Hybrid Composites Market Scope And Analysis

Hybrid Composites Market Report Scope

 

IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

The COVID-19 pandemic led to a decline in the progress of many industries across the world. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for global manufacturers. The automotive, aerospace, marine, wind energy, sporting goods, and other industries have been major contributors to the demand for hybrid composites. In 2020, these industries had to slow down their operations due to disruptions in the value chain caused by the restrictions on national and international boundaries. The labor shortage resulted in the deceleration of hybrid composite production. Disruptions in the global supply chain and the shutdown of hybrid composite production facilities had negatively impacted the hybrid composites market growth. The automotive industry is one of the major end users of hybrid composites. During the pandemic, the industry reported reduced demand, supply interruptions, financial pressure, and labor shortage.

In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand–supply gap. Moreover, the rising vaccination rates led to conducive environments for industrial progress. This has resulted in the increasing demand for hybrid composites from different industries.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Hexcel Corp, Lanxess AG, SGL Carbon SE, Gurit Holding AG, Avient Corp, Teijin Ltd, Solvay SA, PGTEX China Co Ltd, Toray Industries Inc, and Mitsubishi Chemical Holdings Corp are among the key players operating in the hybrid composites market.