Investing in Exel Composites
Reasons to invest in Exel
Optimally positioned within a growing market
With our efficient, continuous production technologies, we answer to the growing demand for composite materials. This demand is driven by global megatrends, such as sustainability, urbanization and total life cycle cost management.
Technology leadership creates competitive advantage
Our leading expertise in a variety of composite production technologies and raw materials allows us to solve our customers’ challenges. We continuously perfect our offering with over 60 years of R&D experience.
Global operations enable global customers
We are the only company within our industry with manufacturing, R&D and sales presence in all main market areas. This sets us ahead of our competitors.
Diversified business portfolio reduces risk
Diversified customer industries and regional presence reduces the volatility of our sales. Our business model, based on tailored products, supports customer commitment. Typically, our customer relationships span over a decade.
Sustainability is at the core of our business
We provide sustainable composite solutions that help our customers save resources and mitigate climate change. Composites’ unique properties, such as lightness and durability, provide for longer life cycles and improved performance, lowering thus the negative impacts of the end-product on the environment.
President and CEO, Paul Sohlberg
Short-term demand impacted, mid- and long-term growth picture remains positive
The year 2023 started in a continued challenging global market environment with strained macroeconomics and increasing geopolitical tensions.
During the first quarter, Exel’s order intake and revenue decreased by 30% and 16% respectively compared to the same period last year. Major reasons for this decline were a lower overall demand from our small- to mid-size customers as they reduced their inventories, and a softer than expected demand for equipment in the wind power industry. Our adjusted operating profit in the first quarter of 2023 stood at break-even level. This was due to lower revenue following also the lower starting order backlog for 2023, as previously noted in our 2022 Financial Statements Release. Our own costs remained generally in line with our expectations through this quarter.
Exel Composites in the value chain

Market environment
Exel Composites operates worldwide in the composites market, serving customers in several different customer industries.
According to industry associations the annual value of composites market of approximately USD 80 billion is only about 1% of the huge global materials market, which is dominated by steel, plastic, and aluminum. The pultruded composites market represents less than 5% of the total composites market. Exel sees growth potential for composites as a material as well as for pultrusion as a production technology within the composites market.
Growth drivers
Global composites market is estimated to grow at approximately 2–5% per year in the coming years, depending on the region, technology and end-use application.
Asia is the largest and the fastest-growing market area within the composites industry. China remains a focus area for us and India is another fast-growing market in Asia. In India local supply is considered important and thus Exel established a joint venture there in 2021. North American market is the second largest composites market globally in terms of value and growth. Growth is expected to be slower in the mature European market, which already today is smaller than North American and Asian markets.
In the long-term, interest towards composite materials is steadily growing, supported by global megatrends such as sustainability, longer life cycles and rapid urbanization. The main benefits of composites include lightness, energy efficiency, durability and the need for less maintenance. For example, increased energy efficiency requirements within the transportation industry and the increased utilization of anti-corrosive materials in the construction industry drive the increased use of composites. Exel’s ambition is to leverage on these trends and mitigate the negative impacts of climate change by offering its customers sustainable composite products that respond to this demand.
Increasing sustainability
circular economy, climate change and energy efficiency
Longer life cycles
decreasing lifetime costs and maintenance needs

Rapid urbanization
smarter cities and infrastructure
Market share

The composites market is fragmented. Whereas Exel Composites is not a large company, it is nevertheless a leading company in the field of pultrusion and the only pultrusion company with significant presence on all major markets: Europe, Asia, and North America. This global presence differentiates Exel from its competitors and enables head-to-head competition with global suppliers of traditional materials.
Exel Composites’ customer base is wide-spread over several segments and markets, which means that also its competitors are found within specific segments and markets rather than across. Some of the main competitors include for example Fiberline from Denmark, Epsilon from France as well as Creative Pultrusion and Strongwell in the United States.