Epoxy Composite Market Overview
The Epoxy
Composite Market size is forecasted to reach US$32.6 billion by 2027, after growing at a CAGR of 7.1% during 2022-2027. Epoxy composites are a type of polymer material that
uses epoxy resin to create a polymer matrix that is reinforced
with carbon epoxy composite, graphite epoxy-based composite. This is due to carbon/epoxy composite mechanical properties and glass fiber epoxy
composite properties. The low densities of epoxy
composites offer substantial fuel savings in aerospace and automotive
applications. The rise in the growth of the automotive & aerospace sector
would boost the demand for epoxy composite. According to the
International Organization of Motor Vehicle Manufacturers, the total
production of vehicles in the European Union is around 16,330,509 units. Therefore,
the rise in auto production would increase the demand for the epoxy composite market during the forecast period. However, the global economic downturn caused by the COVID-19
pandemic resulted in a huge drop in demand for Epoxy Composite in automotive,
aerospace, marine and others all across the
world, which had a significant impact on the growth of the Epoxy Composite industry.
Epoxy Composite Market Report Coverage
The report: “Epoxy Composite
Market Report – Forecast (2022 - 2027)” by Industry ARC, covers an in-depth
analysis of the following segments in the Epoxy Composite industry.
By Fiber Type:
Carbon, Glass
and Others.
By Matrix
Type: Polymer, Metal
and Ceramics.
By Fabrication Process: Lay-up, Compression Moulding, Resin Injection, Resin
Transfer Moulding, Filament Winding and Pultrusion.
By End-use
Industry: Building
& Construction (Residential, Commercial, Infrastructure and Others), Transportation
(Automotive, Marine, Aerospace & Defence, Rail), Electric & Electronics,
Energy, Sporting & Consumer Goods, Industrial and Others.
By
Geography: North America (the
USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands,
Spain, Belgium and the Rest of Europe), Asia-pacific (China, Japan, India, South Korea,
Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South
America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of
the World: Middle East (Saudi Arabia, the UAE, Israel and the Rest of the Middle East) and
Africa (South Africa, Nigeria and the Rest of Africa).
Key Takeaways
- The Asia-pacific region dominates the Epoxy Composite Market share with a CAGR of 8.6% during the forecast period (2022-2027) owing to the
rising growth in the development of automotive, aerospace and building
construction in various countries such as China, India, Japan and South Korea.
- The rapid increase in the application
of Epoxy Composite in the wind energy industry owing to carbon/epoxy composite mechanical properties is boosting the demand for the Epoxy Composite market during the forecast period.
- The increasing demand for Epoxy Composite materials in various sectors such as electric & electronics and sporting and consumer goods due to glass epoxy-based composite properties and s-glass Epoxy Composite properties during the forecast period.
- A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Epoxy Composite market report.
Figure: Epoxy Composite Market Revenue Share, by Geography, 2021 (%)
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Epoxy Composite Market Segment Analysis – By Fiber Type
The glass segment held
the largest Epoxy Composite Market share
in 2021 and is expected to grow at a CAGR of 7.6% during 2022-2027. The fiberglass epoxy composite is
widely used for bumper beams, fenders, hoods, roof panels, deck lids and exterior
and interior body components because of its glass epoxy-based composite
properties and glass fiber epoxy composite properties. Also, synthetic
fibers reinforced epoxy polymer composites find their application in
the production of aircraft structures owing to their superior structural
performance, such as long fatigue life, high stiffness & strength and glass epoxy-based composite properties. As per
Boeings Commercial Market Outlook 2022–2041, the aerospace commercial market is
valued at US$7.2 trillion for new airplane deliveries, with the global fleet
increasing by 80% through 2041 compared to 2019 pre-pandemic levels. Therefore,
with the rise in the growth of the aerospace & defense sector, the demand
for the fiberglass segment
would increase and, in turn, would boost the demand for Epoxy Composite market size
during the forecast period.
