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Epoxy Composite Market, By Fiber Type, By End-use Industry, By Manufacturing Process, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
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REPORT HIGHLIGHT

Epoxy Composite Market size was valued at USD 34,842.2 Million in 2023, expanding at a CAGR of 8.00% from 2024 to 2032.

A type of material known as epoxy composite uses epoxy resin to form a polymer matrix that is then reinforced with fibers or other fillers to create long-lasting parts with excellent strength-to-weight ratios. Hand lay-up, compression, filament winding, injection resin, and resin molding procedures are a few of the frequently utilized techniques for creating epoxy composites. In contrast to traditional building materials like metal and concrete, epoxy composite is more cost-effective, flexible, and lightweight. It also has greater heat, chemical, and UV resistance, as well as outstanding adhesion.

Epoxy Composite Market- Market Dynamics

Rise in the Automotive Industry's Need for Composite to Propel Market Growth

It is projected that expenditures in developing new manufacturing technologies will be fueled by the automobile industry's growing need for high-quality composite materials. Several companies, like Toray, Teijin Limited, Hexcel Corporation, and SGL Group, employ their exclusive technologies for composite manufacturing. SGL Group collaborated with a number of educational and scientific establishments to develop and evaluate CFRP materials. The rise in gasoline prices has led to a spike in demand for fuel-efficient automobiles. Composites are most commonly employed in place of steel, aluminum, and wood because of their greater strength-to-weight ratio. Since tough environmental laws were introduced in Europe, automakers have been forced to use composites in the production of cars. OEMs are required by law to drastically cut vehicle carbon dioxide (CO2) emissions, especially in Europe. The suggested laws are also necessary for nations that wish to increase the market for products from this industry.

Epoxy Composite Market- Key Insights

As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.00% over the forecast period (2024-2032)

Based on fiber type segmentation, the glass therapeutic category was predicted to show maximum market share in the year 2023

Based on manufacturing process segmentation, the resin injection category was the leading type in 2023

On the basis of region, Asia Pacific was the leading revenue generator in 2023

Epoxy Composite Market- Segmentation Analysis:

The Global Epoxy Composite Market is segmented on the basis of Fiber Type, End-use Industry, Manufacturing Process, and Region.

The market is divided into three categories based on fiber type: Glass, Carbon, and Others. The glass category dominates the market. Glass fiber is also known as fiberglass. It is composed of minuscule glass fibers. Strong, lightweight, and resistant to chemicals are the qualities of fiberglass. Composite materials are strong, light, resistant to corrosion, and dimensionally stable when glass fibers and resin are mixed. It has inflammable material qualities, considerable design versatility, and great dielectric resistance. Because of its remarkable strength-to-weight ratio and versatility, it is perfect for use as a structural components in the automobile sector.

The market is divided into the following categories based on end-use industry: Wind Energy, Aerospace & Defense, Sporting Goods, Automotive & Transportation, Electrical & Electronics, Pipe & Tank, Marine, and Others. The automotive & transportation category dominates the market and is likely to maintain its dominance during the forecast period. Under the general category of "automotive," there are passenger cars, sport utility vehicles, vans, pickup trucks, buses, and recreational vehicles. Retaining materials are highly sought after in the automotive sector because of their many advantageous attributes, which include high strength, durability, lightweight, fire resistance, and many more. There needs to be stringent global legislation regulating car CO2 emissions. Furthermore, car manufacturers are looking for innovative materials and manufacturing processes to lighten vehicles and increase fuel efficiency because of government-mandated fuel economy rules and increasing CAFE emission standards.

Epoxy Composite Market- Geographical Insights

Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.

