Epoxy Composite Industry Overview
The global epoxy composite market size is expected to reach USD 55.97 billion by 2028, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing usage of advanced lightweight functional materials in various industries, such as automotive & transportation, aerospace & defense, and wind energy, is expected to drive the market.
Increasing demand for composites in the automotive industry is anticipated to boost the market growth over the forecast period. Rising fuel prices have triggered the need for fuel-efficient vehicles, which is expected to increase the usage of composites. Composites are majorly utilized as the replacement for aluminum, wood, and steel on account of their higher strength-to-weight ratio.
Epoxy Composite Market Segmentation
Grand View Research has segmented the global epoxy composite market on the basis of fiber type, end-use, and region:
Based on the Fiber Type Insights, the market is segmented into Glass Fiber, Carbon Fiber, and Other Fibers.
- The glass fiber segment led the market accounting for a revenue share of more than 60% in 2020 and will retain the leading position throughout the forecast years. This growth is attributed to the rising use of glass fibers in automotive and marine applications due to their cost-effectiveness.
- In addition, the use of composite materials in place of metals results in better fuel efficiency, thus enhancing the overall vehicle performance. The high strength-to-weight ratio of glass fiber types makes them suitable for a broad range of applications.
- The carbon fiber segment is expected to witness the fastest CAGR of more than 8.5% on account of superior thermal, mechanical, and electrical properties offered by these fibers to the composites.
- In addition, the high strength and durability exhibited by these composites are enhancing their growth opportunities across various end-use industries.
Based on the End-use Insights, the market is segmented into Automotive & Transportation, Aerospace & Defense, Wind Energy, Electrical & Electronics, Sporting & Consumer Goods, and Other End-uses (Oil & Gas, Marine, Construction).
- The automotive & transportation end-use segment led the market in 2020 with a revenue share of more than 25%.
- The aerospace end-use segment is expected to witness a significant CAGR over the forecast period on account of the rising product use in the structural parts of airplanes, rockets, and missiles to reduce weight; thus, improving fuel efficiency.
- In addition, low energy consumption and low weight aid in enhancing the speed of aircraft and missiles. Carbon fiber epoxy composites are highly preferred in this application segment due to their high-performance characteristics.
Epoxy Composite Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
Key players are investing in research and development to improve the existing composites and develop advanced cost-effective solutions. In addition, key players are exploring growth opportunities across various end-use industries through broadening of application scope. However, the high manufacturing costs of composites are challenging the growth and profitability of the composites market across the world. Other initiatives undertaken by key companies include technology innovations, partnerships, and M&A.
Some prominent players in the global epoxy composite market include:
- Teijin Ltd.
- Toray Industries, Inc.
- Huntsman Corp. LLC
- SGL Carbon
- Hexcel Corp.
- Solvay
- Park Aerospace Corp.
- Arkema
- Avient Corp.
- Olin Corp.
Order a free sample PDF of the Epoxy Composite Market Intelligence Study, published by Grand View Research.
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