Epoxy Composite Market
The Global Epoxy Composite Market is expected to witness a significant growth of USD 38.19466 billion by 2023 with CAGR of 7.4% between 2018 and 2023.
The market witnessed a significant growth over the forecasted period owing to growing end user industries such as into automotive, transportation, aerospace & defense, sporting goods, electronics industry, construction industries, and others.
The major driving factors of epoxy composite market are growing demand from automotive industries In addition, the increasing demand from the aerospace and transportation industry is expected to fuel market growth of epoxy composites in near future. Furthermore, the increasing demand for construction materials with the feature like lightweight, heat resistance, durability, good mechanical properties, and excellent electrical insulating properties is expected to boost the demand for epoxy composite, However, high instability of the raw material prices and issues related to recyclability can restrain the growth of the epoxy composite market.
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The global epoxy composite market is classified on the basis of mixed geographic segmentation which involves regions such as America, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific epoxy composite market is largest market owing to robust industry growth of end user industry in China, Japan and India. Asia-Pacific is expected to be the fastest-growing market for epoxy composite. Positive stance on end-use industries such as automotive, transportation, aerospace & defense, sporting goods, electronics industry, construction industries, and others in countries like China & India is expect to drive demand. Increasing demand from the automotive & transportation, sporting goods, aerospace & defense, and construction industries, due to increase urbanization of various countries in the APAC region including India, japan and south Korea, fuel the growth of the global epoxy composite market during the forecast period.
Furthermore, North-America region stand on second positions in terms of global epoxy composite market. The demand of epoxy composite in this is becoming essential due to due to its features, such as low maintenance, durability, lightweight and high flexibility in end user industries, including automotive, aerospace & defense, transportation, sporting goods, electronics industry, and others.
Market Segment Analysis:
The global epoxy composite market has been segmented into types and end user industries. On the basis of types, the market has been divided into glass epoxy composite and carbon epoxy composite.
The glass fiber-based epoxy composite segment led the epoxy composite market, in terms of volume. Above all glass fiber-based epoxy composites led to the global epoxy composite market due to its exceptional features such as high durability, UV resistance, chemical resistance, mechanical resistance and heat & electrical resistance. Thus, the glass fiber-based epoxy composites are highly used in various industrial applications, such as automotive, wind power industry like in the maintenance of wind turbines, pipe & tank, electrical & electronics, aerospace & defense and marine.
- 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)
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