Epoxy Composite Market Research Outlook and Opportunities 2022-2027
Epoxy Composite Market
The global epoxy composite market is growing rapidly, witnessing a massive demand from end-user industries. Epoxy composites find many applications owing to its attractive industry-specific properties such as excellent adhesion, resistance to heat, UV Rays, and chemical and outstanding mechanical & electrical insulating properties. Expanding application areas of these composites is another key growth driver of the market.
Moreover, an increase in the global economy escalates the market to furthered height, driving the end-user industries. According to Market Research Future (MRFR), the global epoxy composite market is expected to reach approximately USD 38.19466 BN by 2023, registering over 7.4% CAGR over the assessment period (2018-2023). Automotive, building and construction, and aerospace industries are key end-user industries of epoxy composites.
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Major Players:
Players leading the global epoxy composite market include Hexcel Corporation (US), Axiom Materials, Inc. (US), Cytec Solvay Group (Belgium), Teijin Limited (Japan), Koninklijke Ten Cate N V (Netherlands), Toray Industries, INC. (Japan), Rotec Composite Group BV (Netherlands), Mitsubishi Rayon Co. Ltd. (Japan), SGL Group (Germany), and Gordon Composites, Inc. (US), among others.
Furthermore, factors such as the increasing numbers of applications and the burgeoning construction sector substantiate market growth. Innovative, customized product developments by partnerships with client companies are expected to boost the growth of the epoxy composite market in the future. Also, the falling cost of raw materials and rising demand for fuel-efficient automobiles foster the consumption of epoxy composite.
On the other hand, fluctuating prices and the demand-supply gap in the raw materials required for the production is a major growth impeder for the market. Nevertheless, rising production in the automotive and aerospace industry would support market growth over the review period.
Global Epoxy Composite Market – Segments
The report is segmented into three dynamics,
By Type : Glass Epoxy Composite and Carbon Epoxy Composite.
By End User: Automotive, Transportation, Aerospace & Defense, Sporting Goods, Electronics Industry, Construction Industries, and others.
By Regions :Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Global Epoxy Composite Market – Regional Analysis
Asia Pacific dominates the global Epoxy composite market Research . The market growth attributes to the demand in various applications such as automotive, transportation, aerospace, and defense. Growth in end-user industries driven by the increase in disposable incomes of populaces in the region is a key driving force behind the market growth.
China, Japan, South Korea, and India, backed by their burgeoning automotive, aerospace, and construction sectors, contribute to the market growth significantly. The APAC epoxy composite market is estimated to retain its dominance throughout the forecast period.
North America stands second in the global epoxy composite market. The presence of a large automobile industry drives a considerable share of the market demand. Furthermore, growing investments in the aerospace and defense sectors in the region are further expected to increase the consumption of epoxy composites. The North American epoxy composite market is projected to register a notable CAGR over the assessment period.
The European epoxy composite market is growing rapidly, witnessing augmenting demand from end-user industries such as the electronics industry, construction industries, and others. The large aerospace industry in the European Union is another growth driver for the epoxy composites due to their light-weight properties.
The growing trend of using composites in aircraft and automobiles is further contributing to the market growth. Germany owing to its large automotive and medical devices industry, leads the regional market. The European epoxy composite market is expected to witness a substantial increase in revenues.
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Global Epoxy Composite Market – Competitive Landscape
The epoxy composite market is very fragmented and highly competitive, owing to crowding by several big and small players. The market favors volume over value leading to large capacity additions. The vendors are developing global supply chains to source raw materials at a lower cost. Thus, vendor management is a must strategy in the sector. Close alignment with end user industries and customized development of advanced products suiting the end user application is being followed for tier-one clients.
Industry/ Innovation/ Related News:
July 22, 2019 —- Aditya Birla Chemicals India Ltd. (India), a leading global chemical manufacturer, announced the acquisition of Recyclamine technology from Connora Technologies, Inc. (the US). Connora Technologies is a next-generation chemical company, and the Recyclamine technology enables end-of-life recyclability and zero-waste manufacturing to global epoxy customers.
This acquisition reaffirms the Company’s commitment to an advanced materials player to offer sustainable and unique solutions. Recyclamine is revolutionary for the epoxy & composites industries, which will enable the manufacturing of recyclable products.
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