Epoxy Composite Industry Overview
The global epoxy composite market size was valued at USD 28.40 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028.
Rapid replacement of conventional materials in automotive and aerospace applications is expected to drive the market in the coming years. The global market was severely affected due to the COVID-19 pandemic in 2020. The lockdown strategies imposed by various governments across the globe, to curb the spread of the virus, halted the production activities for a brief period in 2020. This, in turn, dented the product demand in several industries, especially in the automotive and aerospace sectors. In addition, the lockdown strategies restricted transportation; thus, creating a global supply chain disruption.
Gather more insights about the market drivers, restrains and growth of the Global Epoxy Composite market
These trends also led to a shortfall in product supply, thereby, affecting the overall market growth. Epoxy composites have gained popularity in sports and consumer goods applications because of their low weight, high strength, large degree of freedom of design, and easy processing & forming characteristics. These are increasingly employed in applications, such as tennis rackets, golf clubs, bikes, hiking, skis, surfboards, table tennis boards, badminton rackets, fishing rods, baseball bats, hockey sticks, sports vehicles, and footwear.
Most of the key market players, such as Cytec Industries, Toray Industries, Hexcel, and Hyosung, are integrated across the value chain ranging from raw material supply to CFRP distribution. A high level of integration enables companies to cut down the costs associated with raw material procurement and helps increase market share with the development of specialty products.
Several key companies in the market, such as Teijin, Huntsman, Olin Corp., and Solvay, are working on the development of automated processes to minimize production time and enhance profitability. In addition, several manufacturers are making heavy investments in research and development activities for the expansion of the application scope of their products, thereby widening their customer base.
Browse through Grand View Research’s Specialty Glass, Ceramic & Fiber Industry Research Reports.
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Epoxy Composite Market Segmentation
Grand View Research has segmented the global epoxy composite market on the basis of fiber type, end-use, and region:
- Epoxy Composite Fiber Type Outlook (Revenue, USD Million, 2017 – 2028)
- Glass Fiber
- Carbon Fiber
- Other Fibers
- Epoxy Composite End-use Outlook (Revenue, USD Million, 2017 – 2028)
- Automotive & Transportation
- Aerospace & Defense
- Wind Energy
- Electrical & Electronics
- Sporting & Consumer Goods
- Other End-uses (Oil & Gas, Marine, Construction)
- Epoxy Composite Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Epoxy Composite market include
- Teijin Ltd.
- Toray Industries, Inc.
- Huntsman Corp. LLC
- SGL Carbon
- Hexcel Corp.
- Park Aerospace Corp.
- Avient Corp.
- Olin Corp.
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