Epoxy Composite Market Segment Analysis – By End-use Industry
The transportation sector
held a significant Epoxy Composite Market share in 2021 and is estimated to grow at a CAGR of 6.8% during the forecast
period 2022-2027. The carbon epoxy
composite and graphite epoxy-based composite are widely
used in the production of various automotive, marine, aerospace & defense
owing to their carbon/epoxy composite
mechanical properties, glass epoxy
composite properties and glass fiber epoxy
composite properties. The growth of the
transportation sector would boost the Epoxy Composite industry. According to the International Organization of Motor
Vehicle Manufacturers, the total car production is around 57,054,295 units and
commercial vehicle production totaled 23,091,693 units in 2021 which was 3%
higher as compared to 2020 vehicle production.
Such growth in automotive production globally is
expected to bolster the requirement for Epoxy Composite which in turn would propel the growth of the Epoxy Composite market size during the forecast
period.
Epoxy Composite Market Segment Analysis – By Geography
The Asia-pacific region dominated the Epoxy Composite Market share with 46% in 2021, owing to the rising investment towards construction, bolstering construction activity and growing aerospace, automotive & defense industries in the region. China is estimated to witness growth in the demand for carbon epoxy composite and graphite epoxy-based composite due to the rise in construction activity. In January 2022, China unveiled a development plan for its construction industry to push the pillar sector of the country's economy onto a greener, smarter and safer path with the plan to modernize its industrial chain. The construction industry of China is expected to contribute a 6% share of the country's GDP by 2025, according to the Ministry of Housing and Urban-Rural Development. Thus, the rise in construction projects and automotive production in the APAC countries is anticipated to increase the demand for epoxy composite in the forecasted period. All such factors are proving to be a market booster for the Epoxy Composite market size in this region.
Epoxy Composite Market Drivers
Growing electronics industry across the globe:
The electronics sector is growing rapidly
owing to increasing demand from emerging market economies. As a result, many
countries are increasingly producing more electronics and investment in the
foreign production of electronics has also increased dramatically. The
epoxy composites are widely used for applications ranging from small switch
parts to insulating high voltage tap chargers in power transformers and other
applications due to their high electrical insulation properties and carbon epoxy-based composite mechanical properties. The rise in the growth of the electronic sector would eventually boost the epoxy composites industry. According to Invest
India, the global electronics components market is expected to reach US$191.8
billion by 2022, of which the Asia-pacific region is anticipated to capture a
dominant share globally. The growth in the electronic components sector would eventually
help to boost the demand for the Epoxy Composite market size during the
forecast period.
Rapid Industrialization across the globe:
Epoxy Composites such as carbon epoxy-based composite and graphite epoxy composite are widely used in load-bearing applications in various end-use industries such as automotive, aerospace, construction, oil & gas and marine industries. Rapid industrial developments owing to advancements in technology to meet the growing need of people from various end-use industries would eventually drive the demand for the epoxy composites market during the forecast period. Industrial production in the United States increased by 6.4% year-on-year in April 2022 with manufacturing output increasing by 5.8%, utilities by 7.5% and mining by 8.6% as per Trading Economics. Therefore, the increasing industrial production shows the growing industries globally and, in turn, would boost the demand for Epoxy Composites during the forecast period.
Epoxy Composite Market Challenge
Higher Price of Epoxy Composite:
The cost of Epoxy Composite is much higher compared to others. The reason behind this is its production cost. Moreover, the machinery and the equipment which are used while producing composite are tagged with a higher expense. Also, the machinery requires high maintenance. Due to these factors, the product of epoxy composites comes at a higher price as compared to its alternative materials. This tends to constrain the growth of the market. In addition, even if the epoxy composite provides better results, the customer usually prefers lower cost. Such factors have become the major challenge for Epoxy Composite in terms of consumption, which constrains the growth of the market.
Epoxy Composite Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies players adopt in the Epoxy Composite Market. The top 10 companies in the Epoxy Composite market are:
- Axiom Materials
- Hexcel Corporation
- SGL Carbon
- Mitsubishi Chemical Corporation
- Teijin Carbon Europe GmbH
- Cytec Solvay Group
- Toray Industries Inc.
