Expanding Horizons: Global Epoxy Composite Market Size to Grow USD 60.24 Billion by 2030, At a CAGR of 7.35%
NEW YORK, May 30, 2023 /PRNewswire/ -- As per Zion Market Research study, The epoxy composite market size is set for rapid growth over the forecast period. In terms of revenue, the global epoxy composite market accounted for USD 38.33 Billion in 2022 and is expected to reach USD 60.24 Billion by 2030, growing at a CAGR of 7.35% during the forecast period.
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Epoxy Composite Market: Overview
The composite materials are made using a common thermostat resin known as epoxy. It is used in several concrete repairs, composite parts, and structures due to its beneficial properties such as low shrinkage, good adhesion to substrates, strong mechanical properties, good performance at high temperature, superior electrical properties, and resistance to corrosive liquid & environments. Owing to all these properties, epoxy composite materials are extensively used in load-bearing applications that include oil & gas, aerospace, automotive, marine, and construction industries.
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Key Industry Insights & Findings of the Epoxy Composite Market Reports:
- As per the analysis shared by our research analyst, the global epoxy composite market is expected to grow annually at a promising CAGR of around 7.35% during the forecast period 2023-2030.
- In terms of revenue, the global epoxy composite market size was valued at around USD 38.33 billion in 2022 and is expected to reach USD 60.24 billion by 2030.
- The global epoxy composite industry is projected to grow due to the increasing demand for lightweight and durable materials in various end-use industries such as aerospace, automotive, construction, and electrical and electronics
- Based on end-user industry, the automotive and transportation segment held the largest market share in 2022
- Based on fiber type, the glass fiber segment held the dominating market share in 2022.
- Based on region, the Asia-Pacific region held the dominating market share in 2022.
Zion Market Research published the latest report titled "Global Epoxy Composite Market By Manufacturing Process (Compression Moldings, Filament Winding, Resin Transfer Molding, Resin Injection, Pultrusion, And Lay-Up), By Fiber Type (Carbon Fiber, Glass Fiber, And Others), End-Use Industry (Aerospace & Defense, Automotive & Transportation, Electrical & Electronics, Marine, Sporting Goods, Wind Energy, Pipe & Tank, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" into their research database.
Industry Dynamics:
Epoxy Composite Market: Growth Drivers
- Surge in demand for lightweight and durable materials in various end-use industries to drive the growth of the market.
The global epoxy composite market is being driven by various factors that are contributing to its growth. One of the primary drivers of the market is the increasing demand for lightweight and durable materials in various end-use industries such as aerospace, automotive, construction, and electrical and electronics. Epoxy composites offer a high strength-to-weight ratio, corrosion resistance, and good mechanical properties, making them an ideal choice for these industries. Additionally, the growth of wind energy generation and the increasing use of epoxy composites in the marine industry are also contributing to market growth. The wind energy sector is witnessing significant growth worldwide, and epoxy composites are widely used in wind turbine blades due to their lightweight and high-strength properties.
Epoxy Composite Market: Restraints
- Extortionate production cost of epoxy composite might hinder the growth to some extent.
Despite the significant growth potential, the epoxy composite market faces certain restraints that may hinder its growth. One of the major restraints is the high cost of production associated with epoxy composites, which limits their usage in some industries. Moreover, the lack of standardized testing methods and quality control procedures for epoxy composites can also be a challenge for market players.
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Epoxy Composite Market: Opportunities
- Rising trend of green buildings create ample opportunities for the industry.
The global epoxy composite industry is expected to offer numerous opportunities for growth and expansion in the coming years. One of the major opportunities in the market is the increasing use of epoxy composites in the construction industry. Epoxy composites are widely used in the construction of bridges, tunnels, and other infrastructure projects due to their high strength, durability, and resistance to harsh environmental conditions. Moreover, the growing trend of green buildings and sustainable construction practices is also expected to drive the demand for epoxy composites in the construction industry.
Additionally, the increasing demand for lightweight and fuel-efficient vehicles is expected to create significant opportunities for epoxy composite manufacturers in the automotive industry. Epoxy composites are widely used in automotive parts such as hoods, fenders, and doors, due to their high strength-to-weight ratio and corrosion resistance.
Epoxy Composite Market: Challenges
- Non-biodegradable nature and environmental concerns about epoxy composites might act as a challenge.
The global epoxy composite industry also faces certain challenges that need to be addressed. One of the major challenges is the environmental concerns associated with the disposal of epoxy composites. Epoxy composites are not biodegradable, and their disposal can lead to environmental pollution. Moreover, the availability of raw materials used in the production of epoxy composites can also be a challenge for market players, as it can lead to supply chain disruptions and affect market growth. Furthermore, the complexity of the manufacturing process of epoxy composites can also be a challenge for new entrants in the market.
Global Epoxy Composite Market: Segmentation
- The global epoxy composite market is segmented based on manufacturing process, fiber type, end-use industry, and region.
