DALLAS, USA (Commodity Online): Asian composites market has stayed ahead of the much larger North America and Western Europe even as these markets look towards economic recovery to bring growth back to this industry.
Economic recovery holds the key to global US$19 billion composite materials industry regaining a positive growth trajectory, according to a report released 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 in 2008 despite the global downturn, the report said.

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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Which segmented markets will grow rapidly during 2009-2014? Which regions will grow faster and what will be their growth rates during next 5 years? What challenges will be faced by molders and material suppliers in 2009? Which markets to avoid and which to focus on for growth opportunities? Lucintel, a leading global management consulting and market research firm has analyzed the global composites market to develop a comprehensive research report entitled 'Global Composites Market 2009-2014: Opportunities, Markets and Technologies.'

The in-depth Lucintel report analyzes the status and future perspective of the composites industry at the end of 2008 and provides Lucintel's Annual Industry Outlook for 2009 and beyond for the major sectors of the composites industry: Transportation, Marine, Construction, Electrical, Consumer Goods, Wind Energy, and Aerospace.

Each industry's outlook is determined by its own internal dynamics, by changes in the overall economy and relative adoption rates of composites. This report gives valuable insights as to the extent of the decline in major market segments due to the Global recession and its ramification on the entire composites supply chain.

Lucintel is of the view that the decline in several market segments will continue in 2009 as recessionary forces fully take effect. It is of the view that situation will start improving by the end of 2009 with recovery taking place in 2010 as stimulus packages in major economies like the US, China and EU nations will bring back growth momentum to the global economy.
(Courtesy: Businesswire)