- Gurit Holding AG
- Park Electrochemical Corporation
- SGL Group
Recent Developments:
- In March 2022, Swancor launched two new products, "EzCiclo" and "CleaVER", offering futuristic solutions to recycle wind turbine blades and reuse them. EzCiclo is a recyclable and reusable epoxy resin with glass or carbon fiber composites that could be recycled and degraded via CleaVER technology.
- In November 2021, Westlake Chemical Corporation announced that it entered into a definitive agreement with Hexion Inc. to acquire Hexion’s global epoxy business for approximately $1.2 billion based in Rotterdam, Netherlands.
Relevant Reports
LIST OF TABLES
1.Global Epoxy Composite Market By Fiber Type Market 2019-2024 ($M)1.1 Glass Fiber Market 2019-2024 ($M) - Global Industry Research
1.2 Carbon Fiber Market 2019-2024 ($M) - Global Industry Research
2.Global Epoxy Composite Market By Manufacturing Process Market 2019-2024 ($M)
2.1 Layup Process Market 2019-2024 ($M) - Global Industry Research
2.2 Compression Molding Process Market 2019-2024 ($M) - Global Industry Research
2.3 Resin Injection Molding Process Market 2019-2024 ($M) - Global Industry Research
2.4 Resin Transfer Molding Process Market 2019-2024 ($M) - Global Industry Research
2.5 Filament Winding Process Market 2019-2024 ($M) - Global Industry Research
2.6 Pultrusion Process Market 2019-2024 ($M) - Global Industry Research
3.Global Epoxy Composite Market By End-Use Industry Market 2019-2024 ($M)
3.1 Wind Energy Market 2019-2024 ($M) - Global Industry Research
3.2 Aerospace & Defense Market 2019-2024 ($M) - Global Industry Research
3.3 Automotive & Transportation Market 2019-2024 ($M) - Global Industry Research
3.4 Sporting Goods Market 2019-2024 ($M) - Global Industry Research
3.5 Electrical & Electronics Market 2019-2024 ($M) - Global Industry Research
3.6 Pipe & Tank Market 2019-2024 ($M) - Global Industry Research
3.7 Marine Market 2019-2024 ($M) - Global Industry Research
4.Global Epoxy Composite Market By Fiber Type Market 2019-2024 (Volume/Units)
4.1 Glass Fiber Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Carbon Fiber Market 2019-2024 (Volume/Units) - Global Industry Research
5.Global Epoxy Composite Market By Manufacturing Process Market 2019-2024 (Volume/Units)
5.1 Layup Process Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Compression Molding Process Market 2019-2024 (Volume/Units) - Global Industry Research
5.3 Resin Injection Molding Process Market 2019-2024 (Volume/Units) - Global Industry Research
5.4 Resin Transfer Molding Process Market 2019-2024 (Volume/Units) - Global Industry Research
5.5 Filament Winding Process Market 2019-2024 (Volume/Units) - Global Industry Research
5.6 Pultrusion Process Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Epoxy Composite Market By End-Use Industry Market 2019-2024 (Volume/Units)
6.1 Wind Energy Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Aerospace & Defense Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 Automotive & Transportation Market 2019-2024 (Volume/Units) - Global Industry Research
6.4 Sporting Goods Market 2019-2024 (Volume/Units) - Global Industry Research
6.5 Electrical & Electronics Market 2019-2024 (Volume/Units) - Global Industry Research
6.6 Pipe & Tank Market 2019-2024 (Volume/Units) - Global Industry Research
6.7 Marine Market 2019-2024 (Volume/Units) - Global Industry Research
7.North America Epoxy Composite Market By Fiber Type Market 2019-2024 ($M)
7.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
7.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
8.North America Epoxy Composite Market By Manufacturing Process Market 2019-2024 ($M)
8.1 Layup Process Market 2019-2024 ($M) - Regional Industry Research
8.2 Compression Molding Process Market 2019-2024 ($M) - Regional Industry Research
8.3 Resin Injection Molding Process Market 2019-2024 ($M) - Regional Industry Research
8.4 Resin Transfer Molding Process Market 2019-2024 ($M) - Regional Industry Research
8.5 Filament Winding Process Market 2019-2024 ($M) - Regional Industry Research
