The global epoxy composite market is projected to touch USD 38.194666 billion at a favorable 7.4% CAGR over the predicted years. Epoxy resins is a high or low molecular weight polymeric or pre-polymeric material that has two epoxide groups. This is largely used in construction industries, aerospace and defense and automotive. Besides this, it is also used in the marine industry, consumer goods, sports equipment and industrial tools.
There are many factors that is driving the growth of the epoxy composite market. Some of these factors as per the Market Research Future (MRFR) report include growing wind energy installations in the APAC region, growing use in structural applications especially in aerospace and defense industry, demand for lightweight materials for manufacturing fuel-efficient cars owing to rising environmental concerns in Europe, rising demand from oil and gas and pipe and tank industries, increasing use in sporting goods industry for manufacturing products such as golf shafts, fishing rods, bicycles and tennis rackets, growing construction activities, soaring demand for cars and commercial aircrafts especially from emerging economies, changes in lifestyle, economic development, rapid industrialization, growing emphasis on technological innovations and increasing R&D activities. On the contrary, factors such as issues associated to recyclability coupled with high volatility in prices of raw materials is likely to restrain the growth of the epoxy composite market over the predicted years.
Market Research Future report offers an all-inclusive segmental analysis of the epoxy composite market on the basis of types and end-users.
Based on types, it is segmented into carbon epoxy composite and glass epoxy composite. Of these, the glass epoxy composite segment will have the largest market share and likely to grow faster over the predicted years as epoxy composite is largely used in various industries namely pipe and tank, electrical and electronics and wind energy and above all is cost effective than other fibers.
Based on end-users, the epoxy composite market is segmented into construction industries, electronics industry, sporting goods, aerospace and defense, transportation, automotive and others. The others segment includes marine, oil and gas and wind power industry. Of these, the wind power industry will have the largest share in the market over the predicted years owing to growing wind energy capacity in the APAC region particularly in China. Also, the alluring benefits that epoxy composites offer namely mechanical strength, durability and lightweight has helped to boost up the wind turbines efficiency. As a result, this has increased the utilization of epoxy composite in wind energy industries.
Based on region, the epoxy composite market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, Asia Pacific will hold key share in the epoxy composite market over the predicted years owing to demand in different applications namely aerospace and defense, transportation and automotive in China, Japan and India. The burgeoning demand for epoxy composite in South Korea, Japan and India has made the APAC region the largest consumer in the market followed by North America that grabs the second largest share. Europe grabs the third highest position in the epoxy composite market. Middle East and Latin America witnessed a favorable growth in the epoxy composite market owing to its demand and use in different end user industry namely construction, electronics and others.
The epoxy composite market is highly matured and is driven by towering growth in aerospace and defense industry coupled with the successful transportation segment. Most of the leading market players are investing to expand their product capacities for strengthening their position in the market.
Leading players profiled in the epoxy composite market include Gordon Composites, Inc. (US), SGL Group (Germany), Rotec Composite Group B.V. (Netherlands), Rotec Composite Group B.V. (Netherlands), Toray Industries, INC. (Japan), Teijin Limited (Japan), Koninklijke Ten Cate nv. (Netherlands), Cytec Solvay Group (Belgium), Hexcel Corporation (US), Axiom Materials, Inc. (US), and others.
March 2019- TCS (Total Composite Solutions) have come up with its latest epoxy prepreg solution for aerospace interiors. It will allow in substituting the traditional phenolic systems and also exceed the needs of the FAR 25.853 industry standard.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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