Over the course of the forecast period, Asia Pacific is anticipated to hold the greatest share of the global market for epoxy composite. The Asia-Pacific epoxy composite market analysis covers China, Australia, India, Japan, and the remainder of Asia-Pacific. Asia-Pacific is the world's largest market for epoxy composites because of the growth of the transportation, automotive, aerospace and defense sectors in this region. It is anticipated that when epoxy composites are utilized more frequently in the creation of lightweight vehicles and automotive products, the market for them will grow. Glass fiber epoxy composites are used in the production of several printed circuit boards (PCBs). Due to the region's well-established electronics manufacturing industry and robust end-user product demand, the PCB market in the Asia-Pacific area is expanding.

In addition, the epoxy composite market is anticipated to expand at the fastest rate in the world during the projected period in Europe. Europe's epoxy composite market analysis covers the UK, Germany, France, Italy, Spain, and the entire continent. The fabrication of automotive and aircraft parts depends on epoxy composite. Because of worries about CO2 emissions and growing fuel usage, manufacturers are replacing metal components with composite materials. Advances in technology that reduce production cycle times are expected to enhance demand for epoxy composites in the automobile sector. These factors are expected to drive market expansion in this sector over the projected timeframe. The increased need for epoxy resins in the wind energy industry has led to a rise in the demand for epoxy composites. They are useful in several industries, such as oil and gas, maritime, electrical and electronics, aerospace and defense, and marine.

Epoxy Composite Market- Competitive Landscape:

Major research and development expenditures made by important companies are contributing to the creation of creative, affordable solutions. Key players such as Solvay, Owens Corning, Hexcel Corporation, Rotec Composite Group B.V., and others are also broadening the applications they utilize in order to look into growth opportunities in a variety of end-use industries. However, because of the high expenses involved in creating composites, the global composites market is having trouble growing and turning a profit. Leading firms have also made alliances, investments in technology, and mergers and acquisitions.

Recent Developments:

July 2022: Hexcel Corporation has formed a strategic alliance with Spirit AeroSystems Europe at its Aerospace Innovation Centre (AIC) to develop more environmentally friendly aircraft manufacturing technologies for future aircraft production.

June 2022: The automated fiber placement (AFP) of AX-7810-610 is being investigated by the NIAR Automated Technologies Laboratory for Aerospace Systems in association with Axiom Materials. This solvent-based prepreg for Ceramic Matrix Composites is frequently used in engine parts and can resist temperatures of up to 1,650 °F.

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

GLOBAL EPOXY COMPOSITE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS

Huntsman International LLC.

Solvay

ISOSPORT Verbundbauteile GmbH

Owens Corning

Hexcel Corporation

Axiom Materials, Inc.

Rotec Composite Group B.V.

Scott Bader Company Ltd.

Gurit

SGL Carbon

SpecialChem

Barrday Inc.

IDI Composites International

Sumitomo Bakelite Co., Ltd.

Mitsubishi Chemical Corporation

TORAY INDUSTRIES, INC.

Arkema

Teijin Carbon Europe GmbH

Avient

TPI Composites

Others

GLOBAL EPOXY COMPOSITE MARKET, BY FIBER TYPE- MARKET ANALYSIS, 2019 - 2032

GLOBAL EPOXY COMPOSITE MARKET, BY END-USE INDUSTRY- MARKET ANALYSIS, 2019 - 2032

GLOBAL EPOXY COMPOSITE MARKET, BY MANUFACTURING PROCESS- MARKET ANALYSIS, 2019 - 2032

GLOBAL EPOXY COMPOSITE MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032

Table of Contents

1. Epoxy Composite Market Overview

2. Executive Summary

3. Epoxy Composite Key Market Trends

4. Epoxy Composite Industry Study

5. Epoxy Composite Market: COVID-19 Impact Analysis

6. Epoxy Composite Market Landscape

7. Epoxy Composite Market - By Fiber Type

8. Epoxy Composite Market - By End-use Industry

9. Epoxy Composite Market - By Manufacturing Process

10. Epoxy Composite Market- By Geography

11. Key Vendor Analysis- Epoxy Composite Industry

12. 360 Degree Analyst View

13. Appendix

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