Positive outlook for the composites industry

A new survey commissioned by JEC suggests that many companies are feeling positive about the future of the industry.

The survey reached around 1500 international respondents in May and October 2020 to evaluate the impact of COVID 19 on their company.

According to the survey, one out of two company remains optimistic about the future, with 64% of companies operating at 76%-99% of their capacity. However, half of the respondents have shown concerns over business opportunities.

JEC reports that 25% of those surveyed express concerns regarding innovation and R&D, and 50% of respondents changed materials suppliers to cope with supply chain issues. Many have changed their foreign providers to turn to local ones to avoid supply chain delays, and 70% plan to remain on the same path in the future.

Some 25% of companies have switched their production to manufacture healthcare production in May and 30% of them will continue in the long run, the survey said.

With regards to future activities, 50% of respondents considered entering a new activity sector, such as sustainability and renewable energy, as well as sports and health, marine, building, railway, and defense.

‘The ongoing epidemic of COVID-19 that has been affecting the world's economy since last winter has had a tremendous impact on many major industries, including aerospace and automotive, at the heart of the composites industry,’ a press release said. ‘Although the outlooks seem uncertain for the latter, the composites industry has remained resilient and shows strong adaptability during this crisis.’

The full survey is available upon request.

This story uses material from JEC, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.