8.6 Pultrusion Process Market 2019-2024 ($M) - Regional Industry Research
9.North America Epoxy Composite Market By End-Use Industry Market 2019-2024 ($M)
9.1 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
9.2 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
9.3 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
9.4 Sporting Goods Market 2019-2024 ($M) - Regional Industry Research
9.5 Electrical & Electronics Market 2019-2024 ($M) - Regional Industry Research
9.6 Pipe & Tank Market 2019-2024 ($M) - Regional Industry Research
9.7 Marine Market 2019-2024 ($M) - Regional Industry Research
10.South America Epoxy Composite Market By Fiber Type Market 2019-2024 ($M)
10.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
10.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
11.South America Epoxy Composite Market By Manufacturing Process Market 2019-2024 ($M)
11.1 Layup Process Market 2019-2024 ($M) - Regional Industry Research
11.2 Compression Molding Process Market 2019-2024 ($M) - Regional Industry Research
11.3 Resin Injection Molding Process Market 2019-2024 ($M) - Regional Industry Research
11.4 Resin Transfer Molding Process Market 2019-2024 ($M) - Regional Industry Research
11.5 Filament Winding Process Market 2019-2024 ($M) - Regional Industry Research
11.6 Pultrusion Process Market 2019-2024 ($M) - Regional Industry Research
12.South America Epoxy Composite Market By End-Use Industry Market 2019-2024 ($M)
12.1 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
12.2 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
12.3 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
12.4 Sporting Goods Market 2019-2024 ($M) - Regional Industry Research
12.5 Electrical & Electronics Market 2019-2024 ($M) - Regional Industry Research
12.6 Pipe & Tank Market 2019-2024 ($M) - Regional Industry Research
12.7 Marine Market 2019-2024 ($M) - Regional Industry Research
13.Europe Epoxy Composite Market By Fiber Type Market 2019-2024 ($M)
13.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
13.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
14.Europe Epoxy Composite Market By Manufacturing Process Market 2019-2024 ($M)
14.1 Layup Process Market 2019-2024 ($M) - Regional Industry Research
14.2 Compression Molding Process Market 2019-2024 ($M) - Regional Industry Research
14.3 Resin Injection Molding Process Market 2019-2024 ($M) - Regional Industry Research
14.4 Resin Transfer Molding Process Market 2019-2024 ($M) - Regional Industry Research
14.5 Filament Winding Process Market 2019-2024 ($M) - Regional Industry Research
14.6 Pultrusion Process Market 2019-2024 ($M) - Regional Industry Research
15.Europe Epoxy Composite Market By End-Use Industry Market 2019-2024 ($M)
15.1 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
15.2 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
15.3 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
15.4 Sporting Goods Market 2019-2024 ($M) - Regional Industry Research
15.5 Electrical & Electronics Market 2019-2024 ($M) - Regional Industry Research
15.6 Pipe & Tank Market 2019-2024 ($M) - Regional Industry Research
15.7 Marine Market 2019-2024 ($M) - Regional Industry Research
16.APAC Epoxy Composite Market By Fiber Type Market 2019-2024 ($M)
16.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
16.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
17.APAC Epoxy Composite Market By Manufacturing Process Market 2019-2024 ($M)
17.1 Layup Process Market 2019-2024 ($M) - Regional Industry Research
17.2 Compression Molding Process Market 2019-2024 ($M) - Regional Industry Research
17.3 Resin Injection Molding Process Market 2019-2024 ($M) - Regional Industry Research
17.4 Resin Transfer Molding Process Market 2019-2024 ($M) - Regional Industry Research
17.5 Filament Winding Process Market 2019-2024 ($M) - Regional Industry Research
17.6 Pultrusion Process Market 2019-2024 ($M) - Regional Industry Research
18.APAC Epoxy Composite Market By End-Use Industry Market 2019-2024 ($M)
18.1 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
18.2 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
