Report Code : A06628
Epoxy is a common resin used to create composite materials in thermosets. Epoxy resins are used in a wide variety of components, structures, and concrete repair composites. The key factor expected to drive the growth of the market includes increase in use of epoxy composite in the automotive industry, along with demand for lightweight materials with high strength and durability in the wind energy, aerospace & defense, and construction industries. Therefore, the global epoxy composite market size is expected to witness profitable growth opportunities during the forecast period
Eswara Prasad
Manager, Chemical and Materials
According to a new report published by Allied Market Research titled, “Epoxy Composite Market by Fiber, End-Use Industry, and region: Opportunity Analysis and Industry Forecast, 2020–2027,” The global epoxy composite market size was valued at $16.4 billion in 2019, and is projected to reach $24.2 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
Epoxy composite are well known for their outstanding adhesion, UV resistance, chemical & heat resistance, good mechanical properties, and exceptional electrical insulation properties. It is composed of two forms, that is, glass epoxy and carbon epoxy composite. Glass fiber-based epoxy composite is considered to be the best reinforcement among these types of epoxy composites because of its excellent mechanical, electrical, and thermal properties.
The epoxy composite market is witnessing significant growth in the wind energy sector due to the replacement of traditional materials in a wind turbine with epoxy composites with superior mechanical properties. Moreover, governments in different parts of the world have imposed stringent environmental laws fueling the need for sustainable energy, increasing the demand for wind turbines, and thus, escalating the demand for epoxy composites.
The glass fiber was the industry's largest segment, and holds a substantial market share. It is expected to experience exponential growth in the coming years. Whereas, the carbon fiber segment is expected to be the fastest growing consumer commodity. The main applications of the global epoxy composite market are in aerospace & defense, automotive, and wind energy sectors. There is a huge scope for epoxy composites in the automobile industry due to the need for lightweight materials to reduce the overall weight of the vehicles and increase fuel efficiency. This coupled with the fact that the automotive industry is growing at a very fast pace makes this segment attractive for investment.
Some of the key players operating in the global epoxy composite market are Barrday Inc., Bhor Chemicals and Plastics Private Limited, Cytec Solvay Group, Hexcel Corporation, Mitsubishi Chemical Corporation, Park Aerospace Corp., Sabancı Holding, SGL Carbon SE, Teijin Limited, and Toray Industries Inc.
Key Findings Of The Study:
Impact Of Covid-19 On The Global Epoxy Composite Market
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Epoxy Composite Market by Fiber Type (Glass, Carbon, and Others) and End-Use Industry (Aerospace & Defense, Automotive, Electrical & Electronics, Wind Energy, Sporting Goods, Marine, Piping, and Others): Global Opportunity Analysis and Industry Forecast 2020–2027
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