Like building & construction, the outbreak of the pandemic is leaving a huge impact in these two major markets too. Composite laminates have been the most preferred product among competing materials in recreational vehicles and have been gaining momentum in the transportation industry.
This segment to record a huge variation in market dynamics in pre-COVID and post-COVID pandemic circumstances. Further, the development of next-generation recreational vehicles’ exterior sidewall panels, in 2019, by crane composites and expected recovery of RV shipments propelling the recreational vehicle market over the long-run.
Based on the matrix type, the market is segmented into thermoset composites and thermoplastic composites. The thermoset composites market segment is further broken down into polyester and other thermosets. Thermoset composite is expected to remain the larger segment, whereas thermoplastic composite is likely to recover at a faster pace from 2021 onwards. Polyester composite held the major share in 2019, owing to its low cost and adequate performance required in the major end-use industries including building & construction and recreational vehicles.
In terms of region, North America is expected to remain the largest market during the forecast period. However, the impact of COVID-19 in the North American region is more prolonged than in other regions. It has been also anticipated that in the long run, the region will bounce back because of the strong supply chain in the USA. Asia-Pacific, a relatively small market, is projected to witness excellent growth after 2021. Building & construction is expected to drive the demand for composite laminates in the region. China, Japan, Australia, and India are projected to be the growth engines of the region’s market
Key Players:
The supply chain of this market comprises raw material suppliers, composite laminates suppliers, distributors, tier players, OEMs, RV manufacturers, and government and local authorities. The key players in the composite laminates market are Crane Composites, LAMILUX Heinrich Strunz Holding GmbH & Co. KG, Stabilit {America, Europa, and Suisse}, Brianza Plastica S.p.A., Vetroresina SpA, U.S. Liner Company (Uslco), Optiplan GmbH, Panolam Industries International, Inc., and Polser Fiberglass Reinforced Plastics Inc. The formation of long-term contracts, new product developments, and strategic alliances are the key strategies adopted by major players to gain a competitive edge in the market.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Composite Laminates Market analysis report discusses the following heads in great detail:
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