Global Epoxy Composite Market Is Expected to Reach USD 60.24 Billion By 2030

29-May-2023 | Zion Market Research

The global epoxy composite market size was valued at USD 38.33 Billion in 2022 and is expected to reach USD 60.24 Billion by 2030, growing at a CAGR of 7.35% during the forecast period.

Global Epoxy Composite Market Size

Epoxy composite is a high-performance material that is widely used in various industries due to its excellent mechanical properties, high strength-to-weight ratio, and resistance to corrosion and chemicals. It is a composite material made by combining epoxy resin and reinforcing fibers such as carbon fibers, glass fibers, and aramid fibers. Epoxy composites find applications in industries such as aerospace, automotive, construction, electrical & electronics, and wind energy, among others.

They are used in the manufacturing of components such as aircraft parts, automotive parts, wind turbine blades, and structural elements of buildings and bridges. Epoxy composites are known for their durability and resistance to harsh environmental conditions, making them an ideal choice for applications that require high performance and long service life. The development of new technologies and materials has led to the continuous improvement of epoxy composites, making them more reliable and efficient for use in various industrial applications.

The global epoxy composite market is being driven by the increasing demand for lightweight and durable materials in various end-use industries such as aerospace, automotive, and construction. The growth of the wind energy sector and the rising investment in infrastructure development in emerging economies also present significant opportunities for market players. However, the epoxy composite industry faces certain restraints and challenges, such as the high cost of production associated with epoxy composites and the lack of standardized testing methods & quality control procedures.

Environmental concerns related to the disposal of epoxy composites, the availability of raw materials, and the complexity of the manufacturing process also pose challenges. Addressing these challenges and investing in new technologies and materials can help market players improve the efficiency and reliability of epoxy composites, leading to further growth and expansion in the future.

The global epoxy composite market is segmented based on manufacturing process, fiber type, end-use industry, and region.

Based on manufacturing process, the market is segmented into Compression Moldings, Filament Winding, Resin Transfer Molding, Resin Injection, PULTRUSION, and Lay-Up.

Based on fiber type, the epoxy composite industry is segmented into carbon fiber, glass fiber, and others. The glass fiber segment held the largest market share in 2022 and is further predicted to grow remarkably during the forecast period. The glass fiber segment is a major contributor to the global epoxy composite market and is expected to exhibit strong growth in the coming years. The growth of this segment can be attributed to the increasing demand for lightweight and high-strength materials in various end-use industries such as aerospace, automotive, and construction.

E-glass fiber, being the most widely used type, is expected to maintain its dominance in the market due to its excellent mechanical properties and relatively low cost. However, the demand for high-performance fibers such as S-glass fiber is also expected to increase, particularly in the aerospace and defense industries. Additionally, the development of new glass fiber formulations with improved properties is expected to further drive the growth of the glass fiber segment in the market.

Based on end-user industry, the market is segmented into Aerospace & Defense, Automotive & Transportation, Electrical & Electronics, Marine, Sporting Goods, Wind Energy, Pipe & Tank, and others. The automotive and transportation segment held the dominating market share in 2022 and is further predicted to grow notably during the forecast period. The automotive and transportation segment is a significant end-user industry of the global epoxy composite market, and it is expected to exhibit strong growth in the coming years.

The growth of this segment can be attributed to the increasing demand for lightweight materials with high strength and stiffness, which can reduce the weight of vehicles and improve their fuel efficiency. Epoxy composites find wide applications in this industry, such as in the manufacturing of body panels, structural components, and interiors. The growth of electric vehicles and the increasing investment in the development of smart and connected vehicles are also expected to drive the demand for epoxy composites in this segment. Furthermore, the increasing investment in the development of transportation infrastructure, such as high-speed rail networks and airports, is expected to further boost the demand for epoxy composites in this industry.

Based on region, the Asia-Pacific region held the largest epoxy composite market share in 2022 and is further projected to grow exponentially during the forecast period. The Asia Pacific region is one of the fastest-growing markets for epoxy composites globally, and it is expected to exhibit significant growth in the coming years. The growth of the market in this region can be attributed to the increasing demand for lightweight and high-strength materials in various end-use industries, such as aerospace, automotive, and construction.

The region's growing population and rising disposable income are also driving the demand for infrastructure development, such as housing, transportation, and energy, which further boosts the demand for epoxy composites. Additionally, the increasing adoption of electric vehicles and the growth of the wind energy sector is expected to drive the demand for epoxy composites in the Asia Pacific region. The presence of major market players, the availability of low-cost labor, and the favorable government initiatives supporting industrial growth also contribute to the growth of the epoxy composite market in this region.

Browse the full “Global Epoxy Composite Market By Manufacturing Process (Compression Moldings, Filament Winding, Resin Transfer Molding, Resin Injection, Pultrusion, and Lay-Up), By Fiber Type (Carbon Fiber, Glass Fiber, and Others), End-Use Industry (Aerospace & Defense, Automotive & Transportation, Electrical & Electronics, Marine, Sporting Goods, Wind Energy, Pipe & Tank, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030. Report at https://www.zionmarketresearch.com/report/epoxy-composite-market

Recent Developments

  • In September 2020, Sumitomo Bakelite Co., Ltd. announced the development of a new low-dielectric epoxy composite materials for use in high-frequency applications. This new material is expected to be widely adopted in the communication and electronics industries due to its excellent electrical properties and low cost.
  • In January 2021, Sika AG acquired Kreps LLC, a leading manufacturer of reinforcing fiber composite systems based in the U.S. This acquisition is expected to strengthen Sika's position in the epoxy composite market and provide a wider range of solutions to its customers.

The global epoxy composite market is dominated by players such as:

  • Hexcel Corporation
  • SGL Group
  • Huntsman Corporation
  • Gurit Holding AG
  • Solvay S.A.
  • Toray Industries Inc.
  • Mitsubishi Chemical Corporation
  • Sumitomo Bakelite Co. Ltd.
  • Park Electrochemical Corporation
  • Cytec Solvay Group.
  • Axiom Materials Inc.
  • Aditya Birla Chemicals
  • Hexion Inc.
  • Nanya Plastics Corporation
  • Alpha Owens-Corning (AOC) LLC
  • Hindoostan Composite Solutions
  • Composite One LLC
  • Teijin Limited
  • Owens Corning
  • Composite Engineering Inc..

The global epoxy composite market is segmented based on:

By Manufacturing Process

  • Compression Moldings
  • Filament Winding
  • Resin Transfer Molding
  • Resin Injection
  • Pultrusion
  • Lay-Up

By Fiber Type

  • Carbon Fiber
  • Glass Fiber
  • Others

By End-Use Industry

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

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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