The European composites industry (fiber-reinforced plastics) is not doing well at the moment. After a phase of continuous growth lasting many years, the industry has been floundering since the coronavirus crisis.
There are many reasons for this negative development. High energy, raw material and logistics costs remain a heavy burden for German industry, but also for many other countries in Europe. This is compounded by a weakening global economy and weak sales of many products abroad, especially in Asia. Massive competition to European products is growing there, particularly in terms of raw materials, which is also partly due to overcapacity, which in turn is putting enormous pressure on suppliers’ prices. Political uncertainties, protectionist tendencies and armed conflicts, such as in Ukraine and recently increasingly in the Middle East, are further worsening the economic climate.
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