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The 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 five years, emerged in 2008 as the largest regional composites market (in terms of shipments), displacing North America. Rapid infrastructure and economic growth in China and India are driving the growth of the Asian composites market.
According to Lucintel, the decline in several market segments will continue in 2009 as recessionary forces fully take effect. The situation is expected to start improving by the end of 2009, with recovery taking place in 2010 as stimulus packages in major economies like the U.S., China and EU nations will bring back growth momentum to the global economy.
Visit www.lucintel.com for more information.