18.3 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
18.4 Sporting Goods Market 2019-2024 ($M) - Regional Industry Research
18.5 Electrical & Electronics Market 2019-2024 ($M) - Regional Industry Research
18.6 Pipe & Tank Market 2019-2024 ($M) - Regional Industry Research
18.7 Marine Market 2019-2024 ($M) - Regional Industry Research
19.MENA Epoxy Composite Market By Fiber Type Market 2019-2024 ($M)
19.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
19.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
20.MENA Epoxy Composite Market By Manufacturing Process Market 2019-2024 ($M)
20.1 Layup Process Market 2019-2024 ($M) - Regional Industry Research
20.2 Compression Molding Process Market 2019-2024 ($M) - Regional Industry Research
20.3 Resin Injection Molding Process Market 2019-2024 ($M) - Regional Industry Research
20.4 Resin Transfer Molding Process Market 2019-2024 ($M) - Regional Industry Research
20.5 Filament Winding Process Market 2019-2024 ($M) - Regional Industry Research
20.6 Pultrusion Process Market 2019-2024 ($M) - Regional Industry Research
21.MENA Epoxy Composite Market By End-Use Industry Market 2019-2024 ($M)
21.1 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
21.2 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
21.3 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
21.4 Sporting Goods Market 2019-2024 ($M) - Regional Industry Research
21.5 Electrical & Electronics Market 2019-2024 ($M) - Regional Industry Research
21.6 Pipe & Tank Market 2019-2024 ($M) - Regional Industry Research
21.7 Marine Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Epoxy Composite Market Revenue, 2019-2024 ($M)2.Canada Epoxy Composite Market Revenue, 2019-2024 ($M)
3.Mexico Epoxy Composite Market Revenue, 2019-2024 ($M)
4.Brazil Epoxy Composite Market Revenue, 2019-2024 ($M)
5.Argentina Epoxy Composite Market Revenue, 2019-2024 ($M)
6.Peru Epoxy Composite Market Revenue, 2019-2024 ($M)
7.Colombia Epoxy Composite Market Revenue, 2019-2024 ($M)
8.Chile Epoxy Composite Market Revenue, 2019-2024 ($M)
9.Rest of South America Epoxy Composite Market Revenue, 2019-2024 ($M)
10.UK Epoxy Composite Market Revenue, 2019-2024 ($M)
11.Germany Epoxy Composite Market Revenue, 2019-2024 ($M)
12.France Epoxy Composite Market Revenue, 2019-2024 ($M)
13.Italy Epoxy Composite Market Revenue, 2019-2024 ($M)
14.Spain Epoxy Composite Market Revenue, 2019-2024 ($M)
15.Rest of Europe Epoxy Composite Market Revenue, 2019-2024 ($M)
16.China Epoxy Composite Market Revenue, 2019-2024 ($M)
17.India Epoxy Composite Market Revenue, 2019-2024 ($M)
18.Japan Epoxy Composite Market Revenue, 2019-2024 ($M)
19.South Korea Epoxy Composite Market Revenue, 2019-2024 ($M)
20.South Africa Epoxy Composite Market Revenue, 2019-2024 ($M)
21.North America Epoxy Composite By Application
22.South America Epoxy Composite By Application
23.Europe Epoxy Composite By Application
24.APAC Epoxy Composite By Application
25.MENA Epoxy Composite By Application
26.Cytec Solvay Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Hexcel Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Royal Tencate N.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Teijin Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Toray Industries Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Gurit Holding AG, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.SGL Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Axiom Materials, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Park Electrochemical Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Kemrock Industries & Exports Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Myko Engineering, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Rotec Composite Group B.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Barrday, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Hindoostan Composite Solutions, Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.ATL Composites, Sales /Revenue, 2015-2018 ($Mn/$Bn)
41.IDI Composites, Sales /Revenue, 2015-2018 ($Mn/$Bn)
42.Isosport, Sales /Revenue, 2015-2018 ($Mn/$Bn)