According to “Global Composites Market 2009-2014: Opportunities, Markets and Technologies,” a new research report from Lucintel, economic recovery holds the key to the global $19 billion composite materials industry’s regaining a positive growth trajectory. Dramatic changes in the composites market occurred in 2008, with prominent segments such as construction, automotive and marine suffering double-digit declines in demand for composites due to the economic downturn in the U.S. and Western European nations. However, the wind energy, aerospace, and pipe and tank segments continued to grow in 2008, despite the global downturn.
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.
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