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 Composites Distributor Market.
It was estimated prior to this unanticipated outbreak that the Composites Distributor Market was expected to grow at a CAGR of 4.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Composite materials are used in various end-use industries to achieve optimal efficiency and productivity. By using composite materials in the manufacturing process, the manufacturers are able to reduce their production costs.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the end-use industry type, the market is segmented as aerospace & defense, wind energy, automotive, marine, construction, pipe & tank, electrical & electronics, and consumer goods. The construction industry held the largest share of the market in 2019, and is expected to remain dominant during the forecast period driven by the increasing demand for light weight and non-corrosive materials in the industry and the presence of a large number of composite part fabricators.
Based on the raw material type, the composites distributor market is segmented as roving, textile, polyester resin, vinyl ester resin, epoxy resin, and other resins. Polyester resin is estimated to be the largest as well as the fastest-growing material during the forecast period driven by its increasing use in the construction and pipe & tank industries. The use of polyester resin offers advantages such as dimensional stability, ease of handling and provides mechanical and chemical resistance.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing composites distributor market during the forecast period due to the presence of a large number of small part fabricators for pipe & tank, construction, and consumer goods end-use industries. China and India are the growth engines of the region. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.
Key Players:
Some of the major composites’ distributor companies are-
- Composites One
- Euroresins International GmbH
- FRP Services & Company
- Gazechim Composites UK
- IMCD N.V.
- Lintech International LLC.