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August 27, 2019 10:26 AM

Decline in sentiment among German composite suppliers

Plastics News Europe
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    Covestro AG

    Business sentiment within Germany’s composites segment is continuing to decline, a recent half-year survey carried out by the German mechanical engineering association (VDMA) shows.
     
    According to the study, 36 percent of the respondents rated business situation in Germany as generally negative or very negative. The figure stood at 31 percent in the second half year of 2018 when the previous survey was conducted.
     
    “In other words, one-third of respondents now view the current business situation with some degree of concern,” VDMA said in its assessment of the survey.
     
    The negative trend extended to individual business assessments, as 66 percent of those surveyed believed that their business worldwide was positive or even very positive. This figure compares to 83 percent registered in the second half of
    2018. 
     
     

    VDMA
    Assessment of the current business situation in Germany

    While a similar picture also emerged with regards to expectations for the future, indicators for the investment climate such as plant investments and personnel planning remained on the up side. Only 8 percent of respondents expect to see a workforce reduction, while 30% expect new hires. 
     
    Additionally, 37 percent of those surveyed expect their companies to become even more involved in the composites sector in the future, while 2 percent anticipate a decline in exposure.
     
    In terms of growth drivers, one in two respondents foresee a decline in the automotive segment, which, alongside aviation, had always been rated as a significant growth area.
     
    Positive impetus is anticipated from the aviation industry as well as the infrastructure/construction, mechanical engineering and electrical/electronics segments, VDMA noted.
     
    On the materials side, CFRP (carbon fiber reinforced plastic) remains the number one growth driver.
     
    Regionally, Asia continues to dominate expectations for growth. The German and European markets were rated slightly better than the North American markets, according to VDMA.
     
    The survey was participated in by all member companies of the four major sponsoring associations of Composites Germany: AVK, CCeV, CFK-Valley and VDMA-Arbeitsgemeinschaft Hybride Leichtbau Technologien.
     
    The next composites market survey will be published in January 2020.
     

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