The global composites industry has shown long-term growth, exhibiting a CAGR of 8% p.a. from 1960 to 2010 and subsequently 4% p.a. to reach 11,8Mt in 2019. In 2020, the Covid-19 pandemic caused a heavy downswing, negatively impacting the industries that use composite materials. Recovery started in 2021 and the global market for composite materials is estimated to have climbed to 12,7Mt in 2022, representing a value of B$41. However, after a rebound in 2021, the global economy experienced a slowdown in 2022 and there is still a high level of uncertainty for 2023 and beyond.
The application industries for composite materials were impacted by the pandemic to different extents and are also recovering at different rates. Demand for composites from the aerospace and transportation markets fell sharply, and these two industries have not yet fully recovered. Aerospace applications benefited from a strong rebound in 2022, and there was also a significant rebound in the transportation market for composites, which only partially compensated for the decrease in 2020 and 2021. Other application sectors for composites have been resilient or have recovered during 2020-2022: the energy industry has been driven by policies to sustain wind energy applications. In construction, a quick recovery in 2020 was followed by accelerated growth driven by maintenance, repair and upgrades of infrastructure and buildings. The marine, electrical & electronics, and consumer goods markets have also shown growth.
Overall, the composites industry is facing a positive future directly linked to application industries seeking sustainable solutions where composite materials can play a significant role, or even offer THE solution.
TABLE OF CONTENT
- Perimeter and definitions
- Macroeconomic context in 2022
- Overview of the composites industry in 2022
- Dynamics by geographies
- Dynamics by application industries for composites
Publication date: March 2023