Outlook for the Global Composites Industry

Economic recovery holds the key to global US$19 billion composites industry regaining a positive growth trajectory, as per a report by Lucintel. There were dramatic changes in the composites market in 2008 with prominent segments such as construction, automotive and marine suffering double-digit declines in demand for composites due to economic downturn in the US and Western European nations. However, wind energy, aerospace and pipe & tank segments continued to grow at a healthy pace in all three geographic regions despite the global downturn. Growing economies of China and India have provided a buffer to the downslide in the industry, though growth rates slowed in these economies as a result of global exposure. The Asian composites market, a bright spot in last 5 years, has emerged in 2008 as the largest regional composites market in terms of shipments by displacing North America. Rapid infrastructure and economic growth in China and India are driving the growth of the Asian composites market.
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