The Epoxy Composite Market is expected to witness a significant growth of USD ~ 38.19466 billion by 2022 with CAGR of ~7.40% between 2022-2030.
The epoxy composite market growth is projected as 7.4% for the forecast period. The composite material product includes combining resins such as epoxy. The combination of fibre and resin has exceptional properties. This composition can replace even heavy materials. Epoxy composite is a crucial element in many industries. The application of this component is a wide range. Today, the use of resin is widespread in many regions.
Due to their easy handling properties, they are utilized in many products. The need for lightweight, high mechanical strength and corrosion resistance materials are higher. Emerging economies are having high usage of epoxy. Materials with lightweight have more importance in aerospace and other aviation sectors. The automotive, defence, electronics and marine industry has massive usage of the epoxy composition.
Epoxy composite is a component that has higher elasticity than any other alternatives. It is a type of polymer material that is combined with many elements. Fabrication is possible with the use of epoxy composite. In recent years, glass-reinforced epoxy is a fibre reinforced plastic. The need for this component is high. Especially, the demand for glass-reinforced epoxy is gaining more traction. Rising construction activities across the globe increase the use of epoxy composite. All these factors will contribute to the high epoxy composite market value.
The outbreak of covid 19 is creating challenges in the global markets. Demand and supply chain disruptions are high for the industries. Price volatility for the market is high and raw material scarcity is affecting the growth. Epoxy is a material that is required in the automotive, defence, wind energy and manufacturing sector has a high supply.
National lockdowns are high in many markets. The sudden decline in the growth of the epoxy market is high. Raw materials scarcity and price fluctuations are affecting the production of this market. In the upcoming years, the demand for epoxy composite will create many opportunities. Especially, the aerospace market will have an increased need for epoxy composite. A new range of aerospace products will be launched in the upcoming years. Due to this, the price and production of epoxy composite will increase. All these factors will increase the overall profitability of this product in the forecast period.
Demand for epoxy in various sectors is a crucial driver of the market. Automotive, transportation and aerospace markets will have more need for this material. Heat resistance, chemical resistance, exceptional adhesion and UV resistance are qualities of epoxy composite. These features of the epoxy composite will attract many end-users to the market.
Especially, aerospace applications require composites with high chemical resistance. High mechanical strength is required in aerospace sectors for safety reasons. The adoption rate of the epoxy chemical will be massive in the forecast period. Further, demand from emerging nations is another crucial driver of this market. Industrialization in emerging markets is another factor driving demand. Due to the industrialization production in aerospace, sporting, electronic goods, transportation and construction industry will rise.
New manufacturing technologies are improving in this region. The production of high-quality composites is surging. It is a major reason that increases the growth of the overall epoxy composite market. The growth of the building, marine, pipe and electronics industry is surging. The growing awareness about epoxy composite is a crucial driver of this market. In recent years, the industry has had exposure to this material. All these factors will cause an exceptional growth rate for this market.
The epoxy composite has high demand from the energy industry. Especially, developing economies have more need for these epoxy composites. Wind energy facilities require composites that have a high requirement. Wind energy is an energy-efficient power generated through the wind. The generation of wind energy is higher in developing regions. The need for cost-efficient energy solutions are raising in this region.
The rising use of epoxy the wind energy facilities are raising. In the upcoming years, this will boost exceptional growth opportunities in the market. Low-cost technologies are creating plenty of growth prospects. Today, the epoxy market is adopting many advanced technologies. It is surging the production rate of the epoxy composite. Epoxy is a material that requires various combinations. To carry this process technologies play a crucial role.
In many regions, the investments for the technologies in the epoxy market is rising. It will create exceptional opportunities and supply rates in the epoxy composite market. Governmental support is another crucial factor leading to developments. Epoxy composite is an element that is cost-efficient as well as eco friendly. Due to this, its use of it is encouraged by various governments.
The rising cost of research and development is a restraining factor of the market. Epoxy is a component that requires constant research. Its component can be used in various fields. Due to this, the epoxy component market is facing difficulties.
The rising research cost can hamper the market expansion. Low-cost epoxy has much demand from the end-users. Epoxy composite is crucial in the automotive and construction industries. The production cost of these industries is already set higher. Due to this, the end-users prefer low-cost epoxy composite to premium ones.
The reduced life cycle of the epoxy composite is another challenge in this market. The need for highly durable and epoxy with a higher lifecycle has higher demand. Due to this, the industries are requiring the immediate purchase of epoxy composite.
Many industries are choosing alternative composites that come with longer shelf life. It is a challenging factor of the market that can affect overall growth. The reduced life cycle causes more expenditure for the end-users. Further, lack of awareness acts as another challenge in the market. The need for more exposure to the epoxy solution is necessary.
The epoxy composite market trends is stable in the forecast period. There are crucial drivers of the market such as demand from an automotive sector that raises demand. The production of high-quality composites is surging. It is a major reason that increases the growth of the overall epoxy composite market.
There are plenty of growth opportunities in the market that will contribute to growth. However, the market restraints such as rising costs and reduced product lifecycle are challenges. There are plenty of segments in the market that will have high awareness among end-users. Also, rising investments will cause more growth.
During the forecast period, the Asia-Pacific region would be the largest epoxy composite market share. The electronics industry is rapidly expanding in recent years. Rising demand for cellular phones, portable computing devices, gaming systems, and other personal electronic gadgets are positively impacting the epoxy market.
With over 200 small aircraft parts producers have region is flourishing in demand. China's aircraft parts and assembly manufacturing sector is growing at a rapid pace. Nanchang, Shanghai, Chengdu, Xi'an, Harbin, Shijiazhuang, and Shenyang are the major manufacturing centres with high demand.
Aerospace development and production in China will contribute to high demand in this region. China is predicted to be the world's largest single-country market for civil aircraft sales. Also, India and happen are other crucial players in his market.
Epoxy composite market Material
Epoxy composite market by Product
Source: MRFR Report
The epoxy composite market is fragmented into Asia Pacific, Europe and North America. The Asia Pacific is a region having high shares of the market. Demand from industrial and residential sectors are contributing to high growth.
North America is the next largest market with high demand for epoxy composite. The investments for the market are rising rapidly. The defence market has a high demand for the expose composite. The aerospace and defence market will contribute to the high growth rate of this market. Also, Europe is a region with immense demand for epoxy composite.
The key players of the epoxy composite market are
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and End Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Axiom Materials, Inc. (US), Hexcel Corporation (US), Cytec Solvay Group (Belgium), Koninklijke Ten Cate nv. (Netherlands), Teijin Limited (Japan), Toray Industries, INC. (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Rotec Composite Group B.V. (Netherlands), SGL Group (Germany), Gordon Composites, Inc. (US)|
|Key Market Opportunities||rising demand of vehicles and commercial aircrafts from emerging economies|
|Key Market Drivers||Growing construction activities|
The global epoxy composites market is expected to reach a valuation of USD 38.19 billion by 2030.
The epoxy composites market is expected to exhibit a strong 7.40% CAGR over the forecast period from 2022-2030.
Glass epoxy composites hold the largest share in the global epoxy composites market.
Leading end-use industries for epoxy composites include automotive and transportation, aerospace and defense, sporting goods, construction, and electronics.
Leading players in the global epoxy composites market include Gordon Composites Inc., Toray Industries Inc., Hexcel Corporation, Axiom Materials Inc., Cytec Solvay Group, SGL Group, and Teijin Limited.