The global epoxy composites market size was valued at USD 33.31 Billion in 2022 and is likely to reach USD 68.27 Billion by 2031, expanding at a CAGR of 8.3% during 2023 – 2031. Epoxy composites are composite materials that are flexible in nature, light in weight, corrosion-resistant, and dent-resistant. These composites are manufactured from a non-woven glass core and woven glass fabric that is a combination of epoxy synthetic resin.
Market Trends, Drivers, Restraints, and Opportunities:
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Rising demand from the wind energy industry is expected to drive the market during the forecast period.
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Materials made from epoxy composites are resistant to corrosion, are lightweight, and have high mechanical strength is high, which in turn is driving the growth of the global market.
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Growth of the wind energy industry in developing nations is creating opportunities in the market.
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Development of low cost production technologies is creating lucrative opportunities for the players in the market, thus driving the market.
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High costs of R&D and raw materials are restraining the market.
Scope of the report:
The report on global advanced energy market includes an assessment of the market, size, share, trends, segments, and regional markets.
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Attributes
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Details
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Epoxy Composites Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023–2031
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Epoxy Composites Market Segment Insights:
The glass fiber segmented to lead the market during the forecast period
In terms of fiber types, the global epoxy composites market can be segregated into glass fiber, carbon fiber, and others. The glass fiber segment is projected to grow a faster pace than the carbon fiber segment and continue to dominate the market owing factors such as low weight, high durability, high bulk strength, and superior fabrication adaptability.
The resin transfer molding segment to hold considerable market share
Based on manufacturing processes, the market can be segmented into lay-up, compression molding, resin injection, resin transfer molding, filament winding, and pultrusion. The resin transfer molding has held considerable share in the recent years and this trend is expected to continue during the forecast period due to factors such as low cycle time, high fiber volume fractions, and high performance parts.
The automotive & transportation segment to expand at a substantial CAGR
On the basis of end-users, the global epoxy composites market can be segregated into aerospace & defense, automotive & transportation, marine and oil & gas, wind energy, sporting & consumer goods, electrical & electronics, construction, and others. The automotive & transportation segment led the market in 2019 and this trend is expected to continue during the forecast period due to the increase in the demand for high quality composite materials in the industry.
Asia Pacific to continue to lead the market
On the basis of regions, the market can be divided into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific held largest domiant share of the market in the past few years and this trend is anticipated to continue during the forecast period due to the expansion of the wind energy sector countries such as India. China accounts for key share of the market in the region due to the demand for high quality composite materials (epoxy composites) from industries such as construction, transportation, and electrical & electronics.
Segments
By Fiber Types
- Glass Fiber
- Carbon Fiber
- Others
By Manufacturing Processes
- Lay-up
- Compression Molding
- Resin Injection
- Resin Transfer Molding
- Filament Winding
- Pultrusion
By End-users
- Aerospace & Defense
- Automotive & Transportation
- Marine and Oil & Gas
- Wind Energy
- Sporting & Consumer Goods
- Electrical & Electronics
- Construction
- Others
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Keyplayers
- Mitsubishi Chemical Corporation
- Park Aerospace Corp.
- Sabanc Holding.
- SGL Carbon SE
- Teijin Limited
- Toray Industries Inc.
- Barrday Inc.
- Bhor Chemicals and Plastics Private Limited
- Cytec Solvay Group,
- Hexcel Corporation
- Sumitomo Bakelite Com
- Rotec Composite Group B.V.
- Park Electrochemical Corporation
- Axiom Materials, and Gordon Composites
Competitive Landscape
The global epoxy composites market is highly competitive due to the presence of local and multinational manufacturers. Major players in the market are expanding their presence in the global market by utilizing strategies such as capacity expansion, acquisitions, and R&D investments. Some of the prominent players in the market are Mitsubishi Chemical Corporation, Park Aerospace Corp., Sabanc Holding., SGL Carbon SE, Teijin Limited, Toray Industries Inc., Barrday Inc., Bhor Chemicals and Plastics Private Limited, Cytec Solvay Group, Hexcel Corporation, Sumitomo Bakelite Co., Ltd., Rotec Composite Group B.V., Park Electrochemical Corporation, Axiom Materials, and Gordon Composites, Inc.
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