Based on manufacturing process, the market is segmented into Compression Moldings, Filament Winding, Resin Transfer Molding, Resin Injection, Pultrusion, and Lay-Up.
Based on fiber type, the epoxy composite industry is segmented into carbon fiber, glass fiber, and others. The glass fiber segment held the largest market share in 2022 and is further predicted to grow remarkably during the forecast period. The glass fiber segment is a major contributor to the global epoxy composite market and is expected to exhibit strong growth in the coming years.
The growth of this segment can be attributed to the increasing demand for lightweight and high-strength materials in various end-use industries such as aerospace, automotive, and construction. E-glass fiber, being the most widely used type, is expected to maintain its dominance in the market due to its excellent mechanical properties and relatively low cost. However, the demand for high-performance fibers such as S-glass fiber is also expected to increase, particularly in the aerospace and defense industries. Additionally, the development of new glass fiber formulations with improved properties is expected to further drive the growth of the glass fiber segment in the market.
Based on end-user industry, the market is segmented into Aerospace & Defense, Automotive & Transportation, Electrical & Electronics, Marine, Sporting Goods, Wind Energy, Pipe & Tank, and others. The automotive and transportation segment held the dominating market share in 2022 and is further predicted to grow notably during the forecast period.
The automotive and transportation segment is a significant end-user industry of the global epoxy composite market, and it is expected to exhibit strong growth in the coming years. The growth of this segment can be attributed to the increasing demand for lightweight materials with high strength and stiffness, which can reduce the weight of vehicles and improve their fuel efficiency. Epoxy composites find wide applications in this industry, such as in the manufacturing of body panels, structural components, and interiors.
The growth of electric vehicles and the increasing investment in the development of smart and connected vehicles are also expected to drive the demand for epoxy composites in this segment. Furthermore, the increasing investment in the development of transportation infrastructure, such as high-speed rail networks and airports, is expected to further boost the demand for epoxy composites in this industry.
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List of Key Players in Epoxy Composite Market:
- Hexcel Corporation
- SGL Group
- Huntsman Corporation
- Gurit Holding AG
- Solvay S.A.
- Toray Industries Inc.
- Mitsubishi Chemical Corporation
- Sumitomo Bakelite Co. Ltd.
- Park Electrochemical Corporation
- Cytec Solvay Group.
- Axiom Materials Inc.
- Aditya Birla Chemicals
- Hexion Inc.
- Nanya Plastics Corporation
- Alpha Owens-Corning (AOC) LLC
- Hindoostan Composite Solutions
- Composite One LLC
- Teijin Limited
- Owens Corning
- Composite Engineering Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Epoxy Composite Market?
- What are the key driving factors propelling the Epoxy Composite Market forward?
- What are the most important companies in the Epoxy Composite Market Industry?
- What segments does the Epoxy Composite Market cover?
- How can I receive a free copy of the Epoxy Composite Market sample report and company profiles?
Report Scope:
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Recent Developments
- In September 2020, Sumitomo Bakelite Co., Ltd. announced the development of a new low-dielectric epoxy composite material for use in high-frequency applications. This new material is expected to be widely adopted in the communication and electronics industries due to its excellent electrical properties and low cost.
- In January 2021, Sika AG acquired Kreps LLC, a leading manufacturer of reinforcing fiber composite systems based in the U.S. This acquisition is expected to strengthen Sika's position in the epoxy composite market and provide a wider range of solutions to its customers.
Regional Dominance:
- Asia-Pacific region to dominate the global market during the forecast period.
Based on region, the Asia-Pacific region held the largest epoxy composite market share in 2022 and is further projected to grow exponentially during the forecast period. The Asia Pacific region is one of the fastest-growing markets for epoxy composites globally, and it is expected to exhibit significant growth in the coming years.
The growth of the market in this region can be attributed to the increasing demand for lightweight and high-strength materials in various end-use industries, such as aerospace, automotive, and construction.
The region's growing population and rising disposable income are also driving the demand for infrastructure development, such as housing, transportation, and energy, which further boosts the demand for epoxy composites.
Additionally, the increasing adoption of electric vehicles and the growth of the wind energy sector is expected to drive the demand for epoxy composites in the Asia Pacific region. The presence of major market players, the availability of low-cost labor, and the favorable government initiatives supporting industrial growth also contribute to the growth of the epoxy composite market in this region.
Global Epoxy Composite Market is segmented as follows:
Epoxy Composite Market: By Manufacturing Process Outlook (2022-2030)
- Compression Moldings
- Filament Winding
- Resin Transfer Molding
- Resin Injection
- Pultrusion
- Lay-Up
Epoxy Composite Market: By Fiber Type Outlook (2022-2030)
- Carbon Fiber
- Glass Fiber
- Others
Epoxy Composite Market: By End Users Outlook (2022-2030)
- Aerospace & Defense
- Automotive & Transportation
- Electrical & Electronics
- Marine
- Sporting Goods
- Wind Energy
- Pipe & Tank
- Others
Epoxy Composite Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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