Epoxy Composite Market Overview
The global epoxy composite market was valued at $ 21.3 billion in 2019 and is predicted to reach $ 33.6 billion by 2025, at an annual rate of 7.8% during the forecast period. In this study, 2019 was taken as the base year, while the forecast period runs from 2020 to 2025.
Epoxy composite offers excellent adhesion, chemical resistance, heat resistance, UV resistance, exceptional electrical insulation and good mechanical properties. It is available in two types, such as carbon epoxy compound and glass epoxy compound. Among these types of epoxy compounds, the fiberglass-based epoxy compound offers the best reinforcement due to its excellent electrical, mechanical and thermal properties. Epoxy resin is produced by combining synthetic epoxy resin with a woven glass cloth and a non-woven glass core. Therefore, epoxy compounds can be employed in the manufacture of lightweight materials.
The governments of countries in regions such as Asia-Pacific, Europe and North South America have imposed strict environmental regulations to reduce Emissions of greenhouse gases. This led to the transition to renewable energy for energy production. The installation of wind capacity is escalating at a rapid rate in these regions to reduce carbon emissions. Wind turbine manufacturers prefer lightweight materials, such as epoxy compounds, for the production of wind turbine parts, such as blades, gondolas, and wind turbine centers. The epoxy compound replaces the use of traditional materials such as metals and alloys in wind turbines due to its superior mechanical properties. Parts of Wind turbine need less maintenance and a more strength/weight ratio that is obtained with the help of an epoxy composite. Lightweight materials escalate the efficiency and work of wind turbines by escalating the length of the blades.
Recent Developments and Trends
Park Electrochemical Corp., a worldwide advanced materials firm that develops and makes high-technology composites for microwave and digital printed circuit boards, has declared the introduction of its latest 350 ° F (177 ° C) E-cured epoxy resin system. 752-LT for automated fiber placement processing (AFP).
Scimon declares latest partnerships and the introduction of a latest biospuaming epoxy. The yacht is built with carbon fiber employed and epoxy resin. Carbon fiber offers high strength and rigidity, particularly necessary for all four blades, and allows for the construction of a lighter hull that allows for full lift with the hybrid drive system.
Epoxy Composite Market Drivers and Restraints:
Epoxy compounds are employed in a wide range of end-use industries, including aerospace and defense, wind power, automotive and transportation, electricity and electronics, pipes and tanks, marine activities, and sporting goods. The growing call for epoxy compounds in the above end-use sectors is a crucial factor that should drive expansion in the target market in the coming years. In addition, the rapid expansion in call for epoxy compounds from various industries, including electricity and electronics and the marine, is another predicted factor to support expansion in target market revenues during the forecast period. Various advantages offered by these materials, such as excellent adhesion, chemical resistance, UV resistance and heat resistance, are key factors that should drive the adoption of the epoxy compound, which in turn should stimulate expansion in the target market during the outlook period. In addition, the escalating call for lightweight, high mechanical strength and corrosion resistance material and the growing call from developing economies are other additional factors that should escalate the call for epoxy compounds, which in turn should stimulate market expansion in the forecast period. The escalating need for lightweight materials in the automotive and aeronautical industries is predicted to stimulate call for epoxy compounds worldwide due to their low weight/strength ratio. In addition, expansion in call for composite materials in pipes and tanks and in oil and gas applications is predicted to fuel the global market for epoxy compounds during the calculated period.
Epoxy Composite Market Segmentation:
By fiber type:
The fiberglass-based epoxy compounds segment dominated the volume of the epoxy compounds market. Fiberglass-based epoxy compounds offer better manufacturing adaptability, high durability, and a high strength/weight ratio.
By end use industry:
Wind power was the largest end-use industry segment in the global epoxy composite market. The use of epoxy compounds in the wind power industry is also predicted to escalate in the near future.
By manufacturing process:
Depending on the manufacturing process, the resin injection segment should represent a significant revenue share in the target market. Revenue from the resin injection segment is also predicted to record the highest CAGR compared to expectations.
Epoxy Composite Regional Analysis:
The Epoxy Composite Report includes the segmentation of Regions with their respective Countries.
Asia Pacific is the largest market for epoxy compounds due to call in various applications such as automotive, transportation, and aerospace and defense in China, followed by Japan and India. The increasing call from sectors like automotive, aerospace and construction industries in nations like India, Japan, South Korea, etc., has made Asia-Pacific the largest consumer in the world epoxy composites market, followed by higher consumption. from the North American epoxy compound market. The third largest epoxy composite market is Europe. Latin America and the Middle East have also experienced expansion in the epoxy composite market due to various end-user industries such as electronics, construction and others.
Impact of Covid-19 on the Global Epoxy Composite Market:
The Covid-19 pandemic has resulted in an adverse effect on almost all industries across the world, along with the epoxy composites market. The shutdown of manufacturing units worldwide has resulted in a decline in the overall revenue, which is likely to take some years to recover.
Key Players:
Major players operating in the worldwide epoxy composite industry include 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) and others.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Fibre Type
5.1.1 Introduction
5.1.2 Glass
5.1.3 carbon
5.1.4 Y-o-Y Growth Analysis, By Fibre Type
5.1.5 Market Attractiveness Analysis, By Fibre Type
5.1.6 Market Share Analysis, By Fibre Type
5.2 Manufacturing Process
5.2.1 Introduction
5.2.2 Lay-up
5.2.3 Compression Molding
5.2.4 Resin Injection
5.2.5 Resin Transfer Molding
5.2.6 Filament Winding
5.2.6 Pultrusion
5.2.7 Y-o-Y Growth Analysis, By Manufacturing Process
5.2.8 Market Attractiveness Analysis, By Manufacturing Process
5.2.9 Market Share Analysis, By Manufacturing Process
5.3 End-use Industry
5.3.1 Introduction
5.3.2 Y-o-Y Growth Analysis, By End-use Industry
5.3.3 Market Attractiveness Analysis, By End-use Industry
5.3.4 Market Share Analysis, By End-use Industry
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By End - user Industry
6.1.3.3 ByFibre Type
6.1.3.4 By Manufacturing Process
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By End - user Industry
6.1.4.3 By Fibre Type
6.1.4.4 By Manufacturing Process
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By End - user Industry
6.1.5.3 By Fibre Type
6.1.5.4 By Manufacturing Process
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Teijin Limited
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Toray Industries
8.3 Rotec Composite Group B.V.
8.4 Mitsubishi Rayon Co. Ltd
8.5 SGL Group
8.6 Gordon Composites
8.7 Axiom Materials, Inc
8.8 Hexcel Corporation
8.9 Cytec Solvay Group
8.10 Koninklijke Ten Cate nv.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
