Epoxy Composite Market Size (2023-2028):

The Global Epoxy Composite Market was valued at US$ 24.3 billion in 2022 and is predicted to reach a valuation of US$ 33.6 billion by 2028 and is predicted to register a CAGR of 10% during the forecast period 2023-2028.

Market Overview:

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 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 centres. 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 turbines need less maintenance and a higher 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.

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 the call for epoxy compounds from various industries, including electricity electronics, and 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 a 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 the call for epoxy compounds worldwide due to their low weight/strength ratio. In addition, expansion in the 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 REPORT COVERAGE

Market Segmentation:

Epoxy Composite Market - By Fiber Type:

• Glass
• Carbon
• Others

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.

Epoxy Composite Market - By End-User:

• Wind Energy
• Aerospace and Defense
• Sporting Goods
• Automotive and Transportation
• Electrical and Electronics
• Pipe and Tank
• Marine
• Others

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.

Epoxy Composite Market - By Manufacturing Process:

• Lay-up
• Compression Moulding
• Resin Injection
• Resin Transfer Moulding
• Filament Winding
• Pultrusion

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 Market - By Region:

• North America Epoxy Composite Industry includes the U.S. and Canada.
• Europe's Epoxy Composite Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
• Asia Pacific Epoxy Composite Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
• Latin America Epoxy Composite Industry includes Brazil, Mexico, Argentina, Chile & the Rest of LATAM.
• Middle East & Africa Epoxy Composite Industry includes KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

The Asia Pacific is the largest market for epoxy compounds due to the 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 an expansion in the epoxy composite market due to various end-user industries such as electronics, construction, and others.

Impact of COVID-19 on the 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 overall revenue, which is likely to take some years to recover.

Market Key Players:

1. Axiom Materials, Inc. (US)
2. Hexcel Corporation (US)
3. Cytec Solvay Group (Belgium)
4. Koninklijke Ten Cate nv. (Netherlands)
5. Teijin Limited (Japan)
6. Toray Industries, INC. (Japan)
7. Mitsubishi Rayon Co. Ltd. (Japan)
8. Rotec Composite Group B.V. (Netherlands)
9. SGL Group (Germany)
10. Gordon Composites, Inc. (US)
11. Others

Market Key Developments:

• Park Electrochemical Corp., a worldwide advanced materials firm that develops and makes high-technology composites for microwave and digitally 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 the latest partnerships and the introduction of the latest biopharming 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.