The global epoxy composite market was valued at USD 26.90 billion in 2020, and it is expected to reach USD 41.7 billion by 2027, with a CAGR of 6.4%, during the forecast period from 2021 to 2027
Epoxy is a thermosetting resin usually used to make composite materials. Epoxy resins are employed in a wide variety of concrete fittings, structures, and repairs. Epoxy is a well-known thermosetting resin used in various composite fittings as well as concrete structures and repairs due to its corrosion resistance, superior electromechanical properties, and lower shrinkage.
The key factor propelling the growth of the market is the rising demand for epoxy composite from the wind energy industry. Moreover, the increasing demand from developing countries is expected to foster the demand for Epoxy Composites. The necessity for material with high mechanical strength, resistance against corrosion, and lightweight is also the key factor fuelling the demand for the Epoxy Composite market. However, factors such as the growing awareness about alternative resins, issues related to mouldability and recyclability, and high volatility in raw material prices are hampering the epoxy composite market growth. Furthermore, the adoption of low-cost production technologies and the growing wind energy industry in developing economies offer a lucrative opportunity.
By Fiber type
By Manufacturing process
By End-use Industry
The unique insights provided by this report also includes the following:
Based on Fiber type, glass type segment is growing with a highest CAGR during the forecast period
The glass fiber segment dominates the market and accounts for 60.3% of global sales in 2020. This segment is expected to maintain its leadership position owing to characteristics such as low weight, production adaptability, high strength, high strength, and high resistance to other metals.
Based on manufacturing process, Compression Moulding process is growing with the fastest rate in the global Epoxy Composite market in the year 2020
The compression Moulding process segment holds a significant share of the Epoxy Composite market. Wet compression molding, also known as liquid compression molding (LCM), is a compound molding process in which plastic is coated on top of a blank canvas. The wet drum is then transferred to the lower tool in a suitable set of molds and molded in a press to push the plastic into the fabric, mainly in the z-direction.
Based on End-use Industry, Automotive & Transportation segment is growing with a highest CAGR during the forecast period
The automotive and transportation end-use vehicles segment dominates the market and accounts for 25.6% of the global market share in 2019. This segment is expected to maintain its leading position during the forecast period. This is attributed to the expanding automotive and transportation sectors driven by growing commercial and domestic markets, especially in North America and Asia-Pacific. On the basis of end-use, the market is primarily categorized into Aerospace & Defense, Wind Power, Power & Electronics, Automotive & Transportation, Sports, and Consumer Goods. Epoxy composites are expected to experience high demand in the aforementioned end-use segments due to their high-end material properties including superior strength and mechanical strength.
Based on Regions, the Asia Pacific region is expected to grow with the highest CAGR global market during the forecast period.
Asia-Pacific accounted for the largest share of the market and held about 35% of the global revenue market in 2020 and is expected to maintain its dominance in coming years. The booming wind power sector in economies, such as India and China, is expected to drive demand for epoxy composites in the region. North America captured significant revenue share and is expected to increase at a substantial CAGR during the forecast period. The increasing demand for lightweight materials primarily in fuel-efficient automotive designs, due to the implementation of strict environmental regulations, is expected to drive market growth.
Company Profiles and Competitive Intelligence:
The major players operating in the global epoxy composite market includes Hexcel Corporation, Polyone Corporation, Teijin Limited, Arkema, SGL Carbon, Toray Industries, Inc., Huntsman Corporation LLC, ATL Composites, Royal Tencate N.V., Kemrock Industries and Exports Limited, Cytec Solvay Group, Hindoostan Composite Solutions, Sumitomo Bakelite Co., Ltd., Rotec Composite Group B.V., Barrday, Myko Engineering, Gordon Composites, Inc., Park Electrochemical Corporation, IDI Composites, Isosport, Quantum Composites, among others.
The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges
|1||Rising demand from the aviation and automotive industries across the world for lightweight materials is anticipated to accelerate the market growth.||Positive|
|2||Growing demand for wind energy, along with the huge demand for epoxy composites from the U.S. automotive sector is predicted to propel the market growth.||Positive|
The report also provides an in-depth analysis of recent News Developments and Investments
The key players operating in the market are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.