Increasing Demand for epoxy composite from wind energy industry and need for material with high mechanical strength, lightweight, and resistance against corrosion are fuelling the demand of epoxy composite across the world.
The global Epoxy Composite Market was valued at USD 26.90 billion in 2020, and it is expected to reach USD 41.7 billion by 2027, with a CAGR of 6.4%, during the forecast period.
Growing demand for lightweight materials in various industries is expected to drive the demand for epoxy composites. Epoxy composite has a low weight-to-strength ratio which increases the demand in the industry. In addition, the increasing demand for composite materials in various applications such as electrical and electronic, sports, and consumer goods is expected to drive the market during the forecast period. The growth of wind power installations and the automotive industry, especially in the Asia-Pacific region, is expected to drive the demand for epoxy composites during the forecast period.
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Epoxy is a thermosetting resin commonly utilize to make composite materials. Resins are used in a wide range of concrete parts, structures, and repairs. Epoxy is a well-known thermosetting resin used in various composite fittings as well as concrete structures and repairs due to its superior electrical and mechanical properties, corrosion resistance property, and lower shrinkage properties. Various innovations that expanded the application of epoxy resin such as application in tooth filling materials are anticipated to fuel the market growth. Amalgam is the conventionally used material for epoxy composites, however, it is now modernized with mercury and silver. Silver amalgam is tough and is approved by the U.S. FDA for children of six years and above for dental application.
Moreover, Carbon fiber-epoxy composites have been used in advanced engineering structures such as spacecraft, airplanes, automotive drive shafts, and robotic structures due to their high specific stiffness and specific strength. Since common metal alloys are most widely used in engineering structures compared to advanced composite materials, the combination of high molecular weight composite materials with metal alloys is useful for manufacturing and exporting various structures. In general, the effectiveness of composite structures largely depends on the gasket used rather than the structure itself.
The global epoxy composite market is highly competitive due to the presence of several international and regional market players. Some of the key operating players in the industry are Polyone Corporation; Toray Industries, Inc.; Hexcel Corporation; Cytec Solvay Group; Teijin Limited; Hindoostan Composite Solutions; Park Electrochemical Corporation; Arkema; SGL Carbon; and Huntsman Corporation LLC.
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Key Findings in Epoxy Composite Market Research:
- Based on fiber type, the Glass segment is expected to maintain it’s dominance during the forecast period. In 2020, the segment accounted more than 50% of market share. This can be attributed to it’s properties such as superior fabrication adaptability, low weight, high bulk strength when compared to other metals, and high durability.
- Based on End-use Industry, Automotive & Transportation is anticipated to grow with a high CAGR during the forecast period. This is due to rapidly growing automotive sector majorly in the Asia Pacific region.
- Based on the Manufacturing process, the Compression Moulding segment is expected to grow with the highest CAGR during the forecast period.
- Geographically, the Asia Pacific region is anticipated to capture a significant portion of the global epoxy composite market during the forecast period. Developing and developed economies in the region including China, Japan, India, and South Korea are expected to witness major development due to inorganic and organic growth strategies adopted by investors.
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Recent News in Epoxy Composite Market:
- In June 2021, Hexcel promoted a range of innovative composite for various applications in aerospace, wind energy, automotive, marine, and recreation industry at JEC Composites Connect, a digital event for 2 days, for networking, discovery and learning about the composites industry trends and markets.
- In March 2017, Hexion Inc. launched new epoxy resin system at the JEC World 2017 composites event in Paris for automotive industry. These systems used to produce structural and semi-structural automotive composite parts which are light in weight, such as electrical vehicle battery enclosures, floors, seat structures, spare wheel tubs, hood inners and more.
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